Home >> Author Archives: Ryan Schuette (page 20)

Author Archives: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

Settlement Helps Fund $4M in Reverse Mortgage Assistance

On Friday HUD unveiled an infusion of more than $42 million in grants to housing counseling agencies, with some of the funds on the way from an historic $25-billion settlement reached with servicers several weeks ago. Of $36 million in grants made available to housing counseling agencies, $4 million will shore up services designed to help more elderly homeowners secure reverse mortgages and Home Equity Conversion Mortgages. More than 400 housing agencies across the nation will benefit from the availability of a flush of new funds.

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Cordray Calls on Press to Deliver CFPB’s Message

Consumer Financial Protection Bureau director Richard Cordray told a gathering of the nation's editors and journalists Friday that the agency needs their help to make consumers more aware of predatory lending hurdles. He highlighted efforts by the CFPB to increase transparency in the markets, underscored the role undertaken by lenders in the crisis, and played up the need for more regulation for servicers. The address by Cordray is the latest in a round of public appearances by the CFPB director, newly appointed by President Barack Obama in January.

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More Americans Feel Confident About Housing: Survey

More Americans feel confident about their household finances, the housing recovery, and the prospect of an economic upturn, Fannie Mae said Wednesday. The mortgage giant drew on poll data from some 1,000 respondents to sketch a blend of guardedness and hopefulness in a National Housing Report. Thirty-five percent of Americans now believe the economy is on the right track, an increase from 19 percent in November, compared with 57 percent who still feel damp about the state of recovery. Fewer respondents fielded layoff concerns.

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Report Slams FHFA, Freddie for Poor Servicer Oversight

Freddie

The inspector general of the Federal Housing Finance Agency released a report Tuesday that criticizes the agency, Fannie Mae, and Freddie Mac for a series of ongoing oversight problems with mortgage servicers. The document charges that the FHFA failed to implement service guidelines for the mortgage company last year and portrays today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós environment as one in which the agency, GSEs, and servicers all punt responsibility down the ladder. It also alleges that Fannie Mae and Freddie Mac routinely fail to swap servicer information.

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Falling Loan Applications Tilt Toward Still-Nascent Recovery

In signs that a stable housing rebound may still be ways off, mortgage applications contracted by 1.2 percent last week, even while the Home Affordable Refinance Program offered a still-steady buttress for refinance activity. The Mortgage Bankers Association found in a weekly survey that mortgage application volume also declined by 10.2 percent on a seasonally adjusted basis. The Purchase Index went up by a seasonally adjusted 2.1 percent from last week, while it climbed by 14.7 percent on a seasonally unadjusted basis.

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Mortgage Rates Ride Rollercoaster Ahead of Greek Deadline

All-time highs for housing affordability persisted this week as interest rates for fixed-rate mortgages hovered near their record-breaking lows, a sign that Europe continues to ward off investors. Real estate Web site Zillow found only a minor shift for the 30-year fixed-rate mortgage, which lingered between 3.70 percent and 3.75 percent before nestling at 3.69 percent Tuesday. The 15-year loan stayed near 2.95 percent, along with rates for 5-year and 1-year adjustable-rate mortgages that averaged 2.65 percent, according to the Web site.

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