Respa Rule Has Lenders Balking on Preapprovals – By Kate Berry – (unintended consequence?) – US-Banker
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Detroit homes sell for $1 amid mortgage and car industry crisis – Chris McGreal – One in five houses left empty as foreclosures mount and property prices drop by 80% - guardian.co.uk
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Fannie Mae specifies MBS loan buyouts for March – By Al Yoon – Fannie Mae … on Monday said it would purchase up to 200,000 delinquent loans from its mortgage-backed securities in March as it sought to clarify a new policy that has roiled the market. … But the sudden policy change by Fannie Mae and Freddie Mac to boost the buyouts has unnerved investors. The buyouts can create losses by refunding, or prepaying, principal at face value, instead of at higher prices where they currently trade. … – Reuters
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Fannie Mae Reverse Market Share Drops Below 10%, Posts Huge Loss During 4Q – Fannie Mae purchased less than 10% of the reverse mortgage production in the marketplace during the 4Q of 2009 said its filing from the Securities and Exchange Commission (SEC). While the government sponsored entity (GSE) estimates its market share was 90% in 2008, an increase in demand for Ginnie Mae HMBS securities has driven its share to 50% in 2009 said its 4Q filing. – Reverse Mortgage Daily
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Affluent Retirees Using Reverse Mortgages Until Investments Rebound – Reverse Mortgage Daily
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Borrowers Miss Out on Billions in Savings – By NICK TIMIRAOS – … but millions of U.S. homeowners haven’t benefited from that because they can’t—or won’t—refinance. Falling home prices have left many owners with little or no equity, making it harder to qualify for refinancing. Moreover, stricter lending standards and higher fees by banks and mortgage giants Fannie Mae and Freddie Mac and declining incomes have made it tougher and less attractive for borrowers to seek new loans. – lots more details – WSJ Real Estate
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Pending Home Sales: January 2010 – Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for January showing a significant 7.6% decline since December 2009 as buying activity continued to slow from the housing tax gimmick inspired mad-rush seen in October yet the level remained 12.3% higher than seen in January 2009, a notable increase. – chart and commentary – Paper Economy Blog
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Home prices and revolving credit – Tim Iacono – This could be the most interesting chart in the updated series of charts where the Case-Shiller Home Price Index is laid up against all kinds of other economic data. – The Mess That Greenspan Made