New York Times, Nov. 18, 2015–Thomas Jr., Landon
Robert F. Dall, an investment banker and a pioneer of the mortgage bond market on Wall Street, died on Sunday at Lenox Hill Hospital in Manhattan. He was 81.
Category: Top National News
Delinquencies and Foreclosures Down, Consumer Credit Defaults Rise
National Mortgage Professional, Nov. 17, 2015–Hall, Phil
The National Delinquency Survey from the Mortgage Bankers Association found the delinquency rate for mortgage loans on one- to-four-unit residential properties fell to a seasonally adjusted rate of 4.99 percent of all loans outstanding at the end of the third quarter, which is the lowest level since first quarter 2007.
Judge Allows Breach Claims in Lawsuit over Mortgage Relief
Reuters, Nov. 17, 2015–Aubin, Dena
A federal judge ruled that Bank of America and Nationstar must face breach-of-contract claims for allegedly reneging on promised loan modifications to hundreds of Pennsylvania borrowers whose mortgages they serviced.
Borrower Outreach Events Proving Successful at Preventing Foreclosures
DS News, Nov. 17, 2015–Honea, Brian
Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes.
Fannie Mae Offers Added Flexibility to Borrowers
Chicago Tribune, Nov. 12, 2015–Harney, KennethFor thousands of people across the country who thought they’d never qualify for a mortgage to buy a home, next month could be a key turning point.
Foreclosure Inventory Shrinks, Rental Market Surges
National Mortgage Professional, Nov. 10, 2015–Hall, Phil
The U.S. foreclosure inventory in September witnessed a 24.3 percent year-over-year decline, while the number of completed foreclosures declined by 17.6 percent compared with September 2014, according to new data from CoreLogic.
MBA’s Stevens: There’s No Urgency to Lower FHA Insurance Premiums
HousingWire, Nov. 16, 2015–Swanson, Brena
There is no urgency to lower mortgage insurance premiums right now, David Stevens, Mortgage Bankers Association president and CEO, said following the Federal Housing Administration’s 2015 Actuarial Report released on Monday.
FHA’s Balance Sheet Rebounds after Bailout
The Hill, Nov. 16, 2015–Needham, Vicki
The Federal Housing Administration’s Mutual Mortgage Insurance Fund on Monday eclipsed a key benchmark for the first time since the financial crisis, reflecting an improvement in the agency’s health and steering it well clear of another taxpayer infusion, according to an independent analysis sent to Congress. David Stevens, president and CEO of the Mortgage Bankers Association, urged policymakers to look carefully at the Home Equity Conversion Mortgage, the FHA’s reverse mortgage program that enables withdrawal of home equity.
While FHA Actuarial Report Brings Good News, 3 Challenges Remain
HousingWire, Nov. 16, 2015–Galante, Carol
Former FHA administrator said report validates that the policies put in place by FHA over the last 7 years have enabled FHA to strengthen its financial position while also strengthening the economy and providing access to mortgage credit.
House Passes Bill to End Pay Raises for Fannie Mae and Freddie Mac CEOs
Washington Post, Nov. 16, 2015–McGregor, Jena
Monday evening, the U.S. House of Representatives voted to approve a bill that would suspend new annual target compensation of $4 million each for Freddie Mac CEO Donald Layton and Fannie Mae CEO Timothy Mayopoulos. If signed into law by President Obama, the bill would return the cap on their pay to $600,000.