HousingWire, June 29, 2016–Ramirez, Kelsey
Ohio passed legislation yesterday that seeks to prevent zombie homes, or vacant or abandoned residential property, by enacting a fast-track process for mortgage foreclosures.
Category: Top National News
Fannie Mae, Freddie Mac Resolve Just 24% of Non-Performing Loans
HousingWire, June 30, 2016–Ramirez, Kelsey
The first nonperforming loan report from the Federal Housing Finance Agency, released today, shows Fannie Mae and Freddie Mac “resolved” just 24% of its total inventory of non-performing loans.
Fannie Mae’s Mortgage Portfolio Value Tumbles
DSNews, June 30, 2016–Honea, Brian
Having fallen below its 2016 cap of $339.3 billion in March, Fannie Mae’s gross mortgage portfolio contracted further in both April and May, shrinking at an annual rate of 32.0 percent in May, according to Fannie Mae’s May 2016 Monthly Volume Summary.
American Modern Insurance Group Fined $1M for Over-Charging on Force-Placed Insurance
HousingWire, June 30, 2016–Lane, Ben
Minnesota announced earlier this week that it is fining American Modern Insurance Group $1 million for overcharging Minnesota residents for force-placed insurance.
Leno Bill Would Strengthen Family Heirs’ Homeownership Rights
San Francisco Chronicle, July 1, 2016–Gutierrez, Melody
The bill would amend the California Homeowner Bill of Rights to include heirs of homeowners, requiring lenders to work with them to help save their homes from foreclosure. But Pat Zenzola, a lobbyist for the California Mortgage Bankers Association, said the bill is “ripe with the opportunity for additional litigation and potential for mischief.”
FHA Announces Sweeping Changes to Non-Performing Loan Sales Program
HousingWire, June 30, 2016–Lane, Ben
Amidst mounting public pressure to do more to keep struggling homeowners in their homes, HUD and the Federal Housing Administration announced a series of extensive changes to its non-performing loan sale program.
FHFA Report Highlights Results of GSEs’ Nonperforming Loan Sales
National Mortgage News, July 1, 2016–Collins, Brian
The Federal Housing Finance Agency’s first report on the sales of nonperforming loans owned by Fannie Mae and Freddie Mac may seem discouraging at first. Mike Fratantoni, the chief economist of the Mortgage Bankers Association, said Fannie and Freddie have achieved a number of positive results from these sales.
Freddie Mac’s Mortgage Portfolio Sees More Contraction
MReport, July 4, 2016–Honea, BrianHaving already fallen below the cap for 2016 only a third of the way through the year, Freddie Mac’s mortgage-related investments portfolio continued to shrink at the annual rate of 27 percent in May.
Mortgage Servicing Shrinks at Biggest U.S. Banks
Wall Street Journal, July 1, 2016–Witkowski, Rachel
The country’s largest banks have dropped almost half of their mortgage servicing since the financial crisis, with some $2.5 trillion in loans largely moving into the shadow banking system, according to a regulatory report.
Jumbo Mortgages Play Larger Role at U.S. Banks
Wall Street Journal, July 4, 2016–Ensign, Rachel Louise
The jumbo mortgage business keeps getting bigger for banks. These high-dollar home loans rose to 24% of mortgage approvals at six of the largest U.S. banks in 2015 from 21% the year before, according to an analysis of federal home-loan data.