http://www.mortgagenewsdaily.com/news/MND NewsWire : Housing and Economic NewsenCommunityServer 2008 SP2 (Build: 31106.96)http://www.mortgagenewsdaily.com/05242013_freddie_mac_volume_summary.aspFri, 24 May 2013 14:42:50 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:310112Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=310112http://www.mortgagenewsdaily.com/05242013_freddie_mac_volume_summary.asp#comments<p>Freddie Mac said today that its total mortgage portfolio i<b>ncreased by $951 million</b>&nbsp;in April to&nbsp;<b>$1.949 trillion</b>, an increase of 0.6 percent.&nbsp; This was the second straight month the portfolio has increased.&nbsp; Purchases totaled $47.3 billion compared to $52.0 billion in March, liquidations were ($45.7) compared to ($44.85) billion and sales were ($627) million, up from ($617) million. &nbsp;&nbsp;The year to date growth in that portfolio is (1.1) percent and the annualized liquidation rate is 29.2 percent.</p> <p>The Mortgage-Related Investments Portfolio declined from an unpaid principal balance of $534.2 billion in March to 528.3 billion in April, a&nbsp;<b>change of 13.2 percent</b>.&nbsp; Purchases totaled $15.0 billion compared to $13.57 billion in March.&nbsp; Liquidations increased from ($10.10) billion the month before to ($10.5) billion and sales decreased from ($12.01) billion to ($10.4) billion.&nbsp; Year to date<b>&nbsp;purchases total $57.59 billion</b>, liquidations ($42.11) billion, and sales ($44.76) billion for an annual growth year-to-date of (15.8) percent.</p>...(<a href="http://www.mortgagenewsdaily.com/05242013_freddie_mac_volume_summary.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310112/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310112" width="1" height="1">http://www.mortgagenewsdaily.com/05232013_new_home_sales.aspThu, 23 May 2013 17:41:24 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309949Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309949http://www.mortgagenewsdaily.com/05232013_new_home_sales.asp#comments<p>New home sales&nbsp;<b>rose 2.3 percent&nbsp;</b>on a seasonally adjusted basis in April to an annual rate of&nbsp;<b>454,000 units</b>.&nbsp; The Census Bureau and the Department of Housing and Urban Development also revised the March estimate of new home sales dramatically upward from 417,000 units to 444,000.&nbsp; The April rate of sales was 29.0 percent higher than the April 2012 rate of 352,000 units.</p> <p>The<b>&nbsp;median price of a new house sold in April was a record $271,000</b>&nbsp;compared to a median of $236,400 one year earlier.&nbsp; The&nbsp;<b>average&nbsp;</b>price in the two periods was $330,800 and $287,900.&nbsp; Of the estimated 45,000 homes sold in April 2013, 12,000 sold for less than $200,000 and another 14,000 sold between $200,000 and $300,000.&nbsp; Six thousand homes sold nationwide for more than $500,000.</p> <p>&nbsp;</p>...(<a href="http://www.mortgagenewsdaily.com/05232013_new_home_sales.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309949/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309949" width="1" height="1">http://www.mortgagenewsdaily.com/05232013_fhfa_hpi.aspThu, 23 May 2013 16:10:59 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309938Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309938http://www.mortgagenewsdaily.com/05232013_fhfa_hpi.asp#comments<p>As has every other price-related report, the one issued by the Federal Housing Finance Agency (FHFA) today<b> confirmed the upward momentum of home prices</b> in the first quarter of 2013.&nbsp; FHFA's Home Price Index (HPI) rose 1.9 percent, the seventh consecutive quarter that the seasonally adjusted, purchase-only index has risen.&nbsp; </p> <p>The 1.9 percent quarter rise may actually understate a growing momentum; the seasonally adjusted index rose 1.3 percent just in March, the last month of the quarter.&nbsp; This was the 14^th consecutive increase in the monthly HPI.</p>...(<a href="http://www.mortgagenewsdaily.com/05232013_fhfa_hpi.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309938/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309938" width="1" height="1">http://www.mortgagenewsdaily.com/05222013_oig_fhfa.aspThu, 23 May 2013 13:44:51 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309775Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309775http://www.mortgagenewsdaily.com/05222013_oig_fhfa.asp#comments<p>Reporting on FHFA and GSE operations during the period the OIG noted the <strong>significant improvement in the GSEs' financial results</strong> with Fannie Mae reporting a net income of $17.2 billion in 2012 compared with a net loss of $16.9 billion in 2011.&nbsp; Freddie Mac reported smaller but similar results. In addition, for the first time since the beginning of the conservatorships both GSEs were able to pay dividends to the Treasury without any draw under the PSPAs, something they each did in the second, third, and fourth quarters of 2012.</p> <p>The final section of the Semiannual report summarizes conservatorship reform and various reform proposals including the work that has been done to stabilize the GSEs since conservatorship and the reforms the GSEs have implemented to improve overall business operations and encourage greater private-sector participation in the <a href="/mbs/">secondary mortgage market</a>.