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Real Estate News 2.11.14

91 million Americans aren’t looking for jobs
“The unemployment rate isn’t always the best measure of the job market, because it only includes people who have actively searched for work within the last four weeks. Many Americans just aren’t looking for jobs.”

Hurdles shrink for jumbo loan shoppers
“You’ll pay more for a big home nowadays, but a big mortgage should be less of a reach.”

Public interest group sues Justice Dept. over JPMorgan settlement
“WASHINGTON — A public interest group on Monday sued the Justice Department over last year’s record $13-billion settlement with JPMorgan Chase & Co., arguing the deal to resolve investigations into faulty mortgage investments was unconstitutional because courts did not review it.”

Mortgage servicer shenanigans keep consumer watchdog busy
“Many of the complaints filed with the federal Consumer Financial Protection Bureau involved servicing, loan modification and foreclosure activities by home-loan servicers.”

Idea floated of Milwaukee selling foreclosed homes in bulk
“With nearly 1,300 properties in its inventory because of tax foreclosures, the City of Milwaukee is entertaining ideas to whittle the list down, perhaps through private-equity investment.”

Seniors overspend on mortgage, credit cards
“Remember that your spending and spending behavior are among the few things you can really control.”

How confident are Americans in getting a mortgage?
“More Americans surveyed now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 national survey of consumer attitudes in housing.”

Zillow: How to sell a home, despite winter wonderland
“Inch upon inch of snow is piling up, and the desire to stay home curled up by the fire is becoming harder to turn away from: welcome to winter.”

Housing Scorecard: America still healing from Great Recession
“Despite positive trends in the housing market, officials caution that the economy is still healing from the Great Recession, the Obama Administration said in the November housing scorecard.”

D.R. Horton to return mineral rights to Florida homeowners
“The attorney general of Florida, Pam Bondi, announced that homebuilder D.R. Horton (DHI) is sending letters to around 18,000 Florida homeowners to give them the option to receive their mineral rights.”

U.S. Home Sellers Return for Spring as Buyers Get Relief
“Suzanne Baker and her siblings bought a foreclosed home in Atlanta two years ago, added a fourth bathroom, then waited for values to rebound before considering a sale. Now, she says, they’re ready to cash in.”

REAL ESTATE: Lewis Group of Companies poised for the next wave of building
“Step into Lewis Operating Corp.’s headquarters, and the history of a family business that Ralph and Goldy began in 1955 is clearly defined.”

In Chaos of Brooklyn Housing Market, Giving Buyers an Advantage
“In Jonah Landman’s Brooklyn, or at least on his blog, house hunting is ferocious and fast.”

New Pennsylvania law will affect many real estate transactions
“Under a new Pennsylvania law that will affect many real estate transactions, property owners who get behind on their taxes on one property will have a lien slapped against all their other properties in that county.”

Real estate rebound prompts home construction
“LAS VEGAS (FOX5) -Home sellers hoping to recoup value lost during the recession are dealing with a glut of new properties on the market.”

8 Solutions to San Francisco’s Housing Problems
“On one of the first rainy days that drought-stricken California has had in months, San Francisco Mayor Ed Lee stood out of the rain in an unfinished retail space on the city’s gentrifying Market Street. Exposed pipes ran past naked plaster and cold concrete floors, but the drab backdrop had shining significance: above the retail space were nearly two dozen brand new, below-market rate apartments, the kind of housing the land-constrained, soaringly expensive city desperately needs—and that the mayor has vowed to provide.”

Broke, young, and unable to afford a home: The crisis for young American home buyers and household formation.
“Making homes unaffordable to younger Americans is more problematic than simply altering the living habits of upcoming generations.  Housing formation in the United States is entering uncharted territory based on demographic shifts and also the new reality that younger Americans will be less affluent than their parents.  This is why we have millions of younger Americans living at home with parents.  Some may not view this as an issue but in the past, construction was a big part of GDP and you will have a hard time justifying new housing construction if people are simply living at home or are only able to afford a rental.  The student debt crisis goes hand and hand with the unaffordable nature of housing for young Americans.  It also doesn’t help that Wall Street is crowding out regular buyers in the market.  With a growing population and investors eating up the low supply of housing, many young Americans are essentially in the position to move back home or to rent.  Buying is a remote possibility for many Americans and this has put a clamp on new housing formation.”

