February 2012 - MND NewsWire

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Mortgage Rates Skyrocket Past 2013 Highs Today; Existing Home Sales; Mortgage Apps

Published: 5/22/2013

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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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Distressed Properties Nearly a Quarter of 2011 Real Estate Sales

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by Jann Swanson on February 29 2012, 1:10 PM

Sales of distressed real estate made up nearly a quarter of all single-family residential sales both in the fourth quarter of 2011 and the entire year according to information released today by RealtyTrac . Homes that were in some stage of foreclosure...
State of the Housing Market: Case and Shiller Discussion

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by Jann Swanson on February 28 2012, 3:23 PM

The original formulators of the S&P/Case-Shiller Housing Price Indices held a press conference on Tuesday to discuss the state of the housing market . The two, Robert Shiller, Professor of Economics, Yale University and Karl Case, Professor of Economics...
Two More MERS Cases Decided

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by Jann Swanson on February 29 2012, 11:56 AM

Two more courts have upheld the validity of mortgage assignments passed through the Mortgage Electronic Registration System (MERS). Two judges, both in the U.S. District Court in Hawaii ruled against the plaintiffs in two separate cases challenging foreclosures...
Fannie Mae's Losses Narrow but Treasury Advance Requested

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by Jann Swanson on February 29 2012, 11:37 AM

Fannie Mae is reporting a net loss of $2.4 billion for the fourth quarter of 2011 compared to a net loss of $5.1 billion in the third Quarter. For the entire 2011 year it reports a net loss of $16.9 billion compared to $14.0 billion in 2010. The fourth...
HARP Activity Increasing Even as Refinancing Contracts

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by Jann Swanson on February 29 2012, 8:46 AM

Applications for purchase mortgages jumped during the week ended February 24, but the Mortgage Bankers Association's (MBA) Market Composite Index still finished the week down slightly from the week before. The index, derived from the MBA's Weekly Mortgage...
Donovan: FHA Working on Alternate Premium Structure for Streamlines

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by Jann Swanson on February 28 2012, 4:43 PM

In broad ranging testimony before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Housing and Urban Development (HUD) Secretary Shaun Donovan touched on the substantial risks confronting FHA and its Mutual Mortgage Insurance (MMI...
Fed's Duke Tells Senators Housing Recovery Not Following Script

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by Jann Swanson on February 28 2012, 12:55 PM

Federal Reserve Governor Elizabeth A. Duke told members of the Senate Committee on Banking, Housing, and Urban Affairs that "the failure of the housing market to respond to lower interest rates as vigorously as it has in the past indicates that factors...
FDIC Banks Again Report Improved Quarterly Profits

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by Jann Swanson on February 28 2012, 12:21 PM

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) have just posted their 10 th consecutive quarter of annual gains . In the fourth quarter of 2011 these banks reported aggregate profits of $26.3 billion...
New Hampshire Court Rules for MERS

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by Jann Swanson on February 28 2012, 11:41 AM

MERS , the Mortgage Electronic Registration System, won another court battle last week. On February 21 the New Hampshire Superior Court affirmed, in the case of Dow v Bank of New York Mellon Trust, that MERS had the authority to both hold and assign its...
S&P Case-Shiller Indices at Post-Crisis Lows

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by Jann Swanson on February 28 2012, 11:12 AM

All three of the S&P/Case-Shiller Indices hit new post-crisis lows during December. The year ended with the national composite, which is reported only every three months, down 3.8 percent during the fourth quarter of 2011 and 4 percent lower than...
FHA to Hike Up-Front and Annual Premiums

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by Jann Swanson on February 28 2012, 9:16 AM

The Federal Housing Administration ( FHA ) announced that it is increasing both upfront and annual premiums for its insured single family loans. An increase of 0.10 percent in the annual premium mandated by the Temporary Payroll Tax Cut Continuation Act...
FHA Mortgage Insurance Fee Hikes April and June 2012

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by Julian Hebron on February 27 2012, 10:51 PM

HUD today announced that mortgage insurance for FHA loans will increase April 1 and June 1. Characteristically, the announcement isn’t clear on the impact to consumer borrowers, so here’s a quick description. If you’re getting a home...
Next Step in FHFA REO-to-Rental Initiative Announced

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by Jann Swanson on February 27 2012, 3:35 PM

Investors who have prequalified to purchase lender owned real estate (REO) under a program unveiled February 1 by the Federal Housing Finance Agency (FHFA) were notified on Monday about the next step in the program. FHFA announced that it will soon begin...
Plans to Remedy Servicer Errors Completed by Nine Companies

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by Jann Swanson on February 27 2012, 12:38 PM

The Federal Reserve Board has posted on-line action plans developed by nine of its supervised financial institutions to correct deficiencies in their residential mortgage loan servicing and foreclosure processing. The action plans were required by formal...
Cash-Only Purchases Increasing Among Existing Homeowners

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by Jann Swanson on February 27 2012, 12:10 PM

A survey of real estate agents conducted by Campbell/Inside Mortgage Finance indicates that current homeowners are increasingly shopping for their next home with cash. During the period between October 2011 and January 2012 the number of existing homeowners...

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