WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration's
Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under
authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie
Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this
year.
WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving plans submitted by state
housing finance agencies for $1,035,322,485to jump start affordable housing programs in states throughout the countrythat are currently stalled due
to the economic recession. Funded through American Recovery and Reinvestment Act of 2009 (Recovery Act), HUD's new Tax Credit Assistance Program
(TCAP)will allow 26 state housing finance agencies to resume funding of affordable rental housing projects across the nation while stimulating
employment in the hard-hit construction trades.
A joint report from the OCC and OTS, which includes 64% of all outstanding mortgages, shows that instances of delinquency continued to increase in the second quarter. Particularly of note is the increasing growth rate of delinquencies among loans backed...(read more)
Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes...(read more)
Demand for mortgage loans simply plummeted in the final week of June, even as mortgage rates once again moderated, according to a weekly industry index. The Mortgage Bankers Association said the Market Composite Index, a measure of loan application volume...(read more)
The first trading session of the third quarter is a heavy one for markets. Just one day ahead of the June employment figures, markets will get the closely watched ISM Manufacturing Index, the Pending Home Sales Index, the ADP private employment report...(read more)
Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights...(read more)
Contrary to expectations, the rapid decline of home prices showed signs of stabilization in April, according to the Case-Shiller Home Price Index, the most influential recorder of prices. The 10-city composite index, which looks at ten major metropolitan...(read more)
The transition from June to July offers a packed schedule for investors. No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy. The S&P 500 has gained...(read more)
WASHINGTON - Mercedes Marquez was unanimously confirmed as an Assistant Secretary at the U.S.
Department of Housing and Urban Development. As the former general manager of the City of Los Angeles Housing
Department (LAHD), Marquez will lead HUD's Office of Community Planning and Development which administers nearly
billion in programs designed to stimulate community development, affordable housing, as well as a variety
of special needs assistance programs.