Despite the threat of a presidential veto, the House of Representatives voted 266 to 154 in favor of legislation that provid....
Freddie Mac chief economist Frank Nothaft says the housing slump, along with rising mortgage deli....
Read More
Thursday, May 08, 2008
NAR: Pending-home sales down 1 percent in March
A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of REALTORS.
Th.... Read More
Green building saves money
Affordable Housing Finance (04/08) Anderson, Bendix
Nationwide, the first generation of green affordable housing developments finished over the last five years are receiving high marks.... Read More
Friday, May 02, 2008
Rescue plan leads housing package
Washington Post (05/02/08) P. D1; Montgomery, Lori; Birnbaum, Jeffrey H.
Democrats have included a provision to overhaul the Federal Housing Administration (FHA) in a broad housing pac.... Read More
Codes might require energy efficiency
Times Herald-Record (NY) (04/30/08) Murphy, Meghan E.
In New York, Montgomery could be the first Hudson Valley town to pass a building code created by the U.S. Environmental Protection.... Read More
Economic clouds? Wall Street sees signs of sunshine
New York Times (05/02/08) Bajaj, Vikas
The stock market has risen 11 percent since early April, with junk bonds, credit derivatives, financial shares, bank loans, and other investments.... Read More
Wednesday, April 30, 2008
US watchdog presses for mortgage rescues
Financial Times (04/30/08) Guha, Krishna; Politi, James
Federal Deposit Insurance Corp. Chairman Sheila Bair believes borrowers having a tough time making their mortgage payments shoul.... Read More
Panel to look at foreclosure practices
New York Times (04/29/08) P. C3; Morgenson, Gretchen
The Senate Judiciary Committee's Subcommittee on Administrative Oversight and the Courts will hold a hearing on May 6 to look.... Read More
Monday, April 28, 2008
Empire State housing sales up from February
Sales of existing single-family homes in New York State in March increased by more than 10 percent compared to February, but lagged behind March 2007, according to preliminary single-family sales data.... Read More
Presidential candidates call for government to rescue homeowners
Dallas Morning News (04/28/08) Michaels, Dave
In response to falling home prices and soaring mortgage default rates in numerous states, the presidential candidates are touting homeowne.... Read More
Loan industry fighting rules on mortgages
New York Times (04/28/08) Labaton, Stephen
The lending industry submitted over 5,000 comments to the Federal Reserve on its proposed rules to tighten mortgage underwriting standards, c.... Read More
Freddie Mac deploys $10.5 million to helping borrowers through foreclosure
RISMedia (04/24/08)
Freddie Mac has awarded $10.5 million in grants to housing counseling organizations working to keep borrowers from losing their homes to foreclosure. Par.... Read More
Rising property taxes fill gaps, pinch homeowners
Wall Street Journal (04/25/08) P. A4; Dougherty, Conor
Homeowners across the country are facing higher property taxes at a time when rising food and gas prices, declining home pr.... Read More
Wednesday, April 23, 2008
NAR: Existing-home sales slip in March
Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to NAR.
Existing-home sales, including single-fam.... Read More
Mortgage rates at the low point
Kiplinger.com (04/21/08) Idaszak, Jerome
Mortgage rates currently sit at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. Interest on.... Read More
Affordable housing programs in New York get record boost
Newsday (04/20/08)
New York has allocated more money to initiatives designed to increase the amount of affordable housing. The extra funding is a measure to aid those harmed by the sub.... Read More
Bank of America to alter loan practices
Chicago Tribune (04/22/08) Yerak, Becky
Bank of America announced during an April 22 public hearing on its proposed purchase of Countrywide Financial that the combined company will not.... Read More
Better loans for green building?
Denver Post (04/23/08) Mulkern, Anne C.
U.S. Rep. Ed Perlmutter (D-Colo.) has rolled out legislation that could result in lower-interest loans for people who purchase energy-efficient .... Read More
Friday, April 18, 2008
Panel to vote on mortgage fund
Wall Street Journal (04/18/08) P. A4; Lueck, Sarah; Paletta, Damian
A proposal from House Financial Services Committee Chairman Barney Frank (D-Mass.) would allow the FHA to insure up .... Read More
30-year rates stay at 5.88 percent; others show decreases
Baltimore Sun (04/18/08)
The 30-year fixed mortgage rate continues to hover around 5.88 percent, where it has been at or near for the past five weeks, according to Freddie Mac. Ho.... Read More
Offices put high above the high line
New York Times (04/16/08) P. C9; Stowe, Stacey
Manhattan's trendy meatpacking district is beginning to attract more and more corporate tenants. The area has emerged as a 20-square-bloc.... Read More
Foreclosures push states to try a mix of solutions
New York Times (04/16/08) P. A14; Leland, John
A recent survey by the Pew Charitable Trusts shows that 20 states have responded to the foreclosure crisis with intervention programs; wh.... Read More
Wednesday, April 16, 2008
Worst of credit crisis is over, CEO says
Baltimore Sun (04/16/08)
Lehman Brothers Holdings Inc. CEO Richard Fuld believes the worst of the credit crunch is over. Speaking at the investment bank's annual shareholder meeti.... Read More
Broker licensing bill gets support from mortgage brokers
Central Valley Business Times (CA) (04/14/08)
U.S. Sen. Dianne Feinstein (D-Calif.) has proposed creating minimum national standards for all residential mortgage brokers and lenders, i.... Read More
Analysis: Many US mortgage suits to come, but tougher to win
Reuters (04/11/08) Keating, Gina
While U.S. law offices are preparing for a likely flood of lawsuits on behalf of consumers who lost their homes in the mortgage sector meltdown, .... Read More
Tenants say rent-regulated apartments threatened by investment firms
New York Daily News (04/14/08) Egbert, Bill
Housing advocates are concerned that the widespread purchase of rent-regulated buildings by private-equity firms could reduce the amount of .... Read More
Friday, April 11, 2008
Senate approves housing relief bill
New York Times (04/11/08) P. C3; Herszenhorn, David M.
