GOP leaders have touted proposals to privatize Fannie Mae and Freddie Mac. However, recent comments from members of the House Committee on Financial Services indicate Republican opinion on the need for swift action may be wavering. The Manufactured Housing Institute (MHI) reports in its Weekly Review that incoming House Financial …
Freddie Mac released the results of its Primary Mortgage Market Survey Thursday showing lower mortgage rates for both long- and short-term rates. The 30-year fixed-rate mortgage (FRM) averaged 4.77 percent with an average 0.8 point for the week ending January 6, down from last week when it averaged 4.86 percent. …
Insurance Networking News reports that Moody’s has assigned an Aa2 rating to $1.5 billion of senior unsecured notes being issued by Berkshire Hathaway Finance Corp. Net proceeds are expected to be used to repay a like amount of BHFC notes maturing in January 2011. Moody’s says the rating outlook for …
Bankrate.com reports the zero-down mortgage is still alive in the form of the USDA home loan. The property must be in a designated rural area; however, some eligible properties are in places that most people would not consider rural. USDA Spokesman Jay Fletcher explains to MHMSM.com the department has …
Fannie Mae announced it has reached an agreement with Bank of America and its affiliates – BAC Home Loans Servicing, LP, and Countrywide Home Loans, Inc. – to address outstanding repurchase requests for residential mortgage loans with an unpaid principal balance of approximately $3.9 billion delivered to Fannie Mae by …
Fannie Mae Reaches Agreement with BOA to Address Repurchase Requests Read More
The credit quality of first-lien mortgages serviced by large national banks and thrifts remained steady during the third quarter of 2010, but the pace of foreclosures increased, according to a report released Wednesday. The quarterly report by the Office of the Comptroller of the Currency (OCC) and the Office of …
Report Shows Mortgage Performance Steady, Foreclosures Jump Read More
The Federal Housing Finance Agency (FHFA) reported Tuesday that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.42 percent based on loans closed in November. This is a decrease of 0.07 percent from …
Federal Housing Finance Agency Reports Mortgage Interest Rates Read More
Promoters recently announced the first ever comprehensive manufactured housing land lease community finance seminar featuring the FHA 207m Loan Guarantee program is coming to Louisville. It will be held at the Crowne Plaza Hotel, adjacent to the Kentucky Exposition Center Fairgrounds and concurrently with the nearby Midwest Manufactured Housing Show …
FHA207m Loan Guarantee Program Seminar Coming to Louisville Read More
Housingwire reports that Fannie Mae and Freddie Mac are two of the worst performing stocks of 2010. The government-sponsored enterprises ranked as the fifth-worst and third-worst stocks of the Fortune 500 with price declines of 79 percent and 74 percent. The companies were put into federal conservatorship in September, 2008 …
Fannie and Freddie Lose Three-Quarters of Value in 2010 Read More
The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending December 17, 2010, finding mortgage loan application volume decreased 18.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 20.0 percent compared with the previous week. The …
Housingwire.com reports that mortgage finance industry executives are asking regulators to adopt national standards for the securitization of home loans as soon as possible, starting with the disclosure and risk retention rules outlined in Dodd-Frank. An “open letter to U.S. regulators regarding national loan servicing standards” signed by 52 financial …
Open Letter Takes Aim at Secondary Mortgage Market Read More
Improvements in consumer spending and consumer confidence, increased demand for goods and services, and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011, according to the December 2010 Economic Outlook released today by Fannie Mae’s (FNMA/OTC) Economics & Mortgage Market Analysis Group. Downside …
Economic Outlook Brightens According to Fannie Mae Read More
CNBC reports Berkshire Hathaway is issuing $500 million of new notes to refinance a mortgage-lending unit. Berkshire uses the money to finance mortgages for people who buy homes from its manufactured homes unit, Clayton Homes. The report indicates investors can buy the bonds in thousand-dollar increments, with a minimum purchase …
The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey Wednesday for the week ending December 10, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.7 …
Mortgage Applications Decrease in Latest MBA Weekly Survey Read More
Housingwire reports that Fannie Mae will open a mortgage help center for troubled borrowers in Dallas on Dec. 17. Centers have also been opened in Atlanta, Chicago, Los Angeles, Miami and Phoenix. The report says Dallas-Fort Worth foreclosure postings at local county courthouses reached nearly 64,000 in 2010, a record …
The Congressional Oversight Panel released its December oversight report this week, finding in the eight months since the Panel’s last report on the Home Affordable Modification Program (HAMP), that Treasury has made minor tweaks to the program, but the changes have not resolved the Panel’s core concerns. The Panel now …
Provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act will bring about the transfer of oversight on the SAFE Act from HUD to the newly-created Bureau of Consumer Financial Protection (CFPB) in July. That brings to light several issues, including competing definitions of a mortgage originator in the SAFE …
Businessweek reports that Warren Buffett’s Berkshire Hathaway Inc. plans to sell $500 million of notes to repay debt used by its Clayton Homes manufactured housing unit. The magazine reported on its website that five-year senior notes may be issued through Berkshire Hathaway Finance Corp. and may pay about 87.5 basis …
Berkshire to Sell $500 Million in Notes to Repay Clayton Debt Read More
Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of Realtors. The Pending Home Sales Index rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to …
The Indiana Department of Financial Institutions has been performing outreach to manufactured housing retailers and communities in order to insure compliance with the SAFE Act. Mark Bowersox, executive director of the Indiana Manufactured Housing Association (IMHA) told MHMSM.com his organization was previously told by the state that enforcement would be complaint-driven, …
Indiana Department Investigating for SAFE Act Compliance Read More
