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Tag Archives: Credit Standards

Refinance Share Slips in November as Purchase Loans Climb

Purchase originations gained a bit more ground on refinances in November, according to Ellie Mae's latest Origination Insight Report. According to the findings, refinance originations pulled back slightly to represent 68 percent of loans closed, down from 69 percent in the October report. Meanwhile, the share of purchase loans increased to 32 percent from 31 percent previously. Though refinances are slowly losing ground, refinance share remains well above its May level, when refinance and purchase shares were fairly equal.

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AEI Report Calls Out FHA’s ‘Abusive Lending Practices’

A study from the American Enterprise Institute (AEI) asserts the Federal Housing Administration (FHA) is inadvertently setting the country up for another housing collapse. In a report titled How the FHA Hurts Working-Class Families and Communities, AEI resident fellow and former Fannie Mae EVP Edward Pinto says an analysis of FHA's books for fiscal years 2009 and 2010 show the agency's "lending practices are inconsistent with its mission and represent a disservice to American working-class families and communities."

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Homeownership Down Even as Affordability Increases

The landscape of homeownership has undergone significant changes in recent years: The homeownership rate has declined, but so has the cost burden of owning a home. Both of these trends are most prevalent among young homeowners, according to a recent report from Fannie Mae. The national homeownership rate has declined in each of the past four years, according to the most recent Census data. The decline among those 25 to 44 years of age is more than twice the overall decline.

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