By Ryan Schuette | 05/08/2012
Solvency issues re-emerged for the Federal Housing Administration in a hearing convened Tuesday by the Senate Banking Committee, with HUD Secretary Shaun Donovan calling for lower loan-to-value thresholds and more servicer competition to expand refinance opportunities. The hearing follows a bill by Sens. Barbara Boxer and Robert Menendez to roll back refinancing barriers for homeowners with GSE-held mortgages and featured the legislation as lawmakers discussed solutions to the housing crisis. The hearing quickly turned to servicer competition.
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By Abby Gregory | 04/27/2012
The Appraisal Institute has submitted its response to a recent report released by the Financial Crimes Enforcement Network. The group's March 2012 Mortgage Loan Fraud Update showed that incidences of mortgage fraud rose by 20 percent year-over-year between the third-quarter of 2011 and the third-quarter of 2010. The group's March 2012 Mortgage Loan Fraud Update showed that incidences of mortgage fraud rose by 20 percent year-over-year between the third-quarter of 2011 and the third-quarter of 2010.
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By Mark Lieberman, Five Star Institute Economist | 03/27/2012
The Case-Shiller Home Price Indices fell for the fifth straight month in January with the 10- and 20-city indices each dropping 0.8 percent from December, Standard & Poor's reported earlier Tuesday. The 10-city index slid to its lowest level since May 2003 and the 20-city index dropped to its lowest level since December 2002. Prices fell in 16 of the 19 cities surveyed, improving month-over-month in only Miami, Phoenix, and Washington, D.C. Charlotte was not included in this month's local reports due to data collection issues, S&P said.
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By Ryan Schuette | 03/05/2012
A prominent housing trade group joined a growing roster of policy makers by outlining ways to take the GSEs off federal conservatorship, reintroduce private mortgage-backed securities, and charge existing government entities with stewardship of the new system. The National Association of Home Builders released a white paper Monday that calls on lawmakers to slowly transition a system dominated by Fannie Mae and Freddie Mac to one that shares and balances responsibility. The proposal comes as others arrive from lawmakers and policy makers to replace the GSEs.
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By Ryan Schuette | 02/28/2012
The acting commissioner for the Federal Housing Administration fended off continuing concerns about the agency’s fiscal solvency Tuesday during testimony to the House Financial Services Committee. Lawmakers took turns questioning Treasury draws and actuarial projections for the FHA, which remains unable to meet a 2-percent capital ratio buffer required by federal law. The FHA faces continuing concerns over a failure by the agency to put up enough capital to meet the needs of an undercapitalized Mutual Mortgage Insurance Fund.
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By Ryan Schuette | 02/27/2012
More homebuyers are scooping up properties with cash only, even in an environment for record-low mortgage rates, according to a recent survey. Campbell Surveys and Inside Mortgage Finance jointly released the HousingPulse Tracking Survey, collecting responses from about 2,500 real estate agents around the industry. The survey said that cash buyers will account for roughly half of all homebuyers in 2012 if current trends continue. The survey also attributed the rise in all-cash transactions to hefty discounts and late appraisals.
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By Abby Gregory | 02/24/2012
On Capitol Hill, the American Guild of Appraisers is petitioning the Federal Reserve Board and the Consumer Financial Protection Bureau to overturn a recently adopted rule that stands in opposition to regulations contained in the Dodd-Frank Act. The AGA wrote the organization's plea based on the assertion that the Fed's new rule poses a threat to the viability of professional appraisal practice and undermines the legitimacy of real estate appraisals. The legislation in question was put in place last year by the Fed.
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By Ryan Schuette | 02/07/2012
Homebuilder confidence in the single-family market ended the fourth quarter last year on a climb uphill as the wider economy showed improvement. The National Association of Home Builders released a market index Tuesday that recorded a four-point increase year-over-year to 18 for homebuilders in the single-family sector. The index fielded improvements across the board year-over-year, with confidence about current sales ticking up four points to 17 and anticipated sales for the next six months up two points to 26.
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By Ryan Schuette | 02/01/2012
The Obama administration rolled out an ambitious package of benefits and structural changes Wednesday for homeowners who want to refinance their loans. The plan would cost anywhere from $5 billion to $10 billion and pay for itself with fees exacted from financial institutions. If it makes it into law, the bill would significantly expand refinancing opportunities for underwater borrowers, shift appraisal responsibilities in distressed neighborhoods to an automated system under the GSEs, and offer new servicing reforms.
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By Ryan Schuette | 01/20/2012
Ahead of the primary in South Carolina Saturday, Republican presidential hopefuls will compete for the chance for a face off with President Barack Obama – a contest remarkably lacking in housing proposals for one that will take place in 15 battleground states with slipshod home values. The Progressive Policy Institute issued a policy brief Friday that said home values have fallen by 16 percent since October 2008, and that – despite a correspondingly steep drop in household wealth – few voters should expect candidates from either party to address housing finance reform in the election.
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