The National Low Income Housing Coalition suggests modifying the 100+ year-old mortgage interest deduction (MID), and instead of eliminating it, cut the maximum mortgage amount that can have interest deducted from it from $1 million to $500,000 and use the savings to support affordable housing, especially for the homeless. Rep. …
End Homelessness by Modifying the Mortgage Interest Deduction? Read More
Once the Federal Reserve began tapering its purchase of Treasury bonds last December, analysts expected mortgage rates to begin rising, but as CNNMoney reports, they have fallen to 4.12 percent for a 30-year fixed-rate loan this week, the lowest since Oct. of 2013. The rate on 15-year loans remained unchanged …
Following a story MHProNews last posted June 27, 2014 regarding the Millennial generation living with their parents, Harvard University’s Joint Center for Housing Studies reports the decline in homeownership rates among 25-34 year-olds fell nearly eight percent from 2004-2013. Similarly, among 35-45 year-olds the rate fell nine percent. Real median …
In an attempt to strengthen the state’s housing market, Virginia has passed a measure that allows first-time home buyers to invest up to $50,000 in any financial institution, free of state taxes on any earnings, provided the money is used to buy a home in the state. Called the First-time …
Manufactured Homes Included in Homebuyer Savings Plan Read More
Just when lenders might have thought they were protected from ability to repay (ATR) loans because originating qualified mortgages (QMs) provided safe harbor, it turns out that under the Truth in Lending law a borrower can allege the lender engaged in unfair and deceptive acts (UDAP) that led to the …
The Qualified Mortgage Safe Harbor may have Washed Away Read More
As CNNMoney reports low mortgage rates and rising rents make it profitable for homeowners to retain their former homes and become landlords, earning more than the expenses. Susan Young of Kansas refinanced her home at 3.25 percent with a 30-year fixed rate mortgage and bought another home. She receives several …
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,824 U. S. properties in May 2014, a five percent decrease from the previous month, and a 26 percent drop from one year ago to the lowest monthly level since Dec., 2006, according to RealtyTrac’s latest …
Foreclosures Fall Nationally 26 Percent Year-over-Year Read More
CoreLogic reports 312,000 more homes returned to positive equity in the first quarter of 2014, indicating 6.3 million homes remained underwater as of Q1 2014, compared to 6.6 million homes at the end of Q4, 2013, according to worldpropertychannel.com. In aggregate, the value of negative equity totaled $383.7 billion as …
More Underwater Homes Return to Buoyancy in Q1 2014 Read More
According to themortgagereports.com, Veterans Administration (VA) loans for buying a home through the Department of Veterans Affairs are often the least expensive route for homeownership for current and former U. S. military personnel. VA loans allow up to 100 percent financing with no required mortgage insurance and can be used …
Manufactured Home Purchases Available for Military Veterans Read More
Updating a story MHProNews published Aug. 13, 2013 regarding North Carolina-based Phoenix Housing Group (PHG) fraudulently selling over 1,000 manufactured and modular homes, several of the principals have been banned from the mortgage business and/or from the MH and modular industry, and fined, while others await sentencing. The charges involved …
Fraudulent Manufactured and Modular Home Sellers Brought Down Read More
U. S. Census Bureau statistics report only 36% of Americans under the age of 35 own a home, a drop from 42 percent in 2007, and the lowest level since 1982 when the Bureau began documenting the age of homebuyers, as MHProNews.com has learned. While 90 percent of Millennials would …
The latest compliance report released by the Office of Mortgage Settlement Oversight reveals Green Tree Servicing failed eight of the settlements 29 metrics for mortgage servicing, according to housingwire.com. Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ocwen each passed all 29 metrics. If Green Tree does not quickly …
Green Tree could Face Fines if Mortgage Servicing not Corrected Read More
Thomas Brown, writing on bankstocks.com, reports the Consumer Financial Protection Bureau (CFPB) has jettisoned its personnel review board because on a 1-5 scale whites outscored Latinos who outscored blacks, so it will solve the inequality by paying everyone as a five. As Brown says, “This is no way to run …
Did the CFPB Fail its Own “Disparate Impact” Test? Read More
The U S. Department of Housing and Urban Development (HUD) has awarded $40 million in grants to hundreds of housing counseling agencies across the country to assist low and moderate-income families improve their housing conditions. According to housingwire.com, HUD expects the grants to help 1.5 million families make informed decisions …
The Manufactured and Modular Home Association of Minnesota (MMHA) reports that manufactured home lender and Green Tree Financial founder Larry Coss passed away May 18 after a two-year fight with cancer. He started Green Tree in 1975 and built it into one of the top lenders in the country, selling …
Writing in thehill.com blog, Doug Ryan, director of Affordable Homeownership for Corporation for Enterprise Development (CFED), says the manufactured housing industry is trying to sabotage perfectly good Consumer Financial Protection Bureau (CFPB) regulations that protect buyers of MH from high-priced loans, through promoting its Preserving Access to Manufactured Housing Act …
Regarding Freddie Mac’s decision to begin purchasing and securitizing manufactured housing community (MHC) loans as MHProNews.com posted here May 1, 2014, costar.com reports these will be commercial loans made to the community owners. David Brickman, Freddie Mac Multifamily executive vice president, said, “Manufactured housing communities are an affordable housing option …
Following a story MHProNews posted April 29, 2014 regarding postponement of the mark up of the housing finance reform bill by the Senate Banking Committee, nationalmortgagenews.com reports the bipartisan legislation by Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) will be voted on by the committee on Thursday, May 15. …
The Manufactured Housing Institute (MHI) informs MHProNews.com the House Financial Services Committee adopted, by voice vote, the Preserving Access to Manufactured Housing Act (H.R. 1779). Although the measure will not be formally approved until a recorded vote is taken, which is expected to occur the week of May 19th, the …
House Financial Services Committee Voice Votes “Yes” to H.R. 1779 Read More
UMH Properties, Inc. reports total income for the first quarter of 2014 rose to $15,849,000 from $13,426,000 for the same period of 2013, resulting in income of $6,559,000 in 2014 over $5,695,000 in 2013, according to marketwatch.com. Based in Freehold, New Jersey, the company reports core funds from operations attributable …
UMH Properties Reports Income Increase for First Quarter 2014 Read More
