That ominous shadow inventory of distressed homes that’s been hanging over the industry was trimmed in July, according to Barclays Capital.
It marked the fifth straight month the company has recorded a decline in the shadow supply. Barclays says it…
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Homebuyer Tax Credits to Cost Federal Government $22B
The three versions of the homebuyer tax credit are expected to result in revenue losses to the federal government of about $22 billion, according to estimates just released by the Government Accountability Office (GAO).
Looking at Internal Revenue …
Lawmakers Challenge Fannie Mae’s New Policy on Strategic Defaulters
A faction of House Democrats have called on Treasury Secretary Timothy Geithner and Fannie Mae’s regulator to suspend the GSE’s recently announced policy to sue homeowners who strategically default on their mortgage.
The group of lawmakers, led by R…
FHA Keeps Delinquency Rate Steady, Issues New Premium Guidelines
After falling for five straight months, the Federal Housing Administration’s (FHA) delinquency rate held steady in July at 8.3 percent. At the beginning of 2010, the rate stood at 9.4 percent.
HUD also issued guidelines for FHA’s new insurance premi…
Wayne County Treasurer to Auction Tax Foreclosed Properties Online
The Office of the Wayne County Treasurer in Michigan will conduct its first Internet auction of more than 13,000 tax foreclosed properties September 17-23. Bid4Assets.com will perform the online auction. The auctioned properties represent a 44 percent …
Bank Closings Worsen Liquidity Crisis, Remington Capital Reports
The uptick in bank failures is further deteriorating the nation’s liquidity crisis, according to Andy Bogdanoff, chairman of Remington Capital, an international commercial real estate investment banking company. This surge in bank closings may ignite m…
Private Sector Labor Force Grows as Recovery Trudges On
Just ahead of the Labor Day holiday, the federal government reported a slight, but notable improvement in the labor market. New numbers released Friday show that the economy added 67,000 jobs in the private sector during the month of August.
Despit…
PHH Mortgage Names New SVP of Fulfillment Operations
PHH Mortgage Corporation has named William J. Steinmetz SVP, fulfillment operations. Steinmetz will manage all aspects of loan processing, underwriting operations, and loan closing activities. Prior to joining PHH, Steinmetz held a number of senior-lev…
Fannie Mae Says Foreclosure Delays Represent a Breach by the Servicer
The nation’s largest mortgage company is about to start cracking down on servicers for letting delinquent loans languish too long without action.
Fannie Mae has issued a notice alerting servicers that it is monitoring all delinquent loans to ensure…
Commercial Mortgage Delinquencies Vary by Investor: MBA
Delinquency rates were mixed in the second quarter for commercial and multifamily mortgage investor groups, according to the Mortgage Bankers Association (MBA). The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the …
