HousingWire, Sept. 13, 2017–Ben LaneFor the third time this year, Fannie Mae and Freddie Mac are lowering the benchmark interest rate for standard mortgage modifications. And unlike last time, both of the government-sponsored enterprises are changing their respective benchmark rates at the same time.
Category: Top National News
Has the Fed Found a Better Long-Term Mortgage Product?
National Mortgage News, Sept. 13, 2017–Brian Collins (subscription)This mortgage is built around the cost of funds, or COFI, index published by the Federal Home Loan Bank of San Francisco. It reduces the incentive for borrowers to refinance and theoretically makes it profitable for banks to hold these fixed-rate mortgages in portfolio.
Couple Launches Video to Raise Awareness of Prostate Cancer
Smith Mountain Laker (Va.), Sept. 12, 2017–Karen DillonMBA President and CEO David Stevens talked about his diagnosis, the importance of cancer research and a YouTube video he and Mary recorded and released for National Prostate Cancer Awareness Month.
Houston’s Unsinkable Housing Market Undaunted by Storm
New York Times, Sept. 12, 2017–Annie Correal, Conor DoughertyMost Houston buyers are keeping deals on track, builders are expected to barrel ahead and owners of elevated homes may find their properties more valuable.
New York City Property Market Turns Cautious: Broker Survey
Reuters, Sept. 12, 2017–Herbert LashProspects for New York City’s property market remain strong yet greater caution can be seen as buyers turn more hesitant and sellers seek unrealistic prices, a trade association’s second-quarter survey of broker sentiment showed on Tuesday.
Mortgage Credit Availability Edged Higher Last Month
Mortgage Professional America, Sept. 12, 2017–Steve RandallThe MBA Mortgage Credit Availability Index was up 0.7%, indicating a loosening of credit.
U.S. Household Incomes Rose in 2016 to New Record
Wall Street Journal, Sept. 12, 2017–Ben Leubsdorf (subscription)Income for the average American household reached a new high last year for the first time this century, a milestone in the slow and volatile recovery from two recessions and financial bubbles that crossed over three presidencies.
Hurricane Irma Destroyed 25% of Homes in Florida Keys, FEMA Estimates
Wall Street Journal, Sept. 12, 2017–Scott Calvert, Jon Kamp, Elizabeth Bernstein (subscription)Hurricane Irma destroyed a quarter of the homes in the Florida Keys and badly damaged many more, federal officials said Tuesday, as millions of people in the nation’s Southeast remained without power in the storm’s wake.
Former Deutsche Bank Head Subprime Mortgage Trader Fires Back at U.S. Fraud Charges
HousingWire, Sept. 12, 2017–Ben LanePaul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair and without merit.
Consumers Remain Too Optimistic When Estimating Home Value
HousingWire, Sept. 12, 2017–Kelsey RamirezHomeowners continue to overestimate their home values, however the gap continues to narrow, according to the latest National Home Price Perception Index from Quicken Loans.