The big money club and interest only loans: Housing bubble favorite of interest only loans back in the market for wealthy households.
“There is little doubt that growing wealth and income inequality is a reality in the United States.  Even in California we can see this microcosm unfold dramatically.  You have people being pushed inland from coastal areas and those near employment hubs have seen housing values reach near peak levels.  What we are also seeing is that access to debt is the key measure of success in this economy.  For example, the bubble favorite of interest only loans is back but with a different flavor.  Banks like Wells Fargo, Bank of America, and Union Bank are back at it underwriting interest only loans to wealthier clients.  The big difference is that you need to have money to play in this current market.  Banks are holding onto these loans in their own portfolios.  Not a bad way to earn money in a low rate environment.  So this hits at the heart of the issue where Fed policy has largely aided those least needing it in a modern day feudal banking network.  For example, you can buy a $1,000,000 home today with a 3 year interest only mortgage and carry a principal and interest payment of $1,562 per month.  Impossible?  Welcome to the modern banking system where low rates are accessible to those who least need it.”

Consumers Positive About Access to Mortgage Credit; Views Toward Economy Improving
“WASHINGTON, DC – More Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 National Housing Survey results. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of 52 percent, while those who think it would be difficult dropped 3 points to 45 percent. This indicates that consumers perceive that mortgage credit is more accessible. Even though this month’s survey shows a more moderate expectation for home price gains within the next 12 months, the view that mortgage credit is more available may allow for continued but measured improvement in the housing recovery.”

FHFA Announces HARP Milestone
“In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of three million refinances under the Home Affordable Refinance Program (HARP).”

Freddie Mac Announces Third Risk-Sharing Deal
“Freddie Mac announced the pricing of its first Structured Agency Credit Risk (STACR) transaction of the year: a $1 billion offering of debt notes whose buyers will share in the risk.”

Housing Outlook – A Bear Market?
“Since 2011, home prices have gained in the double digits, making a price plateau inevitable. But are we really entering a bear housing market? Not if we look at long-term fundamentals.”

How an energy-efficient mortgage can save you money
“The crippling cold, coupled with a growing desire for energy efficiency, has both prospective and existing homeowners considering the merits of a “green” mortgage. These energy-efficient mortgages are a way to finance home improvements, but they can result in higher monthly mortgage payments.”

Why some homes have a secret ‘For Sale’ sign
“One of the worst things a home seller can do when listing a home is price it too high.”

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Real Estate News 1.23.2014

Home sales hit 7-year high as prices also climb

“WASHINGTON (MarketWatch) — The pace of home sales rose in December, pushing 2013’s tally to the highest level in seven years as an improving economy and pent-up demand boosted demand, according to data released Thursday.”

Top 10 mortgage tips for 2014

“The clock is ticking for buyers and homeowners who want to grab a low mortgage rate in 2014. But if you stay on top of your game, keep your finances in order and act quickly, you can still grab attractive mortgage deals.”

10 hottest housing markets for 2014

“From Oakland, Calif., to Memphis, Tenn., these major metro areas are expected to see the biggest increase in home prices this year, according to CoreLogic Case-Shiller’s latest home price forecast.”

Buyers flocked to foreclosures last year — and many paid all cash

“Bargain hunters scooped up more foreclosed homes in 2013 — and many of them paid all cash.”

Housing Recovery Enters ‘Middle Innings’

“Zillow, Seattle, said national home values finished 2013 on a high note but cautioned that markets have already begun to show signs of a slowdown that could continue through this year.”

Longer foreclosures squeeze investor profit

“Fitch Ratings sent a note today warning that extended foreclosure timelines are increasing the severity of losses in residential mortgage-backed securities.”

Housing looks sunny with scattered clouds

“Although 2014 brings more forecasts of improvement for the housing market, this sunny forecast is not guaranteed to reach all top housing markets.”

ABS Vegas: No housing bubble to see here

“Dispatches from ABS Vegas 2014, being put on by The Structured Finance Industry Group and Information Management Network:”

It’s time to fight over the debt ceiling again

“The U.S. Treasury is likely to exhaust all extraordinary measures to fund the government if members of Congress fail to raise the nation’s debt ceiling by the end of February, Treasury Secretary Jack Lew warned in a letter to the House of Representatives Monday.”

Fixed Mortgage Rates Move Lower for Second Consecutive Week

“MCLEAN, VA–(Marketwired – Jan 23, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates drifting slightly lower for the second consecutive week amid recent reports that inflation remains subdued.”

