Last month, the Federal Housing Administration endorsed over 2,500 more mortgages than in April. On a dollar-volume basis, production was up around $0.1 billion. Overall activity appears to be headed lower based on new applications, which were down more than a quarter in May.
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A settlement with U.S. Bank was announced by the Department of Housing and Urban Development. The bank allegedly did not meet underwriting standards on more than two dozen Federal Housing Administration mortgages. The agreement calls for a payment of more than $1 million.
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Nationally, distressed sales account for 39 percent of the housing market. Repossessed properties and those owned by borrowers in financial peril weigh heavily on the real estate market. Sales of those homes, commercial buildings and lots make up such a large percentage of the market today that the appraiser’s old axiom — that distressed sales not be factored into establishing valuation — no longer strictly applies.
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The Housing Finance Reform Act of 2011 has been introduced into Congress. The bill seeks to ensure liquidity in the conventional mortgage market during all economic cycles while limiting the government’s exposure. “The bipartisan legislation introduced by Congressmen Campbell and Peters to reform our secondary markets closely mirrors the proposal of MBA’s Council on Ensuring Mortgage Liquidity, the Mortgage Bankers Association’s chairman said in a statement.
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Deutsche Bank AG and subsidiary MortgageIT “repeatedly lied” on Federal Housing Administration originations, according to a civil lawsuit filed by the U.S. Department of Justice. MortgageIT “recklessly selected mortgages that violated program rules in blatant disregard of whether borrowers could make mortgage payments,” the suit alleges. Deutsche Bank said it is still reviewing the complaint.
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Japan’s housing starts may post the first decline in 10 months as the nation’s strongest earthquake on March 11 sapped demand, halting the strongest recovery in the real estate market in almost 15 years.
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China told banks to conduct another round of stress tests on their real-estate loans to gauge the impact of a decline in housing prices as the government steps up tightening measures to prevent an asset bubble.
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The Department of Housing and Urban Development has released a mortgagee letter outlining requirements that impact the use of government logos when advertising Federal Housing Administration programs. HUD provided copies of two logos that can be used by approved mortgagees. HUD said that any advertisements must emphasize the mortgagee and not FHA or HUD.
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Chinese Premier Wen Jiabao asked local governments to take responsibility to keep housing affordable and said stabilizing consumer prices in the country is the top priority.
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The Department of Housing and Urban Development published a mortgagee letter clarifying and updating existing guidance concerning refinance transactions for FHA insurance. Many of the items discussed in the letter are effective immediately, as they are clarifications of already existing policy. New guidance becomes effective 60 days from the date of the mortgagee letter.
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