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Tag Archives: HUD

Analysts: U.S. Default May Crimp GSEs, Close FHA

With recent reports signaling a throwback for public officials involved in debt-ceiling negotiations, housing analysts and market watchers worry about the possible fallout for government-backed mortgages in a default scenario come August. If the federal government defaults on its debt, analysts say, still-brittle mortgage markets will splinter as mortgage rates follow spikes in Treasury yields. Concerns continue to grow after a series of breakdowns between Congress and the White House.

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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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Galante Now Acting FHA Commissioner

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In a statement released Tuesday, HUD announced the move by multifamily housing deputy assistant secretary Carol Galante to her new role as acting commissioner of the Federal Housing Administration. President Barack Obama picked Galante for the position, with rumors circulating around the Capitol that the affordable housing veteran may receive a nomination for the top role, too.

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Renters: Owning a Home Top Priority

The National Association of Realtors released a survey this week showing strong support for the belief that homeownership is a credible and worthy goal, with 72 percent of renters surveyed agreeing that owning a home remains a top priority. The 2011 National Housing Pulse Survey signaled a 72 percent thrust among renters who want to own a home, a marked improvement from 63 percent last year. The survey revealed a backlash against the proposed Qualified Residential Mortgage rule, which critics charge will raise down payments by 20 percent.

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HUD Scorecard: Home Sales Rise, Prices Dip

HUD and the Treasury Department jointly released the June edition of the Obama administration├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Housing Scorecard, offering mixed results as home sales crested on a slight uptick and an oversupply of foreclosed properties remained in place. According to the Scorecard, existing home sales jumped slightly over June, trending from 25,100 to 26,900. Mortgage rates elevated the new home sales by staying low, with a number of borrowers refinancing their mortgages to recoup losses and boost their savings.

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Ginnie Mae Offloads $26B in MBS

According to a recent report, Ginnie Mae issuers put up over $26 billion in mortgage-backed securities for sale on the secondary market over the course of May, reflecting a 4 percent overall decline from April. HUD released a report indicating the placement of 99.5 percent of FHA-insured loans and 97 percent of VA-backed loans in Ginnie Mae packages over the course of 2010, with an end-point in September. Ginnie Mae also securitized $770 million worth in FHA-insured reverse mortgages and $1.6 billion in multifamily loans over the course of May.

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Analysts Fear FHA Shutdown in U.S. Default

With total U.S. debt soaring past $14 billion in May and negotiations over a controversial ceiling raise splintering at the highest levels, analysts worry that the Federal Housing Administration may shut down if the federal government defaults on August 2 -- a crisis scenario that would wreak havoc in housing markets, tightening the credit supply and spoiling a recovery. Analysts suggest that a default by the government would unfairly and adversely impact minority homeowners.

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New Home Sales Drop

The U.S. Census Bureau and HUD released data indicating southerly drifts for sales of new homes, revealing a 2.1 percent drop beneath the April rate of 326,000, 13.5 percent above the 281,000 estimates from May 2010.

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Government Scorecard: Housing Markets Still Fragile

The Department of Treasury and HUD jointly released the Housing Scorecard for May on Thursday, finding that housing markets remain fragile with a seven-month stretch of declining home prices. The scorecard tracks monthly housing and economic data. The May edition called housing prices weak, noting only a minor boost for sales in April. Other industry reports echo the assessment with mortgage applications still falling, eroding home equity, and weak job growth -- all impacting the mortgage market.

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Mortgage Bankers Praise Risk Retention Comment Extension

The nation's largest association for mortgage bankers has issued a statement praising a last-minute extension of the comment deadline for Dodd-Frank's controversial risk-retention rule and its Qualified Residential Mortgage (QRM), which opponents charge will make loans more expensive for homebuyers. The Mortgage Bankers Association says the rule will have a "profound long-term effect" on the mortgage financing industry, which is good reason to give stakeholders more time to understand its full scope.

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