February 2013 - MND NewsWire

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Rates Coast Into Extended Weekend; Wages and Inflation; Fed's Impact on Mortgages

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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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Housing a Bright Spot in Fed's Latest Household Debt and Credit Report

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by Jann Swanson on February 28 2013, 3:16 PM

James McAndrews, Executive Vice President and Director of Research at the Federal Reserve Bank of New York told a Household Debt and Credit Press Briefing on Thursday that three and a half years after the end of the "Great Recession" expansion remains...
MBA, NAR Outline Importance of FHA

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by Jann Swanson on February 28 2013, 1:56 PM

David H. Stevens , President & CEO of the Mortgage Bankers Association (MBA), and Gary Thomas , President of the National Association of Realtors® (NAR) testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at...
Regulators Outline $9.3B Foreclosure Compensation Plan for 13 Servicers

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by Jann Swanson on February 28 2013, 10:43 AM

Over four million homeowners may be eligible for compensation for mortgage servicer-related problems under agreements announced today. The agreements with 13 servicers for deficient practices in mortgage loan servicing and foreclosure processing were...
REO, Short Sales were 43 Percent of 2012 Market

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by Jann Swanson on February 28 2013, 8:15 AM

Nearly one million properties that were either bank-owned (REO) or in some stage of foreclosure sold to new owners in 2012 according to RealtyTrac's year-end report . The short sale portion of distressed sales continued to increase while REO sales declined...
Is the Mortgage Interest Deduction Impeding Home Ownership?

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by Jann Swanson on February 27 2013, 9:07 AM

The Hamilton Project, an economic policy initiative at the Brookings Institution, invited 15 economists of different philosophies to submit proposals for rethinking the Federal Budget. In the eighth of the resulting papers Alan Viard, Resident Scholar...
Pending Home Sales Highest Since 2010 Tax Credit

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by Jann Swanson on February 27 2013, 10:30 AM

Pending home sales rose on both a monthly and an annual basis in January. The National Association of Realtors® (NAR) which compiled the data said January was the 21 st consecutive month when its Pending Home Sales Index was higher than one year earlier...
Mortgage Applications Fall 3.8% in Lackadaisical Holiday Week

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by Jann Swanson on February 27 2013, 7:49 AM

The volume of mortgage applications decreased 3.8 percent on a seasonally adjusted basis during the week ended February 22 according to the Mortgage Bankers Association (MBA). On an unadjusted basis the Market Composite Index, a measure of loan application...
Q4 Bank Profits up 36.9 Percent from Previous Year

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by Jann Swanson on February 26 2013, 12:48 PM

Federal Deposit Insurance Corporation (FDIC) insured commercial banks and savings institutions posted an aggregate net income of $34.7 billion in the fourth quarter of 2012. This was a $9.3 billion or a 36.9 percent improvement from profits reported in...
Cordray: CFPB Addressing Debt Traps, Dead Ends, and Discrimination.

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by Jann Swanson on February 26 2013, 2:34 PM

Richard Cordray , Director of the Consumer Financial Protection (CFPB) told the National Association of Attorneys General that, since he last spoke to them in 2012 CFPB had begun to address key problems in the consumer financial markets. In the largest...
January New Home Sales Soar 15.6%, December Better than First Reported

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by Jann Swanson on February 26 2013, 12:03 PM

New home sales in January jumped to a seasonally adjusted annual rate of 437,000, a 15.6 percent increase over the December number of 378,000 and a 28.9 percent increase compared to January 2012 when sales were at a rate of 339,000. The December figure...
FHFA Reports Home Prices Increase 1.4% in Q4 on Low Inventories

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by Jann Swanson on February 26 2013, 11:01 AM

U.S. home prices were up 1.4 percent in the fourth quarter of 2012 compared to the third quarter the Federal Housing Finance Agency (FHFA) said today. FHFA's seasonally adjusted purchase-only house price index (HPI) rose 5.5 percent on a seasonally adjusted...
Home Prices Close Out Strong 2012 with 6.8% Gain in December

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by Jann Swanson on February 26 2013, 10:09 AM

Along with the usual monthly data, S&P/Case Shiller Home Price Indices released this morning also included data for all of 2012 . The indices, a measure of U.S. home prices ended the year with strong gain with the national composite index up 7.3 percent...
Bi-Partisan Commission Issues Suggestions for Housing Reforms

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by Jann Swanson on February 25 2013, 3:01 PM

A bi-partisan group of former senators, Cabinet secretaries, and other housing and economic experts have released what is termed a new proposal for a housing finance system . The report called Housing America's Future: New Directions for National Policy...
Individual Loan Officer Applications Fall for the First Time Since 2011

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by Jann Swanson on February 25 2013, 11:46 AM

NMLS has reported that 120,142 individuals are now licensed by the states as mortgage loan originators (MLOs) as are 16,688 companies. NMLS's Fourth Quarter report includes tallies on both state licensed or registered loan originators and those licensed...
Mortgage Settlement Aids 550K Homeowners, Totaling $45 Billion

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by Jann Swanson on February 21 2013, 2:19 PM

The five mortgage servicers involved in last year's $25 billion settlement over servicer errors and abuses have now distributed an average of $82,000 in relief to each of 550,000 homeowners. Joseph A. Smith who heads the Office of Mortgage Settlement...

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