HUD Awards $36 Million in Housing Counseling Grants

(Source: HUD) WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded more than $36 million in grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures.  HUD’s housing counseling grants and the additional funding they help to leverage will assist more than 1.5 million households find housing, make more informed housing choices, or keep their current homes. (more…)

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NAR Study: Return Buyers Expected to Boost Housing Demand in Coming Years

(Source: NAR) - WASHINGTON, D.C. — Nearly a decade since the start of the foreclosure crisis, formerly distressed homeowners with restored credit are re-entering the housing market, but damaged credit profiles and lender overlays will greatly restrict the overall share of those eligible to buy, according to new research from the National Association of Realtors®. California, Florida and Arizona are expected to see the largest share of return buyers within the next decade. (more…)

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New Mortgage Program to Give More Detroiters Access to Loans for Home Purchases, Renovations

(Source: City of Detroit) - NACA , Bank of America and Opportunity Resource Fund team up with the City of Detroit to create unprecedented mortgage program to strengthen city neighborhoods.

Detroit Mayor Mike Duggan, along with representatives of Bank of America and National Assistance Corporation of America (NACA) today announced a ground breaking mortgage program that will directly address one of the key limiting factors to homeownership in the city of Detroit: the inability to obtain a mortgage.     (more…)

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Ginnie Mae Enhances USDA Multifamily Mortgaged-Backed Securities Program

Corporation Increases Loan Amount Eligible for Pooling MBS

(Source: Ginnie Mae) WASHINGTON, D.C. — Ginnie Mae today announced an improvement to its securitization program for U.S. Department of Agriculture (USDA) Section 538 loans. Effective June 1, 2015, USDA Section 538 Multifamily loans with a maximum loan amount of 70% of total development costs will be eligible for pooling into Ginnie Mae mortgage-backed securities (MBS). This is an increase from the previously allowable maximum loan amount of 50% of the total development costs. (more…)

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Appeals Court of Massachusetts Finds in MERS’ Favor

(Source: MERS Corp.) Reston, Virginia — MERSCORP Holdings, Inc. today announced the Appeals Court of Massachusetts found in favor of Mortgage Electronic Registration System, Inc. (MERS) and upheld the validity of its assignment of a mortgage.

In Hoyt v. BAC Home Loan Servicing, L.P., the borrowers challenged the lower court’s finding that MERS’ assignment was valid. (more…)

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NAHB: Housing Production Edges Up 2 Percent in March

(Source: NAHB) WASHINGTON - Nationwide housing starts rose 2 percent to a seasonally adjusted annual rate of 926,000 units in March from an upwardly revised February reading, according to newly released data from the U.S. Commerce Department.

Single-family housing production rose 4.4 percent to a seasonally adjusted annual rate of 618,000 in March while multifamily starts dropped 2.5 percent to 308,000 units. (more…)

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CFO of Berlin, New Hampshire Business Indicted in Multi-Million-Dollar Bank Fraud Case

(Source: FBI) - The Office of the United States Attorney for the District of Vermont stated that Steven D. Griffin, 59, of Berlin, New Hampshire, was charged in a nine-count indictment with making false statements to a financial institution in violation of 18 U.S.C. § 1014. Griffin appeared before Chief U.S. District Judge Christina Reiss in Burlington on April 6, 2015 and pled not guilty to the charges. He was released on conditions pending trial. (more…)

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CFPB Issues Guidance on Housing Counselor Requirement

Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information

(Source: CFPB) WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who are building their own lists of housing counselors. The rule also includes guidance on the qualifications for providing high-cost mortgage counseling and for lender participation in such counseling. (more…)

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NY Fed: The Rescue of Fannie Mae and Freddie Mac

(Source: NY Federal Reserve) - We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that the firms experienced and the events that ultimately led the government to take action in an effort to stabilize housing and financial markets. (more…)

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House Acts to Increase Access to Affordable Housing

(Source: Boehner) WASHINGTON, DC — House Speaker John Boehner (R-OH) today issued the following statement after the House passed two bills aimed at making it easier for Americans to obtain affordable housing and achieve financial independence:

“These bipartisan bills are part of House Republicans’ continued focus on the American people’s priorities. Affordable housing is vital for low and middle income families and workers, but far too often, Washington’s regulatory overreach and red tape gets in the way of their American dream. By increasing access and promoting choice for consumers, this legislation will help more hardworking Americans get ahead and achieve financial independence.” (more…)

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