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Metro Areas Facing Growing Inequality

According to a National Association of Realtors (NAR) recent study, rising prices of homes have helped homeowners build housing wealth, but the research found a worsening inequality in homeownership gains in metro areas.

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Freddie Mac Posts Upward Trending Mortgage Rates

In their Mortgage Market Survey (PMMS), Freddie Mac found that mortgage rates inched to the highest levels seen in nearly a month for the week ending May 7, 2015. Len Kiefer, deputy chief economist at Freddie Mac, attributes the rise in part to a selloff in German bonds that drove U.S. Treasury yields above 2.2 percent.

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Ranking: Best and Worst Presidents by Homeownership Rate

There are many metrics by which to judge the current administration against those of the past. This week, ValueWalk ranked the ‘best’ and ‘worst’ presidents as judged by their homeownership rates. Making ValueWalk’s ‘best’ list were Presidents Clinton, Johnson (Lydon), and Carter who saw homeownership expand during their presidencies by 5.1 percent, just over 1.1 percent, and just under 1.1. percent, respectively. ValueWalk ranks President Obama as one of the worst presidents when it comes to homeownership numbers, followed by President Regan

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Fannie Mae Reports Net Income of $1.9 Billion

Fannie Mae reported a net income of $1.9 billion for the first quarter of 2015, up from $1.3 billion from the previous quarter, according to Fannie Mae's Q1 2015 financial results released Thursday. The primary driver of the nearly 50 percent quarter-over-quarter increase in net income was lower fair value losses for Q1, according to Fannie Mae's announcement.

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Senator Bernie Sanders Proposes Bill to Break Up Big Banks

A new bill has been introduced to legislation by presidential nominee, Sen. Bernie Sanders (I-Vermont). The proposal is intended to prevent another costly taxpayer bailout and safeguard the economy by breaking up the nation’s largest banks. Rep. Brad Sherman (D-California) proposed a similar bill in the House.

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Mortgage Applications Down 4.6 Percent

According to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications report, mortgage applications have decreased 4.6 percent from last week. The Market Composite Index, which measures the amount of mortgage loans, decreased 4.6 percent on a seasonally adjusted basis for the week ending May 1. The Index experienced a 4 percent decrease compared to last week on an unadjusted basis.

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Congressman to Introduce Bill to Prevent Pay Increase for CEOs of GSEs

U.S. Congressman Ed Royce (R-California) has announced that he plans to submit legislation by the end of the week to prevent a potential pay increase for Freddie Mac CEO Donald Layton. The Federal Housing Finance Agency (FHFA) has given Freddie Mac and its fellow GSE, Fannie Mae, authorization to review the salaries of their respective CEOs, Layton and Timothy Mayopoulos. Both CEOs made $600,000 each without bonuses in 2014. The pay reviews for the top executives at the GSEs are largely due to concerns that the Enterprises will not be able to stay competitive because their CEOs make less than some lower-ranked executives.

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NAHB Reports Housing Market Activity Increase for Q1

Housing and economic activity has returned to or exceeded normal levels in 68 of about 360 metropolitan areas in the country (about 19 percent) as of the end of Q1 2015, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Wednesday.

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Bill Seeks to Address TRID Deadline Concerns

With the deadline for the TILA-RESPA Integrated Disclosure (TRID) rules going into effect on August 1, many lenders are increasingly concerned about possible penalties should they not be fully compliant by this date. To address these anxieties, Congressmen Steve Pearce (R-New Mexico) and Brad Sherman (D-California), joined forces to introduce a bill (H.R. 2213) that would provide temporary leniency from lawsuits and law enforcement. If passed, it would remain in effect until January 1, 2016.

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