National Mortgage News, Mar. 10, 2016–Sinnock, Bonnie
QRM clarified the rules of the road for securitizations. Now, participants in the MBS world seeking better margins are looking beyond the safe harbor–to the subprime space.
Category: Top National News
Americans’ Home Wealth Recovers $7 Trillion as Prices Firm
Bloomberg, Mar. 19, 2016–Matthews, Steve
The 2006-2009 housing slump reduced wealth by $7 trillion. Since then, the value of homeowners’ equity in real estate has more than doubled from a low in the first quarter of 2009, a Federal Reserve report today showed. What’s more, housing wealth is poised to reach a new record as early as the second quarter.
U.S. Multifamily Mortgage Grew at Fastest Pace Since 1993
Reuters, Mar. 14, 2016
The amount of outstanding U.S. mortgages for multifamily homes rose to $1.06 trillion in 2015, up 10.4 percent from a year earlier, which was its fastest annual pace since 1993, the Mortgage Bankers Association reported Monday.
Prosper, HomeAdvisor Announce Deal on Home-Improvement Loans
National Mortgage News, Mar. 14, 2016–Wack, Kevin
Prosper Marketplace on Monday announced a three-year agreement to offer financing to consumers making improvements to their homes through the website HomeAdvisor.com.
Mortgage Industry Pressing For Permanent Ban on G-Fee Raids
Scotsman Guide, Mar. 14, 2016–Whitman, Victor
Mortgage industry trade groups have renewed a push to prevent future raids on the guarantee fees (g-fees) collected by Fannie Mae and Freddie Mac.
JPMorgan Readies Mortgage-Backed Deal
Wall Street Journal, Mar. 14, 2016–Glazer, Emily
JPMorgan Chase & Co. is trying to sell new securities that would pass along most of the credit risk on $1.9 billion in mortgages, in an attempt to revive a debt market that has been largely left to the government since the financial crisis.
Mortgage Giants Headed for Crisis
The Hill, Mar. 2, 2016–Needham, Vicki
Housing industry experts are sounding the alarm over the increasingly dire financial situation of the federal mortgage giants Fannie Mae and Freddie Mac. “I actually believe it’s really incumbent on Congress to take this up as an issue, thoughtfully, while we have time,” said David Stevens, head of the Mortgage Bankers Association.
Lenders Still Struggling with TRID, Survey Finds
National Mortgage News, Mar. 1, 2016–Collins, Brian
Bankers are still grappling with vendor software problems, longer processing times and delays in mortgage closings as a result of new disclosures that went into effect four months ago, according to a new survey.
In Detroit, People are Urged to Get a Second Mortgage Just to Buy a Home
MarketWatch, Mar. 1, 2016–Goldstein, Daniel
The housing market in Detroit is so weak that a new program has been created to help home buyers take out two mortgages when buying a home – one for the purchase price and one for renovations.
Mortgage Delinquencies Experience Atypical January Spike
DS News, Mar. 7, 2016–Honea, Brian
Most of the news regarding housing fundamentals has been positive in the last two years or so. But mortgage delinquencies rose month-over-month in January for the first time since the housing recovery began.