December 2012 - MND NewsWire

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Delinquency Rate Hits Post Housing Crisis Low for Freddie Mac; Mortgage Rates Finally Level Off Despite Market Volatility

Published: 5/24/2013

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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 Chairs Blast CFPB's "Virtually Limitless Power"

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by Jann Swanson on December 26 2012, 2:03 PM

Shortly before recessing for the holidays the Chairmen of the House Committee on Oversight and Government Reform and of its Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs issued a report titled The Consumer Financial...
Another Multi-Billion Dollar Foreclosure Abuse Settlement Likely

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by Jann Swanson on December 31 2012, 9:07 AM

Fourteen large banks appear ready to pony up another $10 billion to end allegations of foreclosure abuse. According to the New York Times , the settlement would end federal investigations into the bank's purported faulty paperwork and excessive fees....
Galante Confirmed as FHA Head

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by Jann Swanson on December 31 2012, 9:56 AM

The Senate has confirmed Carol Galante as head of the Federal Housing Administration (FHA). The confirmation will remove the term "acting" from her title of Assistant Secretary for Housing and Commissioner of the FHA, a title she has held since the departure...
Consumer Loan Defaults Hit New Lows while Mortgage Defaults Rise

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by Jann Swanson on December 28 2012, 7:58 AM

Default rates for first mortgage loans increased in both October and November according to the S&P Dow Jones Indices and Experian. The increases drove the national default rate up from a post recession low reached in September despite continued improvements...
Pending Home Sales Highest Since 2010 Tax Credit Expiration

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by Jann Swanson on December 28 2012, 10:22 AM

The National Association of Realtors® (NAR) Pending Home Sales Index reached the highest level seen in two and a half years in November after posting its third consecutive monthly increase. The previous recent high was in April 2010 when buyers were...
New Home Sales Up 15.3% Over Last Year, Inventories Continue Decline

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by Jann Swanson on December 27 2012, 10:40 AM

The Department of Housing and Urban Development and the U.S. Census Bureau had more good news for housing this morning. Sales of newly constructed single-family houses increased by 4.4 percent in November, to a seasonally adjusted rate of 377,000 units...
Case-Shiller Shows Home Prices Up 4.3% From Year Earlier

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by Jann Swanson on December 26 2012, 11:08 AM

The S&P/Case-Shiller Home Price Indices (HPI) released this morning outstripped analysts expectations with strong increases in home prices over the 12 months ending in October. Both the 20-City and the 10-City showed anticipated seasonal weaknesses...
Home Retention Actions were Double Home Forfeitures in Q3

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by Jann Swanson on December 21 2012, 12:32 PM

The Office of Comptroller of the Currency ( OCC ) reported today that 88.6 percent of the mortgages serviced by selected national federal savings banks were current and performing at the end of the third quarter. The OCC Mortgage Metrics Report released...
LPS Previews November Mortgage Performance Data

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by Jann Swanson on December 21 2012, 10:41 AM

Lender Processing Services has released preliminary data from its monthly report on mortgage performance statistics . Data for November was derived from LPS's loan-level database representing approximately 70 percent of the overall market. The U.S loan...
HARP Market Share Dropped 18.5% in October, Despite Record Low Rates

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by Jann Swanson on December 20 2012, 2:47 PM

The share of mortgages refinanced by Freddie Mac and Fannie Mae through the Home Affordable Refinancing Program (HARP) dropped to 18.5 percent in October from 21 percent in September. Out of a total loan volume of 441,017 transactions completed by the...
Report Looks at Impact of Foreclosure Crisis, Recommends Future Policies

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by Jann Swanson on December 20 2012, 12:16 PM

This is the second part of an article summarizing the chapter on Mortgages from a Center for Responsible Lending (CRL)research paper titled The State of Lending in America and its Impact on U.S. Households. Part one reviewed the role of the government...
FHFA Notes 0.5 Percent Home Price Increase

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by Jann Swanson on December 20 2012, 12:00 PM

U.S. house prices were up 0.5 percent on a seasonally adjusted basis from September to October and rose 5.6 percent from the level 12 months earlier according to the Federal Housing Finance Agency's House Price Index (HPI). The previously reported 0.2...
Existing Home Sales Rise 6%, Short Sales not a Factor

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by Jann Swanson on December 20 2012, 10:53 AM

Existing home sales rose 5.9 percent in November to a seasonally adjusted annual rate of 5.04 units compared to a rate of 4.76 units in October. October's rate was a downward revision from the 4.79 million originally reported. November's sales were up...
FHFA Reponds to Reports of $3B Loss Related to LIBOR

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by Jann Swanson on December 20 2012, 10:08 AM

Following reports yesterday that Fannie Mae and Freddie Mac may have lost over $3 billion in the LIBOR scandal, FHFA issued the following statement: “FHFA has not substantiated any particular LIBOR-related losses for Fannie Mae and Freddie Mac....
Future Housing Policy Should Consider More than Just FHA's Balance Sheet

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by Jann Swanson on December 19 2012, 9:57 AM

The authors of a study just released by the University of North Carolina's Center for Community Capital suggest that the current condition of the Federal Housing Administration's ( FHA ) finances is not as important as the public purpose of the agency...

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