Today’s News Synopsis:
Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%. Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000. Mortgage applications showed increased this past week, up 4.9%.
In The News:
DS News – “Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)
“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”
“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Housing Wire – “FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)
“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”
Mortgage Professional America – “CFPB issues guidelines on Social Security disability income applicants” (11-19-14)
“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”
Bloomberg – “Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)
“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”
OC Housing News – “Renters can acquire wealth as well as homeowners” (11-19-14)
“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”
DS News – “Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)
“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)
“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014. This week’s results included an adjustment for the Veterans Day holiday.”
Housing Wire – “Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)
“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”
Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.
Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.
JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages. National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%. 8 million foreclosures were prevented following the collaboration between the private and public sectors.
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