Government
By Tory Barringer | 05/24/2013
Freddie Mac's total mortgage portfolio expanded in April, but growth slowed as purchase and issuance activity declined from March, the GSE reported. According to Freddie Mac's monthly volume summary, its total portfolio grew at an annualized rate of 0.6 percent last month, a setback compared to March's 4.0 percent growth rate but still above January and February's contracting figures. As of the end of the month, the portfolio's ending balance was about $1.95 trillion.
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By Andy Beth Miller | 05/24/2013
The Federal Reserve Bank of Cleveland recently compiled a comprehensive report to aid the creation of a more effective environment for which Ohioans can navigate (and stabilize) their state's housing market successfully. There are five main policies that the Cleveland Fed presented, calling for careful consideration from Ohioans. The first policy attempts to address the age-old issue of foreclosures, vacancies, and low-value or abandoned properties.
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By Esther Cho | 05/23/2013
Freddie Mac is in the process of securitizing over $1 billion in performing loans that were modified.
The modified loans have been performing for at least six consecutive months and were held in the company's mortgage portfolio. "Securitizing loans that have been modified and are now performing will allow Freddie Mac to better manage its mortgage-related investments portfolio," said Adama Kah, Freddie Mac VP of distressed assets management.
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By Tory Barringer | 05/23/2013
Fixed mortgage rates trended higher for the third consecutive week, according to reports from Freddie Mac and Bankrate.com. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent (0.7 point) for the week ending May 23, up from 3.51 percent the previous week. The 15-year FRM was also up, averaging 2.77 percent (0.7 point) from 2.69 percent previously.
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By Mark Lieberman, Five Star Institute Economist | 05/23/2013
The price of a new single-family home soared to a record high in April as sales jumped 2.3 percent to a seasonally adjusted annual rate of 454,000, the Census Bureau and HUD reported Thursday. The median price of a new home, according to the Census/HUD report, soared $20,900 (8.3 percent) in April to $271,600, the highest price on record. The inventory of homes available for sale rose to 155,000--the highest level since November 2011--translating to a 3.5 month supply, matching March for a record low.
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By Mark Lieberman, Five Star Institute Economist | 05/23/2013
First-time claims for unemployment insurance for the week ended May 18 dropped 23,000 to, 340,000 from the highest level since the end of March, the Labor Department reported Thursday. Economists expected initial claims to drop to 345,000. First-time jobless claims for the week ended May were revised up to 363,000 from the originally reported 360,000.
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By Andy Beth Miller | 05/22/2013
Federal Reserve Chairman Ben Bernanke testified regarding his position on the Fed's open-ended purchases. It appears Bernanke is in no rush to slow or inhibit the Fed's current open-ended purchasing rate currently hovering at $85 billion assets per month. As to whether or not Congress will heed Bernanke's economic insight or proceed to brave ahead by putting the brakes on the acquisition of assets remains to be seen, although predictions point to a proactive pruning and pausing of asset purchases before the conclusion of 2013.
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By Tory Barringer | 05/22/2013
Barclays forecast new non-agency RMBS issuance at $12 to $15 billion at the start of the year, and its latest research shows the market is on track to hit that mark. Contributing to that forecast are a few factors: First, Barclays notes, the capital costs of holding loans in portfolio will increase for many banks under Basel III, making securitization a more attractive proposition. Second, further hikes in guarantee fees (g-fees)--such as those mandated by the Federal Housing Finance Agency (FHFA)--could make for a more competitive private-label market.
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By Esther Cho | 05/22/2013
A federal judge of the U.S. District Court for the Eastern District of Washington ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, MERSCORP Holdings, Inc. announced.
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By Esther Cho | 05/22/2013
The Office of the Comptroller of the Currency (OCC) issued a statement Wednesday to encourage banks and federal savings associations to work with customers affected by the destructive tornadoes that tore through Oklahoma.
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