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.”
