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Freddie Mac: Double-Dip Less Likely

Freddie

On Monday mortgage giant Freddie Mac published its monthly Economic and Housing Market Outlook, revealing a recovery in the rental sector and diminishing possibilities for a double-dip recession, with home sales expected to rise above the same for last year by as much as 3 to 5 percent. Households continued to feel concern over their finances, delaying action on larger-than-average purchases. Moreover, the rental housing market crept by with only a 15.2 percent pickup over the past year and through the first quarter this year.

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Obama Nominates Two for Ag Lending Board

In a statement released Monday, the White House announced that it would nominate two persons with national standing to serve on the board of directors for the Federal Agriculture Mortgage Corporation, the GSE otherwise known as Farmer Mac.

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Tax Deferrals Over for Reverse Mortgage Holders

Oregon's senior citizens with reverse mortgages will no longer be eligible for the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós tax deferral program. The initiative recently announced that reverse mortgage applicants won├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót be considered for the program. Homeowners already using the deferral advantage were told in July that they are required to reapply for the statewide program no later than July 25. Additional alterations to the program's format include more stringent asset limits, stricter income criteria, and a five-year minimum for prior residency in the qualifying home.

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Teamwork for ProTeck and AMC

ProTeck Valuation Services and American Mortgage Consultants are teaming up to deliver advanced real estate tools, and ProTeck will now provide real estate valuation and reconciliation via AMC.

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Ginnie Mae Backs Carrington Mortgage Services

On Tuesday Ginnie Mae gave the green-light to mortgage lender and servicer Carrington Mortgage Services, LLC to issue single-family mortgage-backed securities, allowing the company to package and securitize FHA loans.

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New Bill May Extend Conforming Loan Limits

On Monday lawmakers introduced a bill that would extend the current conforming loan limits for another two years a deal that could continue federal insurance for homeowners with high conforming jumbo loans. Rep. John Campbell (R-California) and Rep. Gary Ackerman (D-New York) co-sponsored the bill, titled the Conforming Loan Limits Extension Act, which would fix the limit for jumbo loans backed by GSEs Fannie Mae and Freddie Mac and the Federal Housing Administration at $729,750.

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LPS Online Platform Gets a Boost

Lender Processing Services released a statement announcing today that the Real Estate Board of New York chose its MLS Portal to operate as the platform for its new Web site, which allows New Yorkers to search for homes.

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Chicago Fed Names New Advisor

New

In a statement released Monday, NDeX announced the appointment of its president and chief financial officer, Scott Goldstein, to the Federal Reserve Bank of Chicago Advisory Council. Scott represents a combination of business savvy and economic vision that will prove to be a valuable resource in his role with the Fed, said James P.

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NAHB: Homebuilder Confidence Up in July

On Monday the National Association of Home Builders reported an increasingly sunny outlook among single-family homebuilders, with a Housing Market Index jointly released by Wells Fargo signaling a 13-point rise in homebuilder confidence-an uptick from the three-point plunge in June. In July two of the three indexes saw surges, up from steady declines over May. Current sales conditions went up to 15 from two points-the same as in May-as sales expectations for the next six months jumped by 22 points.

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Obama Bumps Warren, Taps Cordray for CFPB

President Barack Obama announced Sunday that he would withdraw Treasury Department advisor Elizabeth Warren for the top post at the Consumer Financial Protection Bureau and replace her with Richard Cordray.

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