Monday, April 16, 2012
CNNMoney
The Federal Housing Finance Agency will decide this month whether Fannie Mae and Freddie Mac should allow write downs on the balances of borrowers who owe more than their homes are worth.
Read the full story
http://money.cnn.com/2012/04/09/news/economy/mortgages-principal-reduction/index.htm?iid=HP_LN
Thursday, March 15, 2012
Calif. median home price: January 2012: $268,280 (Source: C.A.R.)
Calif. highest median home price by region/county January 2012: Marin, $694,440 (Source: C.A.R.)
Calif. lowest median home price by region/county January 2012: Tehama, $110,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: January 2012: 102.4, an increase from the revised 93.1 recorded in January 2011
Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)
Mortgage rates: Week ending 3/8/2012 30-yr. fixed: 3.88% fees/points: 0.8% 15-yr. fixed: 3.13 fees/points: 0.8% 1-yr. adjustable: 2.73% Fees/points: 0.6% (Source: Freddie Mac)
Monday, March 12, 2012
The Wall Street Journal
A report by the Inspector General for the Federal Housing Finance Agency says that the FHFA hasn’t done enough to oversee mortgage-servicing companies used by Fannie Mae and Freddie Mac to collect payments on home loans despite widespread attention to problems in the industry.
Read the full story
http://blogs.wsj.com/developments/2012/03/07/report-criticizes-housing-regulator-on-mortgage-servicing/
Thursday, March 1, 2012
The Federal Housing Finance Agency (FHFA) has targeted Los Angeles as one of the hardest-hit areas for inclusion in its Real Estate-Owned (REO) Initiative pilot program.
Under the pilot plan, institutional investors will be able to purchase large blocks of Fannie Mae- and Freddie Mac-owned foreclosed properties in bulk with the requirement to rent the purchased properties for a specified period of time.
While the program may be beneficial in some parts of the country where REO inventory is high, it would not be favorable in California, where housing inventory is extremely low and demand is high, even in the state’s hardest-hit areas. REOs in California are getting multiple offers at top dollar and usually closing within 60 days on average.
C.A.R.’s Leadership Team is meeting with California Congressional members, the FHFA, and FHA in Washington, D.C., this week to voice its concern with this issue and to determine how C.A.R. can assist the housing regulators in the disposition of REOs.
See C.A.R.’s letter to California Congressional members voicing its concerns over the plan.
Monday, February 20, 2012
The Wall Street Journal
The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history.
Read the full story:
http://online.wsj.com/article/SB10001424052970204795304577221222265037002.html?mod=WSJ_RealEstate_LeftTopNews
