September 2010 - MND NewsWire

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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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GSE Loan Limits Extended for Another Year. FHA Appropriated $20 Billion

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by Jann Swanson on September 30 2010, 2:50 PM

H.R. 3081: Making Continuing Appropriations for Fiscal Year 2011, and For Other Purposes, passed the House of Representatives this morning. Buried in that legislation was authorization to extend current loan limits for mortgages provided through Fannie...
Distressed Properties Account for 24% of Home Sales in Q2 2010

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by Jann Swanson on September 30 2010, 8:42 AM

According to the 2nd Quarter RealtyTrac Sales Report issued this morning, sales of homes in the process of pre-foreclosure or out of lenders real estate portfolios (REO) accounted for 24 percent of all sales in the country....
Household Formation a Function of Immigration & Employment

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by Jann Swanson on September 29 2010, 2:26 PM

The Harvard report on The State of the Nation's Housing reports that both household income and household wealth have dropped since the beginning of the decade. Even before the recession began, real median incomes were below 2000 levels....
Refinance Apps Decline for Fourth Consecutive Week. Has Demand Topped Out?

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by Adam Quinones on September 29 2010, 12:43 PM

The Refinance Index decreased 1.6 percent from the previous week, which is the fourth straight weekly decrease. The seasonally adjusted Purchase Index increased 2.4 percent from one week earlier. The four week moving average is up 1.1 percent for the...
Fannie Mae Offers Forbearance Option to Wounded Warriors and Surviving Spouses

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by Jann Swanson on September 28 2010, 4:01 PM

Fannie Mae is working with officials of the U.S. Army to offer mortgage relief to service members and their families who are struggling to meet mortgage payments because of injuries or the death of a member....
RUMOR: Rapid Refinance Loan Modification Plan to be Introduced in Congress

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by Adam Quinones on September 28 2010, 12:07 PM

The legislation would allow for blanket 30-year, fixed-rate mortgages at the prevailing market rate, now around 4.3 percent, for anyone seeking to refinance a government-backed loan, Representative Dennis Cardoza told Reuters on Tuesday. ...
HomePath Property Buyers Receive Up to 3.5% in Closing Cost Assistance

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by Jann Swanson on September 24 2010, 1:03 PM

Fannie Mae markets its REO through a program called HomePath Properties. Under the new incentive program, owner-occupants and public entities that buy a HomePath Property between now and the end of the year can receive up to 3.5 percent of the purchase...
MBA Study: FinReg Reform to Reduce Number of Qualified Mortgage Borrowers

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by Jann Swanson on September 27 2010, 2:42 PM

A world-wide study of mortgage products funded by the Mortgage Bankers Association found that the U.S. is nearly alone in its reliance on fixed-rate mortgages and lack of pre-payment penalties....
Administration Issues Housing Market Scorecard for September

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by Jann Swanson on September 24 2010, 9:09 AM

The Obama Administration's Housing Scorecard for September notes a slowly stabilizing housing market. Delinquencies are down slightly as are early stage foreclosures....
New Home Sales Mixed Regionally. Still Near Record Lows

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by Adam Quinones on September 24 2010, 2:37 PM

Sales of new single-family houses in August 2010 were at a seasonally adjusted annual rate of 288,000. This is unchanged (±16.7%) from the revised July rate of 288,000 and is 28.9 percent (±11.0%) below the August 2009 estimate of 405,000. The median...
Treasury Moves to Revise RESPA Forms and Simplify TILA Disclosures

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by Jann Swanson on September 23 2010, 7:52 PM

Newly appointed Assistant to the President Elizabeth Warren and Treasury Secretary Tim Geithner hosted a forum earlier this week to allow concerned parties to provide input on combining and simplifying two overlapping mortgage disclosure forms. ...
Existing Home Sales Improve from Record Low. "Subpar" Activity Expected

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by Adam Quinones on September 23 2010, 2:19 PM

Lawrence Yun, NAR chief economist, said home sales still remain subpar. “The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely...
Fannie Mae First Look Program Draws in Thousands of REO Buyers

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by Jann Swanson on September 22 2010, 1:18 PM

Owner occupants and public groups using NSP funds have purchased 29,000 homes over the past year through a Fannie Mae program which gives them first crack at foreclosed homes before they are offered to investors....
Refinance Apps Decline for Third Consecutive Week. Has Demand Topped Out?

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by Adam Quinones on September 22 2010, 10:51 AM

Has refi demand topped out? Have purchase apps bottomed? The latter is far less likely than the former. Color from lock desks confirms the slow down in applications activity last week, but you tell me. Are you adding new borrowers to your pipeline as...
Legislation to Encourage Short Sales Introduced in Congress

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by Jann Swanson on September 21 2010, 12:22 PM

Legislation has been introduced in the House which would require lenders and servicers to either act quickly to approve or deny requests for short sales or have the sale approved by default....

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