Baby boomers key to robust real estate market

“‘Build it and they will come.’ That phrase had characterized Clark County’s real estate market for decades. But are we ready to build the housing that will meet the needs of those who help drive the local market: the baby boomers?”

RIVERSIDE: Rising rent, falling income widens affordability gap

“The pool of people who rent their residences has gotten larger in Inland Southern California, and the income gap to pay rent and make home ownership possible has gotten wider, a new report by U.S. Rep. Mark Takano suggests.”

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Real Estate News 1.13.2014

Out-of-state investors zero in on Twin Cities real estate
“Out-of-state real estate investors from Malaysia to Miami are spending billions on Twin Cities apartment complexes and commercial buildings, including some of the most iconic office towers on the downtown Minneapolis skyline.”

Darden Split Plan May Hinder Real Estate Deal, Activist Says
“Darden Restaurants Inc. (DRI)’s plan to split off Red Lobster could prevent the company from unlocking the $4 billion of value trapped in its real estate holdings, according to Barington Capital Group LP.”

The American Real Estate Investors Academy Now Offers Unsecured Lines Of Credit
“The American Real Estate Investors Academy is working with Aurelian Capital to bring unsecured credit lines to real estate investors. Membership in the Academy is not required.”

10 tips for homebuyers and sellers in 2014
“Goodness, is it 2006 again? At the dawn of 2014, it feels like it.”

A watchdog grows up: The inside story of the Consumer Financial Protection Bureau
“In late 2011, a quiet revolution took place at the corner of 17th and G streets NW.

About 500 federal workers were vacating the drab, 1970s-era headquarters of the Office of Thrift Supervision. The agency had just been scrapped for its role in the financial crisis, which in retrospect seemed almost inevitable: Its primary mission had been to keep banks solvent, and its budget depended on how many of them chose it as their regulator, leading to almost criminal complacence.”

Rising community association fees are squeezing homeowners on tight budgets
“When Brenda Batts purchased her condominium near the U Street corridor in 2006, she was planning to retire at age 65. Now 62, Batts, an office manager, fears she may not meet that goal, thanks to a nagging worry from when she purchased the unit, which assesses a monthly fee for common charges on top of her mortgage and property taxes.”

As mortgage banking industry dwindles, bidding wars over quality housing become common
“This is generally a slow time of year in the residential housing market, but according to Re/Max broker Rosalie Daniels, of Hamilton, bidding wars over housing are increasingly common.”

America’s Big Bank Earnings Announcements Will Be Highlighted By Tumbling Revenue
“Three of the four biggest commercial banks in the US are expected to report falling revenue in the week ahead as loan activity falls.”

Two lawsuits that could harm RMBS investors
“Investors in residential mortgage-backed securities are far from out of the woods when it comes to resolving financial risk from RMBS investments.”

3 ways the coming rate hikes can sink the housing market
“With few exceptions most are projecting interest rates will be edging up over the next 12 months, as the Federal Reserve tapers off its four-year-plus policy of printing $1 trillion a year to buy MBS and Treasurys.”

A calm picture of the economy emerges, but will it last?
“After months of clouded economic data in the wake of financial and congressional uncertainty, the economy is expected to see clearer skies ahead, analysts claim in a new report.”

Total Mortgage Services doubles over next 5 years
“Connecticut Governor Dannel Malloy and the state Department of Economic and Community Development will provide Total Mortgage Services with a $3.5 million loan to help the company establish its national headquarters with a new facility in Milford.”

Freddie Mac: Short Sales More Attainable Than Homeowners Think
“When a homeowner is unable to make their mortgage payments or owes more on the home than it’s worth, a short sale can be a viable option that avoids the negative implications of a foreclosure for both the homeowner and the mortgage-holder.”

Treasury Releases November Making Home Affordable Report
“Nearly 23,000 permanent loan modifications were completed under the Home Affordable Modification Program (HAMP) in November, according to a new report from the U.S. Treasury.”

Unemployment Down: Is The Fed In Trouble?
“The latest news on the unemployment front is good for just about everyone: The  government says 203,000 jobs were added to the economy in November and that the unemployment rate is down from 7.0 percent to 6.7 percent.”

