Chinese cities, including Shanghai and Guangzhou, will restrict home purchases after new property curbs by the government aimed at preventing a housing bubble.
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Paul Spencer, the U.K.’s best stock picker over the last five years, likes to stay local. The 45- year-old money manager lives in Halifax, northern England, where he was born and works less than 15 miles away in Leeds.
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Canadian household debt edges past the American figure as recent prosperity has driven demand for bigger and better housing
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The Senate Committee on Banking, Housing & Urban Affairs held a hearing on servicer practices. The hearing was entitled Problems in Mortgage Servicing From Modification to Foreclosure . In addition to Chase Home Lending CEO David Lowman, Bank of America Home Loans President Barbara Desoer and Mortgage Electronic Registration Systems Inc. President and CEO R.K. Arnold were among the witnesses to testify.
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The Obama administration announced a permanent replacement to the acting director of the Federal Housing Finance Agency. Joseph A. Smith Jr. will be nominated by Obama to become FHFA director, an announcement from the White House said. FHFA regulates Fannie Mae and Freddie Mac.
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The Mortgage Insurance Companies of America reported that its members issued 6 percent more policies in September than in August. At the same time, endorsements fell 6 percent at the Federal Housing Administration. MICA also reported that new mortgage insurance applications were virtually unchanged.
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Fairway Independent Mortgage Corp. announced a new third-party origination program. The program is for loans insured by the Federal Housing Administration. According to the company, options available inlcude a referral relationship, traditional brokering and correspondent lending.
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Amid revelations of the banks’ potentially massive legal problems, Housing and Urban Development Secretary Shaun Donovan said Wednesday that 11 federal agencies are examining aspects of the home foreclosure and financing messes that have stalled the U.S. economy. While revelations about loan servicers’ use of phony affidavits and failure to transfer loans properly have dominated the headlines, major banks appear to be facing far bigger perils. Not only could they be blocked from evicting delinquent borrowers, but they also face the possibility they will be forced to buy back as much $120 billion in mortgage bonds that have since sunk in value.
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New regulations were proposed Friday by the U.S. Department of Housing and Urban Development. The agency wants to increase its authority to hold mortgagees liable for insurance claims paid on loans that don’t meet its guidelines. Mortgagees would be required to indemnify HUD if they failed to “verify and analyze the creditworthiness, income, and/or employment of the borrower.”
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The inspector general of the U.S. Department of Housing and Urban Development has issued a letter to Sen. Charles Grassley questioning the low amount of a Department of Justice settlement with Beazer Homes. The settlement was tied to alleged fraud at the company’s defunct mortgage unit on federally insured mortgages. The inspector general claims that, given the losses, the amount of the settlement was not enough.
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