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Freddie: 81% of Q2 Refis Upheld or Slashed Debt

Freddie Mac released the results of its second quarter refinance analysis Wednesday, revealing that homeowners who refinance continue to strengthen their housing situations. Freddie Mac's report showed that 81 percent of homeowners who refinanced their first-lien home mortgage either maintained the same loan amount or lowered their principal balance in the year's second quarter. Of these borrowers, 59 percent maintained about the same loan amount (the highest share ever recorded), while 23 percent reduced their principal balance.

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DeMarco Nets Criticism, Praise for Principal Reductions Decision

In a long-running debate, Edward DeMarco, acting director of the Federal Housing Finance Agency, stated again this week that he does not support principal reductions and does not endorse their use at Fannie Mae and Freddie Mac. After stating his position, he immediately faced criticism and opposition from a broad spectrum of individuals, especially throughout the government. However, DeMarco's decision received a few words of praise as well. Industry insiders and pundits reacted to the decision on Monday and Tuesday.

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Refinance Applications Rise Highest Since January


Mortgage applications went up 0.2 percent last week as refinance volume rallied at levels not seen for the past several years. The Mortgage Bankers Association found the refinance share of mortgage activity ticking up to 81 percent of total application volume, the highest since January this year, while the Refinance Index climbed 0.8 percent to its highest level since April 2009. The increase in refinance activity also saw a 6 percent decline in government refinance applications. The adjustable-rate mortgage share of activity declined to 4.1 percent of total volume.

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Avison Young Boosting Georgia-Based Operations

Canada-based Avison Young is bolstering the company's brokerage operations in Atlanta, Georgia. The commercial real estate firm recently hired Sean Moynihan to represent the organization throughout the Southeast U.S. Joining Avison Young as a principal, Moynihan will be responsible for developing strategies for real estate expense management and assisting with long-term planning to mitigate risk.

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Prospect Mortgage Announces Massachusetts Expansion

Prospect Mortgage has appointed a new leader for its expanding operations in Massachusetts. The company recently announced Jeff Kobold as branch manager for Prospect's Orleans location. Kobold, who has more than a decade of lending experience, will head up the opening and operations for Prospect's Orleans office. Additionally, Kobold will take on responsibilities for the company's existing branch in Osterville, as well as other soon to open Cape Cod-area locations.

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TSAHC Expands Down Payment Assistance Programs

The Texas State Affordable Housing Corporation (TSAHC) has announced the expansion of its initiatives for low and moderate income homebuyers. TSAHC will now extend its down payment assistance programs to current homeowners and those who have previously owned a home.

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Former Washington Wizards Star Lists East Coast Party Pad

Controversial hoops star Gilbert Arenas recently listed his Great Falls, Virginia, party pad for $3.5 million. According to Curbed, Arenas' estate features over-the-top amenities including a shark tank, outdoor grotto, suede covered walls, and one of the "largest private pools you will ever see."

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Freddie Mac to Align Refi Program With LTV Needs


Freddie Mac announced Tuesday its plans to expand on its Relief Refinance Mortgage Program by aligning separate mortgage requirements. The GSE announced that it will align requirements for mortgages with loan-to-value ratios that are equal to or less than 80 percent with those for mortgages with LTV ratios greater than 80 percent. The alignment is expected to eliminate many of the lender├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós selling representation and warranty responsibilities on loans being refinanced. Details are scheduled to be announced to lenders by mid-September.

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CFPB Received Some 55K Complaints About Mortgages

The Consumer Financial Protection Bureau recently passed its one-year anniversary. On Monday, the agency released its semi-annual report for 2012 to highlight achievements in the first half of this year. What do the numbers say? For starters, the consumer bureau has received more than 55,300 complaints between July 2011 and June 2012, according to the report. The greatest single source of complaints, making up 43 percent of all complaints made to the CFPB, fell on mortgages and problems encountered by consumers with their monthly payments.

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Polaris Finalizes Deal with Uganda’s Leading Mortgage Lender

Uganda's leading mortgage lender, Housing Finance Bank Limited, has established a new partnership with Polaris Financial Technology Ltd. Housing Finance Bank selected Polaris' Intellect CBS platform to support its business and IT needs. Currently, Housing Finance Bank holds approximately 60 percent of all mortgage accounts in Uganda, and the entity is the ninth largest commercial bank in the country.

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