The bubble that is California: A flood of rentals in lower priced markets, inventory creeping back up, and investors appetites waning.
“California can be viewed as a microcosm of what is occurring across the United States.  Few markets are propped up by a smaller affluent population while most, are pushed outward or to rentals as incomes go stagnant.  People for the most part only pay attention to what is immediately around them.  When the crisis hit in 2007 many were caught off guard although the warning signs were all over the place.  As 2014 starts, we are now seeing a definite slowdown in housing even in higher priced areas.  Inventory appears to be coming back online but sales are very weak since people are asking for peak prices and drinking the housing Kool-Aid with gusto.  The median sales price in SoCal has stayed put since June but sales have fallen steadily.  Across the state, with more rentals from investors prices are soft and unlikely to rise given that many Californians have not seen any real income gains over the last decade.  For the most part, many are stuck in a bubble thinking things will remain the way they are simply by sheer momentum.”

2014: Private Forces Move to the Fore
“Waning Fiscal Drag and Easing Policy Concerns Expected to Boost Economic Growth this Year”

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Today’s Real Estate News 11.4.2013

Free FICO credit scores coming to millions

“FICO scores are used by nearly every major lender to assess the creditworthiness of credit card and loan applicants. But these scores are mostly invisible to consumers, unless you go to FICO’s website and sign up for a subscription of $14.95 per month — a service you need to cancel within 10 days if you don’t want to be charged anything.”

Home Buyers and Sellers Survey Shows Lingering Impact of Tight Credit

“Although the housing market has shown a healthy recovery over the past two years, unnecessarily restrictive mortgage lending standards are preventing some financially qualified buyers from reaching their dreams, especially singles and first-time buyers, according to an annual study released today.”

Realtors® Report Americans Prefer to Live in Mixed-Use, Walkable Communities

“WASHINGTON (November 1, 2013) – Choosing a community is one of the most important factors for consumers as they consider a buying home, and research by the National Association of Realtors® has consistently revealed that Americans prefer walkable, mixed-use neighborhoods and shorter commutes. According to NAR’s 2013 Community Preference Survey, 60 percent of respondents favor a neighborhood with a mix of houses and stores and other businesses that are easy to walk to, rather than neighborhoods that require more driving between home, work and recreation.”

U.S. to put SAC hedge fund out of business over insider trading

“(Reuters) – Billionaire investor Steven A. Cohen’s days as a hedge fund manager may be finished with an agreement by his SAC Capital Advisors to plead guilty to criminal charges of insider trading and pay a record $1.8 billion in fines and forfeitures.”

Is the ‘End of the Suburbs’ Near?

“In her new book, “The End of the Suburbs: Where the American Dream is Moving,” Leigh Gallagher, an editor at Fortune magazine, argues that powerful economic, social and demographic forces are converging to render suburban living unsustainable.”

International Architects and Designers in New York

“New York City has long been a promised land for architects and designers from all over the world. What better stage on which to showcase a groundbreaking design than NYC’s hallowed skyline? The trend of international creatives contributing to New York’s unique aesthetic has been booming of late.”

Report: New Wave of Delinquencies from ARM Resets Unlikely

“Concerns of a new wave of problem loans caused by unsustainable rate resets on adjustable-rate mortgages (ARMs) are largely unfounded, according to Lender Processing Services (LPS).”

What Does Fannie Mae’s New LTV Threshold Accomplish?

“As of November 1, Fannie Mae is no longer purchasing loans without minimum down payments of at least 5 percent. Industry experts with the Urban Institute’s Housing Finance Policy Center argue this move is arbitrary and likely to provide little benefit to the GSE or to taxpayers.”

Georgia Real Estate Investor Nabbed for Fraud

“A Georgia real estate investor and his company pled guilty last week for conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia, the Department of Justice announced.”

Half of Consumers Fear Another Housing Bubble Is Forming

“While many indicators suggest the housing market is on the road to recovery, some fear another bubble is already forming. Country Financial, a financial services company based in Bloomington, Illinois, found in a recent survey that 48 percent of Americans say the market could reach “bubble” status within the next two years.”

Maxine Waters places housing reform on chopping block

“After several critical years in the wake of the housing meltdown, the market recovery is continue to take shape.”

Two Harbors enters flow sales agreement for MSR portfolio

“Real estate investment trust Two Harbors Investment Corp.’s (TWO) wholly owned subsidiary, Matrix Financial Services Corporation, announced it entered into an agreement with PHH Mortgage Corporation for the purchase and sale of mortgage servicing rights.”

FHA policy transparency fuels Ginnie Mae modernization

“The ongoing push by the Federal Housing Administration toward additional transparency and data disclosure took another positive step toward the modernization of Ginnie Mae.”

Monday Morning Cup of Coffee: ING Alt-A liquidation will relieve lack of supply

“Monday Morning Cup of Coffee is a look at news across the HousingWire news desk with larger coverage to come on bigger issues.”