&nbsp; The section also discusses how FHFA is preparing for change and its five year strategic plan which focuses on actions to organize, rehabilitate and wind down the GSEs in order to make way for a new secondary mortgage market...</p>...(<a href="http://www.mortgagenewsdaily.com/05222013_oig_fhfa.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309775/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309775" width="1" height="1">http://www.mortgagenewsdaily.com/05222013_cfpb_dodd_frank_rules.aspWed, 22 May 2013 19:11:58 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309696Jann Swanson1http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309696http://www.mortgagenewsdaily.com/05222013_cfpb_dodd_frank_rules.asp#comments<p>Members of a House Financial Services subcommittee issued a press release Tuesday afternoon which essentially <strong>dismissed testimony</strong> heard earlier in the day from two officials of the <strong>Consumer Financial Protection Bureau (CFPB)</strong> regarding the impact efficacy of the new <strong>Qualified Mortgage Rule</strong>.</p> <p>Because <strong>access to credit</strong> remains so constrained, CFPB designed the rule "not just to ensure more responsible lending by curtailing certain problematic practices, but also to encourage creditors to provide responsible loans to consumers in all segments of the covered market."&nbsp; The two said the rule "strikes a careful balance between providing bright lines to give certainty and clarity to creditors while also allowing flexibility for the <a href="/mbs/">mortgage market</a> to evolve and innovate in ways that encourage the provision of responsible credit..."</p>...(<a href="http://www.mortgagenewsdaily.com/05222013_cfpb_dodd_frank_rules.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309696/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309696" width="1" height="1">http://www.mortgagenewsdaily.com/05222013_california_real_estate.aspWed, 22 May 2013 19:04:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309800Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309800http://www.mortgagenewsdaily.com/05222013_california_real_estate.asp#comments<p>In April 2012 distressed properties accounted for 45.8 percent of home sales in California the states Association of Realtors&reg; said Wednesday, but last month that share dropped to 24.4 percent and was down 3.5 points compared to March.&nbsp; There was of course a corresponding rise in the share of equity sales.&nbsp; The California Association of Realtors (C.A.R.) said that the share of short sales declined from 21.1 percent a year earlier to 14.8 percent as rising prices lifted more homeowners out of a negative equity position.&nbsp; Sales of bank owned real estate (REO) dropped into single digits (9.2 percent) for the first time in more than five years.</p> <p>Rising Share of Equity Sales - pp. presentation or the inverse table of declining distressed sales.</p> <p>The decline in distressed sales was evident throughout the state with at least seven of the state's 58 counties registering distressed sales in the single or low double digits.&nbsp; Distressed sales did increase from March in seven of the 36 counties for which the Association provided information, but most increases were only one or two percentage points.&nbsp; </p> <p>Inventories remained tight.&nbsp; There was an unsold inventory of REO which was the equivalent of a 1.8 month supply in March and that dropped to 1.7 months in April.&nbsp; The inventory of short sales was unchanged at 2.7 months and the index for equity sales was 2.9 months compared to 3.0 months in the prior month. </p> <p>C.A.R.'s Pending Home Sales Index (PHSI)&nbsp;decreased 3.7 percent from a revised 126.5 in March to 121.7 in April, based on signed contracts.&nbsp; Pending sales were down 3.9 percent from the 126.7 index recorded in April 2012.&nbsp; Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.</p> <p>Pending sales v closed sales</p> <p align="center"><b><br /> <br /> </b></p>...(<a href="http://www.mortgagenewsdaily.com/05222013_california_real_estate.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309800/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309800" width="1" height="1">http://www.mortgagenewsdaily.com/05222013_existing_home_sales.aspWed, 22 May 2013 16:24:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309757Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309757http://www.mortgagenewsdaily.com/05222013_existing_home_sales.asp#comments<p>Existing home sales remain constrained by limited inventory and tight credit but still managed to eke out a <b>small increase in April </b>the National Association of Realtors&reg; (NAR) said today.&nbsp; Total existing home sales rose 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from 4.94 million in March.&nbsp; The March number reflects a substantial upward revision from the 4.92 million pace originally reported.&nbsp; Existing home sales in April were 9.7 percent higher than the 4.53 million sales rate one year earlier.</p> <p>Existing home sales in April were at the<b> highest pace since the homebuyer tax credits </b>caused the market to spike in...</p>...(<a href="http://www.mortgagenewsdaily.com/05222013_existing_home_sales.