Associated Press, Aug. 14, 2017–Martin CrutsingerA top Federal Reserve official is suggesting that the Fed will likely announce next month that it will begin paring its bond portfolio–a step that could lead to slightly higher rates on mortgages and other loans.
Category: Top National News
Real Estate: Developer Describes ‘Epic’ Impact of Google’s Downtown San Jose Plans
San Jose (Calif.) Mercury-News, Aug. 14, 2017–Richard ScheininGoogle’s new plan to remake downtown San Jose into a massive, transit-centered ‘Google village’ with up to 20,000 new jobs could forever change the city’s trajectory.
Freddie Mac Economist: If Housing is Affordable, Why is Homeownership Out of Reach?
HousingWire, Aug. 14, 2017–Brena SwansonDespite housing affordability being near-record highs, homeownership still feels completely out of reach for many people, Freddie Mac Vice President and Chief Economist Sean Becketti said.
Biggest VA Lender Settles RESPA Violations
Mortgage Daily, Aug. 14, 2017A firm that has claim to be among the biggest home-purchase lender for veteran programs has agreed to pay over $1 million to settle alleged violations of the Real Estate Settlement and Procedures Act.
Mortgage LOS Updates, Acquisition
Mortgage Daily, Aug. 14, 2017–Sam GarciaIn addition to an acquisition involving a loan origination system, two LOS service provides have upgraded there systems–with one labeled as a “major” release. Meanwhile, LOS integrations continue.
Fannie and Freddie are Quietly Unloading More Mortgage Risk to Bondholders
The Real Deal Magazine, Aug. 14, 2017Fannie Mae and Freddie Mac have built a trillion-dollar business insuring mortgages. But increasingly they are doing something entirely different: selling off mortgage-backed securities without any guarantee that the two firms will pay in the event of a default.
July Sees New-Home Purchase Apps Plummet
Mortgage Professional America, Aug. 14 2017–Francis MonfortMortgage applications for new home purchases fell 12 percent in July from June, according to Mortgage Bankers Association’s Builder Applications Survey.
MBA President Stevens Defends Need for Multiple Guarantors in GSE Reform
Housingwire, Aug. 11, 2017–Brena SwansonAs the list of people commenting on how to execute GSE reform continues to grow, Mortgage Bankers Association President and CEO David Stevens, CMB, highlighted one of MBA’s main points and defended the need for multiple guarantors in the new system.
The Fed Has 6,200 Tons of Gold in a Manhattan Basement–Or Does It?
Wall Street Journal, Aug. 10, 2017–Katy Burne (subscription)Eighty feet below the streets of lower Manhattan, a Federal Reserve vault protected by armed guards contains about 6,200 tons of gold. Or doesn’t.
How to Fix Fannie and Freddie to Give Americans Affordable Housing
The Hill, Aug. 11, 2017–Orlando Cabrera While we have considered government-sponsored enterprise reform for years, Fannie and Freddie are about to hit two critical deadlines that impact their permitted reserves and retained capital in the next 18 months. Good and thoughtful decisions need to be made imminently.