Category: Top National News

Washington Post Writers Group, Aug. 29, 2017–Kenneth R. HarneyDavid Stevens, president and CEO of the Mortgage Bankers Association, says automated valuations might satisfy a lender’s purposes but they “may not necessarily be the best assessment” of “the right price to pay for a property.”

Scotsman Guide, Aug. 29, 2017–Victor WhitmanThe Trump administration announced Tuesday that it was raising the premiums for most reverse mortgages and lowering the maximum amount that can be borrowed in an effort to stem the tide of losses to the Federal Housing Administration insurance fund. The nation’s largest mortgage trade group, the Mortgage Bankers Association, praised the move as a way for the program to remain financially viable.

CBS North Carolina, Aug. 29, 2017–Robert RichardsonA six-year audit by the Special Inspector General for the Troubled Asset Relief Program found the agency spent thousands of TARP dollars on meals for employees. The audit found $3 million in improper expenses across 18 states which receive TARP funding, as well as the District of Columbia.

Wall Street Journal, Aug. 29, 2017–Esther Fung (subscription)Houston’s office and retail real-estate markets are likely to get hurt by lost business in the weeks and months immediately following Hurricane Harvey.

Financial Regulation News, Aug. 28, 2017–Douglas ClarkA Mortgage Bankers Association’s National Delinquency Survey maintains second quarter delinquencies and foreclosures declined.

National Mortgage Professional, Aug. 28, 2017–Phil HallAccording to a new Home Price Index report released by Black Knight Financial Services, home prices were up 0.9 percent in June from the previous month and up 6.2 percent from the previous year. The $281,000 level set by the index represents a new high for measuring home prices.

National Mortgage News, Aug. 28, 2017–Elina Tarkazikis (subscription)The high loan-to-value refinance programs replacing the Home Affordable Refinance Program will require a change to the structure of Fannie Mae and Freddie Mac’s credit-risk transfer deals.

HousingWire, Aug. 28, 2017–Frank DannaWhile most sectors of the industry managed the increased demand with few hiccups, the appraisal services segment of the industry did not fare as well. The uninterrupted appraisal demand throughout 2016 and into the first quarter of this year led to chronic fatigue that spread throughout the appraiser population.

Reuters, Aug. 28, 2017U.S. emergency management officials said on Monday they were expediting federal resources to Texas to help with rescue efforts after Hurricane Harvey swamped coastal areas of the state and forced 30,000 people to seek refuge in temporary shelters.

Times-Picayune (New Orleans), Aug. 28, 2017–Drew BroachHurricane Harvey’s ghastly flooding in the Houston area is sure to focus political attention on the National Flood Insurance Program, a controversial government benefit that makes home ownership affordable to many in south Louisiana. It’s $24 billion in debt, and unless Congress acts in the next 34 days, it will expire.