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309757/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309757" width="1" height="1">national association of realtorshome priceslawrence yunhttp://www.mortgagenewsdaily.com/05222013_lps_mortgage_monitor.aspWed, 22 May 2013 15:29:58 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309740Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309740http://www.mortgagenewsdaily.com/05222013_lps_mortgage_monitor.asp#comments<p>Lender Processing Services (LPS) has provided its regular advanced release of data from its <i>Mortgage Monitor</i>.&nbsp; This "<b>first look</b>" at April 2013 month-end mortgage performance data will be followed by the full report in early June. </p> <p>LPS reports that the <b>total loan delinquency rate</b> - loans 30 or more days past due but not in foreclosure - was 6.21 percent in April, down 5.81 percent from March and 9.61 percent from April 2012.&nbsp; Just over 3.11 million loans are currently delinquent but not in foreclosure and 1.394 million of these are over 90 days past due...</p>...(<a href="http://www.mortgagenewsdaily.com/05222013_lps_mortgage_monitor.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309740/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309740" width="1" height="1">foreclosure inventoryhttp://www.mortgagenewsdaily.com/05222013_application_volume.aspWed, 22 May 2013 12:33:37 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309701Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309701http://www.mortgagenewsdaily.com/05222013_application_volume.asp#comments<p>A <b>big drop</b> in applications for refinancing dragged the Mortgage Bankers Associations Market Composite Index, a measure of <a href="/data/mortgageapplications.aspx">mortgage applications volume</a>, lower during the week ended May 17.&nbsp; The index was <b>down 9.8 percent</b> on a seasonally adjusted basis compared to the week ended May 10 and was down 10 percent on an unadjusted basis.</p> <p>"<a href="/mortgage_rates/">Mortgage rates</a> increased to their highest level since March last week, leading to the <b>largest single week drop in refinance applications</b> this year," said Mike Fratantoni, MBA's Vice President of Research and Economics.&nbsp;&nbsp; "The refinance index has..."</p>...(<a href="http://www.mortgagenewsdaily.com/05222013_application_volume.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309701/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309701" width="1" height="1">Mortgage Bankers AssociationMortgage Applicationsinterest rateshttp://www.mortgagenewsdaily.com/05212013_california_real_estate.aspTue, 21 May 2013 16:51:44 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309550Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309550http://www.mortgagenewsdaily.com/05212013_california_real_estate.asp#comments<p> <p>Recognizing that real estate&nbsp;<b>investors have played a key role</b>&nbsp;in the state's housing market recovery, the California Association of Realtors&reg; (C.A.R.) recently surveyed its members about their interactions with investor customers and have developed a profile of investors and their behavior.</p> <p>Two-third of investors are following a long term strategy in investing,&nbsp;<b>buying and holding property</b>&nbsp;although three-quarters of intend to<b>&nbsp;hold the property for less than six years</b>.&nbsp; &nbsp;About one-quarter (26 percent) of inventors buy property in order to flip it.&nbsp;</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05212013_california_real_estate.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309550/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309550" width="1" height="1">http://www.mortgagenewsdaily.com/05202013_gse_reform.aspMon, 20 May 2013 18:53:53 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309399Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309399http://www.mortgagenewsdaily.com/05202013_gse_reform.asp#comments<p> <p>Maintaining that the&nbsp;<b>conservatorships&nbsp;</b>of Fannie Mae and Freddie Mac (the GSEs) have caused government involvement in the mortgage market to<b>&nbsp;balloon to unhealthy proportions</b>, the Mortgage Bankers Association (MBA) Monday released the second in a planned series of five concept papers offering its solutions.&nbsp; Today's paper on risk sharing follows&nbsp;<i>Key Steps on the Road to GSE Reform,</i>&nbsp;which suggests that the Federal Housing Finance Agency (FHFA) direct the GSEs to modify the Freddie Mac PC to mirror the exact structure of the Fannie Mae MBS so that these securities would be considered fungible for TBA delivery.&nbsp; &nbsp;</p> <p>In&nbsp;<i>Up-Front Risk Sharing:&nbsp; Ensuring Private Capital Delivers for Consumers</i>&nbsp;MBA says a situation exists today where the&nbsp;<b>government is crowding out private capital&nbsp;</b>and blocking real competition in the market.&nbsp; MBA's solution to entice private capital back is for FHFA to require the GSEs to offer<b>&nbsp;risk sharing options</b>&nbsp;to lenders at the "point of sale" rather than at the back end by enhancing loans that are already on the GSEs' balance sheets.&nbsp;</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05202013_gse_reform.