May 2008 - MND NewsWire

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Record New Home Prices; Fast Appreciation Not So Fast Without Distressed Sales; Mortgage Rates EVEN Higher

Published: 5/23/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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House Committee Aproves FHA "Short Pay" Loans

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by Glenn Setzer on May 02 2008, 7:00 AM

A key committee in the House of Representatives late Thursday passed legislation that would make up to $300 billion in federally insured mortgages available to borrowers facing foreclosure. Under the principle provision in the bill, the FHA will guarantee...
Reader Offers Simple Plan to End Foreclosure Turmoil

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by Glenn Setzer on May 27 2008, 7:00 AM

Mortgage News Daily received an email this week from a reader with an intriguing idea for, if not solving, at least lessening the foreclosure crisis. What we loved about it was its simplicity . The reader said that she works with a real estate attorney...
New Fannie Mae Program May Benefit 150,000 Homeowners

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by Glenn Setzer on May 12 2008, 7:00 AM

Another program to aid in the subprime mortgage crisis has been announced by Fannie Mae . Under the new rules Fannie will refinance mortgages at up to 120 percent loan to value and the program appears to be limited to loans that are paid to date and that...
Lenders Facing Repurchase Demands from Investors

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by Glenn Setzer on May 28 2008, 7:00 AM

The Wall Street Journal is reporting that mortgage lenders are facing an assault on yet another front as the mortgage debacle rolls on. Investors, including Freddie Mac and Fannie Mae, are taking a long look at loans they have purchased from lenders over...
Not Many Positives Coming Out of Jumbo Market Changes

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by Glenn Setzer on May 01 2008, 7:00 AM

With the House and Senate working to hammer out differences in their respective approaches to solving the housing/credit crisis, problems are already emerging with other solutions proposed or enacted tackle pieces of the problem. The New York Times reported...
The Housing Bust is Over

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by Glenn Setzer on May 19 2008, 7:00 AM

We can all breathe a sign of relief. The housing crisis is over . At least that was the headline on the editorial page of the Wall Street Journal earlier this month when Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm...
Results from Piecemeal Housing Plans Leave Doubts About Effectiveness

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by Glenn Setzer on May 13 2008, 7:00 AM

Even as the House of Representatives passed two housing rescue bills and the Senate wrestles over a bill of its own, criticism is raining down on those remedies to the housing crisis that are already in place. There are so many piecemeal plans operating...
Fed, FTC Propose New Rules on Lenders

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May 08 2008, 7:00 AM

The Federal Reserve and Federal Trade Commission proposed new rules on Thursday which would require lenders to inform consumers of unfavourable developments or changes to the terms of their loans. Under the proposed regulations, the lenders would also...
Foreclosures Must Be Averted for Sake of Economy

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May 06 2008, 7:00 AM

Fed Chairman Ben Bernanke said accelerating rates of foreclosures and delinquencies can have a significant impact on the economy and called for more to be done in order to prevent them. Speaking Monday night at the Columbia Business School's 32nd annual...
Task Force May Widen Federal and State Investigation into Mortgage Irregularities

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by Glenn Setzer on May 05 2008, 7:00 AM

Investigations into events surrounding the virtual collapse of the mortgage lending industry are expanding on a number of levels. In addition to examining the general poor underwriting that appears to have formed the basis of the subprime crisis such...
Senate Nears Accord on its Version of Housing Rescue Bill

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by Glenn Setzer on May 20 2008, 7:00 AM

Might there be a housing rescue bill after all? Monday night Senator Chris Dodd (D-CT and Senator Richard Shelby (R- AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs announced that they had reached an agreement...
Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

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May 30 2008, 7:00 AM

The sharpest drop in housing prices in 50 years poses a "significant" risk to the U.S. economy, but the Fed's rate cuts should be felt in the second half of the year, according to one Fed official on Friday. Boston Fed President Eric Rosengren said the...
Hurricane Coverage May Also Fall Victim to Credit Crunch

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by Glenn Setzer on May 21 2008, 7:00 AM

The mortgage crisis has created yet another concern that could directly impact homeowners and, strangely enough, it is Mother Nature. A.M. Best Company, a full-service credit rating organization for the financial industries has raised speculation that...
Deterioration in Pending Home Sales Confirms Broader Trend, Economists Say

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May 07 2008, 7:00 AM

Economists say the March report for pending home sales confirms what has been known for many months now: the U.S. housing market is still several months away from stabilizing. Benjamin Reitzes, economist at BMO Capital Markets, said the report essentially...
House Passes Second Half of Housing Rescue Plan Despite Veto Threat

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by Glenn Setzer on May 09 2008, 7:00 AM

The latest bill would allow lenders to reduce their exposure to foreclosures if they agree to cut the outstanding balance of an existing loan, thus allowing homeowners to refinance into a new loan that would be FHA insured . The reductions taken by lenders...

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