Mortgage Daily, Nov. 17, 2017Single-family loans that were at least 30 days late or in the foreclosure inventory accounted for 6.11 percent of all outstanding mortgages as of Sept. 30, the Mortgage Bankers Association reported.
Category: Top National News
GSEs Return to LIHTC Market
National Mortgage Professional, Nov. 17, 2017–Phil HallThe Federal Housing Finance Agency is shifting its policy by enabling Fannie Mae and Freddie Mac to re-enter the Low Income Housing Tax Credit market as equity investors on a limited basis. (MBA mention)
Housing Finance Reform Next on To-Do List for Trump and Congress
National Mortgage News, Nov. 17, 2017–Ian McKendry (subscription)The White House and congressional GOP leaders are eyeing a tight window between tax reform passage and the 2018 midterms to pass housing finance reform. And with key policymakers readying their exit, the effort could be the most concerted push yet.
Softening the Blow From a Disaster
UExpress, Nov. 17, 2017–Lew SichelmanMost people are unaware that they can cut their tax bills if their homes are damaged during a disaster such as the Northern California fires, or the hurricanes that blasted the Gulf Coast, much of Florida and all of Puerto Rico. But they can do so, if they are proactive.
Federal Aid Claims Jump Tenfold After Series of Record-Breaking Disasters
Washington Post, Nov. 18, 2017–Joel AchenbachMore than 4.7 million Americans–or about 1.4 percent of the population–have registered so far this year for disaster aid from the Federal Emergency Management Agency. In 2016, 480,000 sought aid, and fewer than 180,000 people registered for disaster assistance in each of the three previous years.
MBA: Storms Helped Boost Mortgage Delinquency Rate in Q3
Mortgage Orb, Nov. 20, 2017–Patrick BarnardThe mortgage delinquency rate was about 4.88%, on a seasonally-adjusted basis, as of the end of the third quarter, an increase of 64 basis points compared with the second quarter and an increase of 36 basis points compared with the third quarter of 2016, according to data from the Mortgage Bankers Association.
Walter’s Bankruptcy Won’t Affect Ditech’s Servicing Ability
National Mortgage News, Nov. 20, 2017–Brad Finkelstein (subscription)The impending bankruptcy of Walter Investment Management Corp. should not affect its subsidiary Ditech Financial’s capability to service securitized mortgages, Fitch Ratings said.
HUD Data Finds Spike in Reverse Mortgage Foreclosures
National Mortgage Professional, Nov. 20, 2017–Phil HallLast year saw a 646 percent increase in foreclosures against seniors with federally insured reverse mortgages as compared to the previous seven years, according to HUD data received by a Freedom of Information Act request made by the California Reinvestment Coalition and Jacksonville Area Legal Aid.
MBA: Mortgage Interest Deduction Changes Will Spur ‘Negative Impact’ on Local Housing Makets
HousingWire, Nov. 7, 2017–Brena SwansonAs the future of tax reform remains a hot-button issue, the Mortgage Bankers Association continues to stress the importance of the mortgage interest tax deduction to Congress.
Capital One Closing Mortgage Business
Dallas Morning News, Nov. 7, 2017–Melissa RepkoBanking and financial services company Capital One Financial Corp. announced Tuesday that it will lay off about 950 people in Plano, Texas, as it exits the mortgage and home equity business and closes a call center.