Single-family rental securitization market boasts near trillion-dollar potential

“The REO-to-rental securitization deal that Blackstone (BX) subsidiary Invitation Homes brought to market is just the tip of the iceberg, with KBW analysts forecasting a nearly trillion dollar market when calculating the lingering possibilities that exist for single-family rental securitization deals.”

Las Vegas September home sales buoyed by move-up buyers

“Despite the Las Vegas area posting a slowdown in sales last month when compared to August, overall activity was still slightly higher when compared to year ago levels, as relatively strong move-up buyers buoyed sales, the most recent DataQuick report reveals.”

Future secondary market remains a challenge

“Government authorities are examining the secondary mortgage market to determine all the elements needed to make it run successfully.”

Bank of America wins dismissal of lawsuit on AIG disclosures

“(Reuters) – Bank of America Corp has won the dismissal of an unusual lawsuit in which shareholders accused it of concealing a $10 billion fraud case brought by American International Group Inc.”

Bank of America could face $6.8 billion fine if it settles FHFA case on J.P. Morgan’s terms

“It’s been a few days since a big bank announced a multi-billion-dollar settlement over dubious mortgage practices. But don’t get comfortable: This saga will keep churning for a long time.”

Dutch Gamble on U.S. Housing Debt After Patience Wins

“The Dutch government’s decision to hold onto U.S. mortgage debt acquired during the 2009 bailout of ING Groep NV has paid off so far as prices of the securities soared, more than doubling in some cases from lows that year.”

Financial firms cutting thousands of jobs

“Financial firms are cutting tens of thousands of jobs because of a slowdown in the mortgage business, the sluggish economy, the growth of online banking and new regulations.”

If It Looks Like a Bank, Regulate It Like a Bank

“Five years after a crisis that almost took down the world economy, regulators are still groping for a way to address one of the global financial system’s most obvious weaknesses: the trillions of dollars in banking activity that happens outside traditional banks.”

Dallas Fed’s Fisher Doesn’t Rule Out Backing Taper by March

“Federal Reserve Bank of Dallas President Richard Fisher, who has criticized the central bank’s bond buying program, said he wouldn’t rule out backing a tapering of purchases by March depending on economic conditions.”

Is the housing boom running out of gas? Pending home sales face largest monthly drop since home buying-tax credit expired in 2010. Median price nationwide drops.

“There are now signs that the unrelenting housing price boom is slowing down. Pending home sales faced their largest monthly drop since the home-buyer tax credit expired back in 2010. If you notice a pattern, any time the government even remotely hints at pulling back the housing market suddenly reverses. The Fed’s hint of a taper ending sent mortgage rates soaring. Of course the taper never materialized and the Fed even became more aggressive in QE. The government shutdown did impact housing from data we are seeing. Existing homes sales pulled out a weak performance and the drop in pending sales, a leading indicator are showing signs of a slowing housing market. In this boom and bust market with no middle ground, are we now to expect a “normal” healthy market after this recent boom?”

HUD ANNOUNCES SETTLEMENT WITH BANK OF AMERICA RESOLVING ALLEGATIONS OF LENDING DISCRIMINATION AGAINST WOMEN ON MATERNITY LEAVE

“WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that Bank of America will pay $45,000 as part of Conciliation Agreements resolving allegations the lender discriminated against pregnant women seeking mortgage loans. HUD had alleged that the Bank of America refused to refinance the mortgages of two couples in California and Texas, because the women were on maternity leave.”

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Today’s Real Estate News 10.28.2013

Summary:

CNN Money shares six items that home insurers don’t cover. The Wall Street Journal visits the real estate hurdles of the super storm, Sandy, aftermath in Jersey Shore and explores ways a qualified borrow can still get approved for a mortgage. Fortune reports that the tax credit offering companies a tax credit for hiring vets is expiring this year and claims that the big banks are “too big to fail” citing a relationship between Washington and the banks. Realtor.org explores the changes in technology within the past ten years. Also according to Realtor.org, Pending and Existing Home Sales are continuing to drop. According to Reuters, the economy is losing its’ momentum based on factory and housing data. Reuters reports that investors are waiting for housing reform, HUD and MBA leaders agree that there are many more “critical milestones” that must be achieved and Congresswoman Maxine Waters calls for a plan to mend the National Flood Insurance Program. Bloomberg reports that according to mortgage-bond pioneer, Lewis Ranieri, the new tight lending laws may cause more issues than the housing burst. According to Forbes, despite some of the poor media views of the real estate market, trends point to a “bright future.” Dr. Housing Bubble reports that many American think they will work until their deaths and homes are their only assets.