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309399/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309399" width="1" height="1">http://www.mortgagenewsdaily.com/05202013_fannie_mae_forecast.aspMon, 20 May 2013 17:31:58 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309355Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309355http://www.mortgagenewsdaily.com/05202013_fannie_mae_forecast.asp#comments<p>&nbsp;</p> <p>Fannie Mae's economic and strategic research team today called the&nbsp;<strong>housing recovery</strong>&nbsp;<strong>"undeterred"</strong>&nbsp;after it contributed 0.3 percentages points to economic growth in the first quarter.&nbsp; Doug Duncan, Orawin T. Velz, and Brian Hughes-Cromwick said this was the eighth consecutive quarter that housing has added to growth and the company's Economic Summary for May said recent housing indicators point to continued recovery.&nbsp;</p> <p>The annualized rate of housing starts in March was over one million units for the&nbsp;<strong>first time since 2008</strong>, driven solely by a surge in multi-family building which more than offset a decline in single-family construction.&nbsp; Multi-family housing starts are now back to the levels of the early 2000s, benefitting the report says from a continuing decline in homeownership which fell again in the first quarter to 65 percent, the lowest rate since 1995.</p> <p>&nbsp;</p>...(<a href="http://www.mortgagenewsdaily.com/05202013_fannie_mae_forecast.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309355/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309355" width="1" height="1">http://www.mortgagenewsdaily.com/05202013_delinquencies_defaults.aspMon, 20 May 2013 16:49:43 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309319Jann Swanson0http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309319http://www.mortgagenewsdaily.com/05202013_delinquencies_defaults.asp#comments<p>Most risk professionals who participated in a recent survey believe the status quo is going to prevail when it comes to loan delinquencies over the next six months.&nbsp; In <strong>survey conducted</strong> in the first quarter by <strong>FICO</strong> and the Professional Risk Managers Association (PRMIA) the respondents, 58.5 of whom said their main area of responsibility was mortgages, were asked to predict the <strong>path of delinquencies</strong> for seven categories of loans.&nbsp; A plurality expect delinquency rates to stay the same for most loan types and few expect to see further increases... </p>...(<a href="http://www.mortgagenewsdaily.com/05202013_delinquencies_defaults.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309319/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309319" width="1" height="1">ficomortgage delinquencyhttp://www.mortgagenewsdaily.com/05172013_qualified_mortgages.aspFri, 17 May 2013 20:56:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309205Jann Swanson2http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309205http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp#comments<p>&nbsp;</p> <p>The Center for Responsible Lending (CRL) has released a brief issues paper voicing&nbsp;<strong>objections to HR 1077</strong>, The Consumer Mortgage Choice Act.&nbsp; The bill currently sits in the House Financial Services Committee of which its sponsor Representative Bill Huizenga (R-MI) is a member.</p> <p>The bill amends the&nbsp;<strong>Truth in Lending Act</strong>&nbsp;(TILA) with respect to disclosures of points and fees for so called "high cost" mortgage loans and has the following key points</p> <ul class="unIndentedList"> <li>Excludes from the computation of such points and fees: (1) the amount of any loan level price adjustment payment set by Fannie Mae, Freddie Mac, FHA, or similar government entity, (2) any compensation paid by a mortgage originator to an employee or creditor; and (3) any e</li> </ul> <p>&nbsp;</p>...(<a href="http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309205/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309205" width="1" height="1">http://www.mortgagenewsdaily.com/05162013_economic_forecasts.aspFri, 17 May 2013 19:18:19 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:309023Jann Swanson7http://www.mortgagenewsdaily.com/channels/news/rsscomments.aspx?PostID=309023http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp#comments<p> <p>Lawrence Yun, chief economist for the National Association of Realtors&reg; (NAR) said Thursday it might be time to "<b>dial down the credit stringency</b>." &nbsp;If the credit scores required for a mortgage returned to the more&nbsp;<b>normal levels of about 720</b>&nbsp;for conventional loans and 660 for FHA loans, he said, home sales could be 15 to 20 percent higher than they are.&nbsp; During the past four years the average scores for approved conventional loans have been in the 760 to 770 range.</p> <p>About<b>&nbsp;51 percent of renters could qualify</b>&nbsp;financially to purchase a home compared to 24 percent in 2005 and 33 percent in 2000.&nbsp; While their credit scores are unknown, "there are about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to or are unable to become a homeowner" Yun said.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309023/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309023" width="1" height="1">