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Coakley for the Housing Crisis
Wall Street Journal (01/03/12) P. A14
A Wall Street Journal op-ed warns that a lawsuit filed by Massachusetts Attorney General Martha Coakley against five major lenders and MERS for "unfair and deceptive foreclosure practices" and "false documentation practices" will only delay a housing-market rebound. The piece criticizes the AG's decision not to wait for a national settlement with servicers and notes that Coakley has produced no evidence that homeowners current on their loans were wrongfully foreclosed upon. In response to the litigation, GMAC no longer will purchase new mortgages from third parties in the state -- reducing choices and raising the cost of credit, which will only draw out housing recovery.
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Low Mortgage Rates Likely to Continue Through 2012, Experts Say
Los Angeles Times (01/03/12) Reckard, E. Scott
Housing experts believe that high unemployment and continued home price depreciation in many areas will keep many would-be buyers on the sidelines in 2012. "Remarkably low rates are not enough" to entice buyers worried about the "lack of equity in their properties, poor credit and a weak job market," notes Michael Fratantoni of the Mortgage Bankers Association. Still, those rates will remain historically low this year, according to Freddie Mac, which predicts that interest on 30-year mortgages will average 4.5 percent for the year before rising to 5.4 percent in 2013.
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Home Loan Amounts Vary by State
Realty Times (01/03/12) Hill, Carla
Hawaii has the highest average loan amount in the nation at $677,299, due to its large number of vacation and second homes, according to LendingTree. With an APR of 4 percent, that equates to a monthly payment of $3,234 over 30 years before taxes and insurance. Washington, D.C., has the second-highest loan price amount at $393,453, followed by New Jersey at $344,240 and New York at $340,124. Loan amounts are lowest in Mississippi, with an average payment of $655; and Nebraska is a close second, with a total loan amount of $137,515.
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FHA Says: Flip That House
CNNMoney (01/02/12) Christie, Les
The FHA has extended a waiver of its anti-flipping regulations through this year in a bid to move some of the foreclosures that are inundating low-income communities and help stabilize residential prices. The waiver effectively suspends regulations that bar FHA from guaranteeing loans used to buy homes that are purchased and resold within 90 days. The ban was implemented to prevent predatory flipping.
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Fannie Outperforms Rival Agencies
Mortgage Daily (01/02/2012)
Fannie Mae's issuance of fixed-rate mortgage-backed securities rose 19 percent in December from November. By comparison, monthly volume fell 23 percent at Freddie Mac and about 1 percent at Ginnie Mae. On an annual basis, Fannie Mae saw issuance decline an estimated 8 percent between 2010 and 2011, but Freddie Mac levels were down nearly a quarter and Ginnie Mae issuance slumped 23 percent.
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