Today’s News Synopsis:
Bloomberg news and Los Angeles Times reported the economy grew less than expected in the third quarter, indicatinga slight increase in growth. The FHA reported a slight decrease in mortgage rates sold to GSEs. According to CNN, fewer banks are in danger of failing, marking the second quarter in a row for the number of banks to be reduced.
In The News:
Housing Wire - “Banks dark on previous work with foreclosure reviewers” (11-22-11)
“The Office of the Comptroller of the Currency posted the actual engagement letters Tuesday between the major mortgage servicers and their third-party consultants hired to perform reviews of foreclosures that took place over the past two years.”
DS News - “Judge Permits Delaware and New York to Intervene in BofA Settlement” (11-22-11)
“A judge ruled Friday to allow the Delaware and New York attorneys general to pursue litigation in Bank of America’s $8.5 billion settlement with major investors.”
Bloomberg - “Mortgage Servicers Make Progress Fixing Invalid, Flawed U.S. Foreclosures” (11-22-11)
“Banks and mortgage servicers are making progress in improving their processes and reaching out to homeowners hurt by invalid or flawed foreclosures, the Office of the U.S. Comptroller of the Currency reported.”
Inman - “Better Homes and Gardens Real Estae enters NYC market” (11-22-11)
“Franchise network Better Homes and Gardens Real Estate has entered the New York City market with the addition of a Staten Island brokerage, the network announced today.”
Los Angeles Times - “GDP revised downward; corporate profits up” (11-22-11)
“The U.S. economy grew more slowly than previously thought in the three months ending Oct. 31, the Bureau of Economic Analysis said, revising the nation’s third-quarter gross domestic product downward to growth of 2% from its previous estimate of 2.5%.”
Housing Wire – “FHFA mortgage interest rates fall slightly” (11-22-11)
“The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said.”
Bloomberg - “U.S. Is Set for Fourth-Quarter Growth Pickup on Lower Inventories: Economy” (11-22-11)
“The economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.”
CNN Money - “FDIC’s list of problem banks shrinks” (11-22-11)
“The number of banks at risk of failing fell in the third quarter, marking the second straight quarterly decline, according to a government report issued Tuesday.”
Housing Wire - “Investor buying spurred by demand for rentals” (11-22-11)
“Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance.”
According to CoreLogic, shadow inventory levels increased to 2.1 million units in August 2010. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys showsed the current foreclosure problems were significantly delaying closings.
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