A controversial bill that would extend an increase on guarantee fees (g-fees) on mortgages backed by the GSEs or the Federal Housing Administration (FHA) has passed in the House of Representatives. The bill, H.R. 6429 (STEM Jobs Act of 2012), proposes reforms for immigrant visas offered to immigrants who possess advanced training in science, technology, engineering, or mathematics. A section added to the bill calls for a one-year extension of g-fee hikes to help pay for the program, changing the end date on the fee increases from October 2021 to October 2022.
Read More »HARP Refinances Continue Climb Under Revised Program
Fannie Mae and Freddie Mac refinanced more than 90,000 mortgages through the Home Affordable Refinance Program (HARP) in September.
Read More »Prospect Mortgage Taps Former Fannie Mae Chief for Board Chair
Prospect Mortgage, LLC, announced the appointment of Michael J. Williams, former president and CEO of Fannie Mae, as chairman of its board of directors. Prospect Mortgage is a top-10 originator of home purchase loans, offering conventional, jumbo, super-jumbo, Federal Housing Administration, and Veterans Affairs mortgages as well as home renovation loans.
Read More »Capital Economics: Recovery is ‘The Real Deal’
The ongoing housing recovery will remain sustainable for the foreseeable future, analysts for Capital Economics say.
Read More »FHFA Reports Modest Price Growth in September
The Federal Housing Finance Agency's monthly Home Price Index showed prices continued to inch up in September, climbing 0.2 percent from the prior month. September marks the eighth consecutive month in which prices have increased. However, even with consistent price gains, "a number of factors continue to affect the recovery in home prices such as stagnant income growth, high unemployment levels, lingering uncertainty about the macroeconomy, and the large number of homes in the foreclosure pipeline."
Read More »UBS Tries Again to Block FHFA Lawsuit
After losing a previous bid earlier this year, UBS is making another attempt to shut down a lawsuit from the Federal Housing Finance Agency.
Read More »Study: Borrowers Fail to Do Legwork when Researching Loans
A new study from Fannie Mae suggests that many Americans fail to do their homework when considering mortgage options.
Read More »Fannie Mae Revises Forecast in Light of Positive Developments
According to Fannie Mae, the fundamentals are set in place for a solid housing recovery. The GSE revised its housing forecast for this year and the next to reflect changes made in the housing market, including low interest rates, rising prices, and a healing labor market. Analysts for the company also note that there is an upside risk to their forecast, as "pent-up demand amid stronger household formation may result in stronger housing activity next year" than what's expected.
Read More »Report: Q3 Sees Boosted Gains on Sales, Elevated Buyback Requests
Banks continued to enjoy boosted earnings in the third quarter from increasingly strong gain-on-sale (GOS) margins.
Read More »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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