6 things home insurance won’t cover
“Your insurer won’t take care of everything life throws at you and your house. If one of these happens to you, you’re probably on your own.”

Sandy’s Legacy: Higher Home Prices
“ORTLEY BEACH, N.J.— John Anello had visited the Jersey Shore since he was a small child and always wanted a beach home there.”

Six Ways to Ensure Qualified Borrowers Can Get Mortgages
“A new paper raises concerns that mortgage lending standards — after becoming dangerously lax during the housing bubble — could now lock out qualified entry-level homeowners, leading policymakers and industry officials to learn the wrong lessons from the housing bust.”

Veterans may face yet another employment hurdle
“A tax credit that offers companies incentive to hire veterans is set to expire at the end of the year, potentially putting a damper on a growing — and fragile — segment of the American working population.”

New bank meme: Too connected to fail
“FORTUNE — Move over “too big.” There’s a new knock on the mega banks: ‘Too connected to fail.'”

Then and Now: A Decade of Technology in Real Estate
“More buyers than ever are taking advantage of the latest technology and online tools to search for a place to call home. As a result, Realtors® are leveraging new technologies to better assist their more tech savvy clients. A 10-year history of the National Association of Realtors® annual Member Profile shows Realtors®’ evolving use of technology, the Internet and social media and the essential role that technology plays in the real estate transaction.”

Pending Home Sales Continue Slide in September
“WASHINGTON (October 28, 2013) – Pending home sales declined for the fourth consecutive month in September, as higher mortgage interest rates and higher home prices curbed buying power, according to the National Association of Realtors®.”

Existing-Home Sales Down in September but Prices Rise
“After hitting the highest level in nearly four years, existing-home sales declined in September, but limited inventory conditions continued to pressure home prices in much of the country, according to the National Association of Realtors®.”

U.S. factory, housing data suggest economy losing steam
“(Reuters) – U.S. manufacturing output barely rose in September and contracts to buy previously owned homes recorded their largest drop in nearly 3-1/2 years, the latest signs the economy’s momentum ebbed as the third quarter ended.”

Investors sit on the sidelines waiting for housing reform
“Regulators and mortgage industry professionals spent part of the day Monday discussing the future mortgage finance market at the 100th Annual MBA Convention & Expo.”

HUD, MBA leaders say it’s time to fight an overcorrection in mortgage lending
“Policymakers and mortgage industry leaders took to the podium Monday, highlighting the significant progress the mortgage industry has made over the past century, but also pointing out some of the critical milestones that still need to be reached.”

Rep. Maxine Waters rolls out aggressive national flood insurance repair program
“Congresswoman Maxine Waters, D-Calif., introduced an aggressive bipartisan plan to fix the National Flood Insurance Program this past week.”

Ranieri Says Tight Mortgage Lending May Be Worse Than Crisis
“The U.S. mortgage market has experienced an “irrational restriction” of credit as lenders and regulators overreact to the loose lending during the bubble that burst in 2007, mortgage-bond pioneer Lewis Ranieri said.”

Forget Affordability — Housing’s Trends Signal A Bright Future
“It seems that whenever something happens in the housing market, a flock of articles pop up explaining why the signs are ominous and housing is destined to flounder. To me, the oddest one has to do with existing home sales this year. Prices have risen, and the inventory of homes for sale has fallen. This happy concurrence has been met with tsk-tsking that both changes will harm the recovery.”

The house broken American: Many Americans believe they will work until they die and the only asset many have is their home.
“Americans for the most part are bad at saving money. In fact, the entire credit boom and bust was largely fueled by people and banks living way beyond their means. Even after the recent boom in the stock market and housing market, many Americans are not in a better financial position. The problem with housing is that this is like having golden handcuffs. You will likely only unlock the wealth when you sell it. As we have discussed many are simply reluctant to sell. So in essence, the wealth is locked away. To sell a home also costs money and real estate for the most part is illiquid. And since the recession ended a large portion of home purchases have gone to investors. Never in the history of the US have we seen so many large institutions dive into the housing market in aspiration of being a landlord. Recent surveys show that many Americans plan on working until they end up in their grave. But what about the boom in housing? Unfortunately many are locked in a granite countertop laden sarcophagus.”