Today’s News Synopsis:
Wells Fargo is expected to cut 1,000 jobs in their mortgage sector due to the decrease in customers needing assistance in delinquencies and housing. Mortgage rates decreased again with 30-year rates at 3.69% and 15-year rates at 2.97%. Home prices are increasing faster than income according to the latest report by RealtyTrac.
In The News:
Housing Wire – “Freddie Mac: Mortgage rates fall even lower” (3-26-15)
“The good news continues for homebuyers looking to jump into housing this spring as mortgage rates sink even lower, according to the latest Freddie Mac Primary Mortgage Market survey.”
DS News – “Administration Names HUD Senior Adviser as New Leader of FHA” (3-26-15)
“Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development (HUD), has been named by the White House as the leader of the Federal Housing Administration (FHA), according to HUD.”
Mortgage Professional America – “Daily Market Update: Home prices outpacing income in most U.S. markets” (3-26-15)
“If you’re already a homeowner there’s a good chance that your property is earning more than you are right now; if you’re looking to buy a home then prepare to stretch your household budget. A report from RealtyTrac revealed that home prices are outpacing income in 76% of US markets.”
Realty Trac – “Sleeping Easy: Average Home Prices by Bedroom” (3-26-15)
“Based only on the percentage of each day spent there, your bedroom is the most valuable room in the house. Now, thanks to the latest must-read report from RealtyTrac®, we have data to show just how valuable.”
Housing Wire - “Congresswoman wants to put Fannie, Freddie profits in escrow” (3-26-15)
“U.S. Rep. Marsha Blackburn, R-Tenn., introduced a bill Thursday addressing the treatment of revenues from the government-sponsored enterprises Fannie Mae and Freddie Mac.”
Mortgage Professional America - “Big Bank to slash 1,000 mortgage jobs” (3-26-15)
“Wells Fargo & Co. has announced it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee.”
DS News – “New York Fed Says Path for GSE Reform ‘Does Not Look Promising’” (3-26-15)
“With GSE reform a hot topic among government officials and those in the housing industry, the Federal Reserve Bank of New York has issued a report stating that the “path forward for reform of Fannie Mae and Freddie Mac does not look promising” and that failure to wind down the GSEs equated to a “colossal missed opportunity” to put U.S. residential housing finance on more stable footing.”
Housing Wire – “Ocwen offering indemnification to company directors and executive officers” (3-26-15)
“By its own admission, Ocwen Financial (OCN) is facing 21 pending investigations in 15 different states, is currently facing delisting by New York Stock Exchange for delaying the release of its annual report, and has run afoulof investors and homeowners alike.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications the previous week. Bank of America reached a settlement with the FHFA regarding securities fraud related to Fannie and Freddie loans. Property taxes collected in 2013 was $488.34 billion, the highest in 20 years.
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