Today’s News Synopsis:
Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.
In The News:
Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)
“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”
Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)
“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”
Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)
“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”
Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)
“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”
Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)
“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”
Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)
“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”
Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)
“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”
Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)
“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”
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