Market reaction has been mixed since it was confirmed that second-quarter GDP contracted at a much slower pace than the in the prior quarter. The data suggests the recession is coming to an end, but the view ahead is far from clear and rosy.
Although stock indexes look ready to end the week up more than 1%, following a huge 11% gain in the prior two weeks, the weekly gain is based on the advance seen yesterday, as stocks are roughly flat two hours into Friday’s session. …(read more)
Department of Housing and Urban Development (HUD) Secretary Shaun Donovan released new guidelines on Thursday for FHA's Affordable Modification Program to bring it into compliance with The Helping Families Save Their Homes Act of 2009 signed by President Obama in May.
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Mortgages rates rose across the board during the most recent week according to data released by both Fannie Mae and Freddie Mac. Freddie Mac's vice president says that bond Rates and more rosy economic news helped to fuel the increases.
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After a two-day pause on Tuesday and Wednesday, markets are continuing the rally that began three weeks ago. Midway through Thursday, markets are up close to 2%, with the Nasdaq crossing the 2,000 mark for the first time since October….(read more)
WASHINGTON – The U.S. Department of Housing and Urban Development and the Housing Authority of the City of El Paso (HACEP), Texas, signed an agreement that will create at least 289 accessible housing units for persons with disabilities. The voluntary agreement will make at least five percent of the El Paso Housing Authority’s housing stock fully accessible.
It’s adding up to be a pretty bad day for markets as new orders for durable goods tumbled, demand for mortgage applications shrunk, the Chinese stock market dropped precipitously, crude oil continues to weaken, and earnings were soft all around….(read more)
Mortgage rates climbed for the second straight week, pulling down demand for mortgage applications, particularly for refinancing, according to a weekly industry survey.
The Mortgage Bankers Association said average rates for a 30-year mortgage moved up 0.05 percentage points to 5.36% in the week ending July 24, which follows a rebound from 5.05% to 5.31% in the prior week. The jump in rates caused demand to shrink for the first time in four weeks….(read more)
WASHINGTON – U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced today that HUD is awarding 50 grants, totaling $100 million, to Native American communities across the country to improve housing and stimulate community development.
WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving the final round of plans submitted by state housing finance agencies totaling over a billion dollars to jumpstart affordable housing programs in 26 states throughout the country that are currently stalled due to the economic recession. This brings the total amount of funding now at work under this program to $2.25 billion dollars in all 50 states, the District of Columbia, and the Commonwealth of Puerto Rico.
Washington, D.C. – Senior Obama Administration officials met today with top executives from servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. The meeting – led by Treasury Assistant Secretary for Financial Institutions Michael S. Barr, Treasury Assistant Secretary for Financial Stability Herb Allison, FHA Commissioner David Stevens and HUD Senior Advisor to the Secretary William Apgar – addressed challenges to modifications, strategies for improvement, and collective goals that the servicers and Administration are committed to reaching.