The Senate has passed a housing relief bill on a vote of 84-to-12 that shows bipartisan consensus; but the Bush administration op.... Read More
Mortgage rates hold steady
Chicago Sun-Times (04/11/08)
The average interest on the benchmark mortgage rate held below the 6-percent threshold for the fourth consecutive week as 30-year loans remained at 5.88 pe.... Read More
White House presents plan to aid subprime borrowers
Washington Post (04/10/08) P. D1; Montgomery, Lori; ElBoghdady, Dina
FHA Commissioner Brian Montgomery announced a plan on April 9 that would allow subprime borrowers who have missed a.... Read More
McCain seeks aid for some homeowners
Associated Press (04/10/08) Quaid, Libby
Homeowners with burdensome mortgages would have an opportunity to obtain more manageable loans that reflect the value of their property under a.... Read More
Renting in Manhattan climbs 5.5 percent
New York Daily News (04/09/08)
According to a new Citi Habitats study, the cost of renting an apartment in Manhattan rose 5.5 percent in 2007 as residents continued to pay a premium to.... Read More
Wednesday, April 09, 2008
NAR: Existing-home sales to stabilize before upturn in second half of 2008
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of .... Read More
Bush to expand help on mortgages
Wall Street Journal (04/09/08) P. A1; McKinnon, John D.; Paletta, Damian
A representative of the Bush administration is expected to announce an expansion of the FHASecure program at an.... Read More
SONYMA to help Habitat with 2 percent mortgages
Times Herald-Record (NY) (04/08/08) Levensohn, Michael
To aid Habitat for Humanity's efforts to expand homeownership in New York, the State of New York Mortgage Agency (SONYMA) plans t.... Read More
Greenspan: Investors, not Fed, to blame for crisis
Reuters (04/07/08) Gaunt, Jeremy
Former Federal Reserve chairman Alan Greenspan refutes reports that monetary policy exacerbated a housing bubble that led to the current crisis in the .... Read More
Zillow launches Mortgage Marketplace
Associated Press (04/03/08) Elphinstone, J.W.
Zillow.com, which got its start two years ago as an online property valuation site, is expanding its reach into the world of mortgages.&nb.... Read More
Thursday, April 03, 2008
Senators move on housing relief
Wall Street Journal (04/03/08) P. A3; Lueck, Sarah
Several key senators this week came to terms on a $15 billion bipartisan plan aimed at bolstering the struggling housing market.... Read More
Buyer beware with sex offenders
Sioux Falls Argus Leader (SD) (04/02/08) Verges, Josh
Whether real estate agents and home sellers must disclose the presence of sex offenders living in a neighborhood varies by state.&.... Read More
Friday, March 28, 2008
FHA may aid those 'underwater' on loans
Wall Street Journal (03/28/08) P. A6; Paletta, Damian
A proposal from HUD would allow the FHA to insure a portion of mortgages whose balances exceed the home's worth in an effort to curtail f.... Read More
Fannie, Freddie may raise $20 Billion: Report
Reuters (03/28/08) Stempel, Jonathan
The Office of Federal Housing Enterprise Oversight (OFHEO) recently cut Fannie Mae and Freddie Mac's minimum capital level to 20 percent from 30 pe.... Read More
REALTORS specializing in seniors market embrace the role of advisor to older Americans
Biloxi Sun Herald (MS) (03/27/08)
The National Association of REALTORS' Seniors Real Estate Specialists (SRES) program has teamed up with SNAPforSeniors to provide a database for the 1.... Read More
Wednesday, March 26, 2008
NAR: Existing-home sales rise in February
Sales of existing homes increased in February and remain within a fairly stable range, according to the latest data released by the National Association of REALTORS.
Existing-home sales, whic.... Read More
Tax break for home buyers attract support in the Senate
Wall Street Journal (03/23/08) P. A8; Hitt, Greg
Federal lawmakers appear to be leaning toward the belief that more action is necessary to clear up problems in the housing, mortg.... Read More
Storm brews over adding wind coverage to federal flood program
Washington Post (03/25/08) P. A13; Birnbaum, Jeffrey H.
