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Home >> News >> Government

New Home Sales Up After Major August Revision

New Home Sales Up After Major August Revision

The Commerce Department and HUD estimate that new home sales were at a seasonally adjusted annual pace of 467,000 in September, according to a joint report from the agencies. September's sales rate marks a 0.2 percent increase over August's revised rate and a 17 percent jump above September 2013. New home sales in August, originally reported at an annual pace of 504,000, came down dramatically in the government's revised estimate.

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Fed, SEC Approve Finalized QRM Rule

Fed, SEC Approve Finalized QRM Rule

The residential mortgage loan risk retention rule, known as the "qualified residential mortgage" (QRM) rule, was approved on Wednesday by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC). The agencies are the last of the six groups charged with putting together the finalized rule.

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FHFA Home Price Index Up 0.5% in August

FHFA Home Price Index Up 0.5% in August

The Federal Housing Finance Agency (FHFA) reported Thursday that U.S. house prices rose a seasonally adjusted 0.5 percent month-over-month in August. On a year-over-year basis, FHFA's price index was up 4.8 percent, putting it roughly in line with its August 2005 level and 5.8 percent below its peak in April 2007.

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State Regulators Launch Mortgage Servicing Rights Task Force

State Regulators Launch Mortgage Servicing Rights Task Force

In its announcement, the Conference of State Bank Supervisors (CSBS) said it established the task force as a response to the explosive growth of non-bank servicers like Ocwen Financial and Nationstar Mortgage, both of which have moved to snap up servicing rights from depository firms and climb the ranks of the nation's biggest outfits.

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Refinances Up in August; HARP Volumes Keep Falling

Refinances Up in August; HARP Volumes Keep Falling

According to a report released this week by the Federal Housing Finance Agency (FHFA), total refinance volumes at Fannie and Freddie came to 131,075 in August, up more than 11,000 from July as mortgage rates slipped slightly to an average 4.12 percent. While overall refinancing activity increased, however, the number of refinances completed through HARP fell again to a combined 14,066—accounting for about 11 percent of total volume compared to July's 13 percent.

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Regulators Set to Adopt Finalized QRM Rule

Regulators Set to Adopt Finalized QRM Rule

The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC's board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan's risk when packing mortgages to sell to investors in the secondary market. The QRM rule is one of the bigger provisions mandated by the 2010 Dodd-Frank Act, with co-author Barney Frank remarking in the past that risk retention is "the single most important part of the bill."

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Maryland Bank Closes in 15th Collapse of 2014

Maryland Bank Closes in 15th Collapse of 2014

The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies. The latest collapse follows a quiet period after what had been an active summer for FDIC. Last year, the agency announced 24 bank closings, 22 of which had already occurred by this time.

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