News

The Federal Housing Finance Agency, conservator of Fannie Mae and Freddie Mac, has issued a proposed rule that would prohibit the GSEs from purchasing loans affected by the Property Assessed Clean Energy program. PACE is a local government initiative designed to help homeowners finance energy-efficient and renewable energy projects for their homes. FHFA's proposed rule is open for comment for 45 days from its date of publication, June 15. PACE financing for energy-efficient projects is available in 18 states and the District of Columbia.

HUD rescinded guidance Friday that would have obligated homeowners to resolve debts outstanding of $1,000 or more or enter into a repayment plan by closing time for a mortgage backed by the Federal Housing Administration. Guidance from February required that lenders with homeowners in dispute of credit accounts or collections in that amount resolve or pay down the debt in order to meet eligibility criteria for a FHA-insured loan. That policy would have gone into effect by July 1, although earlier guidance remains.

California-based CoreLogic will move forward with nominating three new board members to bolster its company directorship. The appointment of new board candidates follows CoreLogic's spring announcement that it would seek new members, and the company has selected Douglas C. Dorman, and Jaynie Miller Studenmund to stand for election.

Celebrity enclave, Malibu, California is losing a famous resident. Jim Carrey has listed his 2,866-square-foot estate in the star-studded Malibu Colony neighborhood for $13.95 million.

Builder confidence rose one point in in June to 29, its highest level since May 2007, the National Association of Home Builders reported Monday. The index for May, originally reported as 29 was revised down to 28. Economists had expected the index to be flat to the original report for May. The total index in June was up 16 points from June 2011, the strongest year-over-year gain since December 1998. The index has improved year-over-year for 12 straight months as it did from July 2009 through June 2010 before going into a five month swoon.

Canadian-based commercial real estate company Avison Young is bolstering leadership in the company's New York office. Finance expert David Eyzenberg has been added as a principal for Avison Young, and he will focus on raising capital and providing investment banking services for the company's clients.

Three bank failures took place Friday, raising the national tally this year to 31 as fewer community banks fall under, compared with recent years. State regulators shuttered Palakta, Florida-based Putnam State Bank, Marietta, Georgia-based Security Exchange Bank, and Lynchburg, Tennessee-based The Farmers Bank of Lynchburg. The cost to the FDIC: $100 million. With the bank failure tally at 31 this year, the numbers mark a gradual decline in the rate of closure for community banks compared with every year since the financial crisis.

The nation's housing developments need to grow up. There are many challenges to address: Support services to allow seniors to age in place, financing residential developments ranging from independent living facilities to nursing homes, creating affordable housing for low-income and low-net-worth seniors, and enabling older homeowners to tap accumulated equity. Fannie Mae's Economic & Strategic Research Group recently published a Data Note detailing the characteristics and housing consumption of the nation's elderly to get a clearer picture of the needs that must be addressed soon.

Standard & Poor's has reaffirmed Clayton Holdings LLC's standing as a third-party due diligence provider for residential mortgage-backed securities. The company's announcement follows S&P's annual review of the company's rating.

Another comedian is set to sell his California estate. Funnyman and host of The Late, Late Show on CBS, Craig Ferguson, has put his Los Angeles home on the market for $1.995 million.