Secondary Market
By Tory Barringer | 05/17/2012
Findings released Thursday in Trulia's Metro Movers Report indicated that homebuyers are prioritizing factors like climate above job markets when searching for new homes. The report, which examines home searches from April last year through March this year, showed that long-distance searchers tend to search in areas with higher unemployment and slow job growth if it means a more favorable climate. The report also showed that searchers looking for a home within 100 miles tend to look for suburban or smaller markets.
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By Abby Gregory | 05/16/2012
Colorado-based RE/MAX is being recognized for the expertise and efficiency of its agents. According to statistics from the 2012 REAL Trends 500 survey and the RIS Media Power Broker Report, RE/MAX's agents were the most productive in the business during 2011.
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By Krista Franks Brock | 05/16/2012
Uncertainty is the greatest hindrance to the housing recovery today, according to Federal Reserve Governor Elizabeth A. Duke, who speak before the National Association of Realtors on Tuesday. Duke called on policymakers to "move forward with the difficult decisions that will affect the future of the mortgage market," deeming this the "most important solution" to today’s struggling market. While the economy and the housing market are beginning to see some signs of ripening, Duke pointed out that lending remains tight.
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By Ryan Schuette | 05/15/2012
The Federal Housing Finance Agency unveiled new additions to the strategic plan it released in February this year, with many changes focused on moving the secondary mortgage market back to private capital sources and creating infrastructure needed to replace Fannie Mae and Freddie Mac. The additions include four principles, such as safety and security for the residential mortgage market, stability and liquidity in housing finance, and preservation of current enterprise assets. The plan, due for enactment if passed by Congress between the years 2013 and 2017.
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By Ryan Schuette | 05/15/2012
After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.
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By Abby Gregory | 05/15/2012
In New York and Florida, sellers appear to be gaining an advantage in the marketplace. According to data Manhattan Miami Real Estate, both states demonstrated significant pricing increases during the first quarter.
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By Abby Gregory | 05/15/2012
Morrison & Foerster has announced a new partner in the firm's financial services group. The company has added Thomas J. Noto to the division, which specializes in finance-related regulatory, litigation, and transactional practices for Morrison & Foerster.
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By Ryan Schuette | 05/14/2012
Residential Capital LLC, the embattled mortgage subsidiary of Ally Financial, filed Chapter 11 Monday, with Nationstar Mortgage Holdings Inc. set to acquire it. The Detroit-based company framed the move as a way to shave losses, repay taxpayers, and preserve its position as an auto lender. Lewisville, Texas-based Nationstar said in a separate announcement that it would acquire ResCap, with the purchase including $374 billion in mortgage servicing assets and $201 billion in primary residential mortgage servicing rights.
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By Ryan Schuette | 05/11/2012
More homeowners continue to reap benefits from the newly modified Home Affordable Refinance Program, with 79 percent of homeowners with government-backed mortgages either keeping the same level of mortgage debt as before or reducing it over the first quarter. Of those homeowners, Freddie Mac found recently, 79 percent held onto the same level of debt for first-lien home mortgages, while 21 percent of homeowners shaved off dollars from their principal balance. The share of borrowers keeping their original loan amounts hovered at the highest level in the 26-year history of the survey.
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By Abby Gregory | 05/11/2012
California-based technology provider, Platinum Data Solutions, has announced a new reverse mortgage client partnership in San Diego. The company recently revealed that Plaza Home Mortgage Inc. has implemented Platinum's RealView platform, targeting quality appraisal review for reverse mortgages across the U.S.
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