The battle continues to heat up within Congress and between congressional members and the insurance industry. U.S. Rep. Gene Tay.... Read More
Bloomberg signs Tenant Protection Act
Columbia Spectator (03/25/08) Wileden, Lydia
The Tenant Protection Act, Intro 627-A, was signed into law on March 13 by New York City Mayor Michael Bloomberg. The law defines hara.... Read More
Fannie Mae tightens loan restrictions
Boston Globe (03/26/08)
To minimize credit losses, Fannie Mae recently made policy changes that could make it more difficult for borrowers in markets experiencing home-price declines t.... Read More
Clinton details mortgage plan
Wall Street Journal (03/25/08) P. A4; Chozick, Amy; Timiraos, Nick
As part of her presidential campaign, Sen. Hillary Clinton (D-N.Y.) has been pushing for the federal government.... Read More
Tax-delinquent lots to become low-cost homes
Newsday (03/21/08) Whittle, Patrick
Instead of auctioning off the county's vacant lots, officials in Suffolk County, N.Y., plan to construct affordable homes on 75 tax-delinquent prope.... Read More
Friday, March 21, 2008
Mortgage insurers, banks rewrite rules
Indianapolis Star (03/21/08) Zibel, Alan; Elphinstone, J.W.
With mortgage insurers now unwilling to insure home loans in almost 25 percent of the nation's ZIP codes, experts say .... Read More
Mortgage rate back below 6 percent
Tulsa World (OK) (03/21/08)
According to Freddie Mac's data, mortgage rates have dropped back below 6 percent after spending more than a month above that threshold. Thanks to the Feder.... Read More
Bid to regulate reverse mortgages stalls in House
Arizona Daily Star (03/20/08) Fischer, Howard
Some state lawmakers in Arizona have joined the mortgage and banking industry in opposing a bill sponsored by Rep. Bill Konopnicki, R-Saff.... Read More
Wednesday, March 19, 2008
Fed cuts key interest rate
Los Angeles Times (03/19/08) Gosselin, Peter G.
The Federal Reserve has reduced the federal funds rate by three-quarters of a percentage point, to 2.25 percent, in an effort to lower i.... Read More
Democrats draft plans for distressed homeowners
Washington Post (03/19/08) P. A4; Montgomery, Lori
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) believes some officials in the Bush administration are now more open to .... Read More
New rifts over economy
Wall Street Journal (03/18/08) P. A4; Timiraos, Nick; Chozick, Amy
The collapse of Bear Stearns Cos. prompted Sens. Hillary Clinton (D-N.Y.) and Barack Obama (D-Ill.) to focus their .... Read More
When buying a home takes a lucky break
New York Times (03/16/08) P. LI-1; Cotroneo, Nicole
Most of Long Island, N.Y.'s affordable housing stock is allotted by lottery, the most recent of which were held in Huntington, Oyste.... Read More
Funding approved for affordable housing
Brooklyn Daily Eagle (03/14/08) Collins, Linda
Developers Horsford & Poteat Realty and Dabar-Oceanhill-Brownsville will receive the lion's share of $3.125 million in grants from th.... Read More
Friday, March 14, 2008
White House offers plan to ward off credit crisis
New York Times (03/14/08) P. A1; Labaton, Stephen
The Bush administration wants states to issue licensing standards for mortgage brokers, lenders to provide more information on p.... Read More
Treasury to release analysis of meltdown
Washington Post (03/13/08) P. D1; Cho, David
The U.S. Treasury will issue a report from the President's Working Group on Financial Markets spelling out the causes of the subprime mortg.... Read More
Real estate companies step up creative, aggressive ads to lure buyers
St. Cloud Times (Minn.) (03/14/08)
The housing slowdown has prompted many real estate agents, home builders, and mortgage lenders to beef up their advertising to attract home buyers. F.... Read More
Older homeowners cautioned on use of reverse mortgages
Wall Street Journal (03/14/08) P. C4; Kardos, Donna
The Financial Industry Regulatory Authority (FINRA) is advising senior homeowners to proceed cautiously before using reverse m.... Read More
30-year mortgage rates move to 6.13 percent from 6.03 percent
Baltimore Sun (03/14/08)
Long-term mortgage rates continued in an upward trajectory that began four weeks ago, according to Freddie Mac. The mortgage concern reported that interes.... Read More
Wednesday, March 12, 2008
Mortgage application fees may rise on appraisal reform
CNNMoney (03/12/08) Christie, Les
Borrowers can expect to see an increase in mortgage application fees beginning in 2009, when a new agreement that New York State Attorney Genera.... Read More
To fix U.S. credit mess, timing is critical
Christian Science Monitor (03/11/08) Trumbull, Mark
While some observers believe federal policymakers need to slow problems in the credit markets to avoid a major economic crisis, othe.... Read More
Mortgage lenders see more borrowers give up
USA Today (03/10/08) P. 1A; Knox, Noelle
Mortgage lenders report that many borrowers whose mortgage balances exceed the value of their homes are making no attempts to iron out ne.... Read More
Latest trouble spot for banks: Souring home-equity loans
Wall Street Journal (03/12/08) P. C1; Sidel, Robin
Declining residential values are leaving banks with little or nothing to collect on many home-equity loans in case of default. W.... Read More
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