Today’s News Synopsis:
According to a recent risk assessment released by the PMI Group, the chance of the prices of Orange County homes declining is almost 90%. According to Housing Wire, HUD is starting a new program to provide loans interest-free to borrowers who are unemployed and cannot afford to pay their mortgages.
In The News:
Realty Times - “Real Estate Outlook: Debt Ceiling and Energy Concerns” (6-20-11)
“Energy-efficiency has broiled to the forefront of the Senate as energy and fuel costs rise across the nation.”
The Wall Street Journal - “Government Stays Glued to Mortgage Market” (6-20-11)
“A weak start to the spring housing season, which could be underscored later this week by reports on sales of new and previously owned homes, is raising the prospect that the U.S. government will dominate the mortgage market for a long time. ”
Bloomberg - “Republicans Request Details on Warren’s Role in Mortgage Foreclosure Talks” (6-20-11)
“U.S. House Republicans will press for new details on Elizabeth Warren’s role in talks to settle federal and state claims that mortgage servicers improperly processed foreclosures.”
Housing Wire - “More lawmakers join major push to reduce QRM down payment” (6-20-11)
“More lawmakers in the House of Representatives signed a second letter Friday requesting federal regulators to lower the 20% down payment on the qualified residential mortgage.”
Inman - “A slow-motion real estate recovery” (6-20-11)
“Looking for signs of an economic and housing recovery might be like watching grass grow.”
DSNews - “HUD, NeighborWorks Roll Out Emergency Program for Unemployed” (6-20-11)
“Lost income from unemployment has left many homeowners unable to make their mortgage payments and pushed them to the brink of default, some into foreclosure.”
Housing Wire - “HUD releases unemployment mortgage assistance to 27 states” (6-20-11)
“The Department of Housing and Urban Development launched a long-awaited program to provide interest-free loans to help unemployed borrowers in 27 states with their mortgage payments.”
Orange County Register - “Report: 89% chance O.C. home price decline” (6-20-11)
“There’s an 89.1% chance that Orange County home prices will be lower in two years, according to a new risk assessment by mortgage insurer PMI Group.”
DSNews - “Mortgage Servicing Litigation Jumps 88%: Report” (6-20-11)
“Litigation related to mortgage servicing surged during the first quarter, after last fall’s robo-signing issues raised questions about servicers’ procedures and garnered widespread attention from mainstream media.”
Realtor Magazine - “Foreclosures Slow as Banks Face Backlogs” (6-20-11)
Nationwide, new foreclosure cases and repossessions have dropped by a third since last fall as banks, as greater scrutiny over banks’ foreclosure procedures and more home owners fighting back in court has slowed the pace. Banks, already facing huge backlogs of foreclosures they’ve already repossessed, also may be reluctant to add on more to their inventory, experts say.”
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