Fannie Mae: Mortgage Serious Delinquency rate declined in June, Lowest since August 2008

Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in June to 1.66% from 1.70% in May. The serious delinquency rate is down from 2.05% in June 2014, and this is the lowest level since August 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Click on graph for larger image The Fannie Mae serious delinquency rate has only fallen 0.39 percentage points over the last year - the pace of improvement has slowed - and at that pace the......(read more)

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Ocwen Plunges More Than 30% as Mortgage Servicer's Expenses Grow

Ocwen Plunges More Than 30% as Mortgage Servicer's Expenses Grow Bloomberg Ocwen Financial Corp. plunged in New York trading after the mortgage servicer reported higher-than-expected expenses while revamping its business following regulatory scrutiny. The stock tumbled 28 percent to $8.43, closing at the lowest level since ... and more »...(read more)

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Freddie Mac: Mortgage Serious Delinquency rate declined in June, Lowest since November 2008

Freddie Mac reported that the Single-Family serious delinquency rate declined in June to 1.53%, down from 1.58% in May. Freddie's rate is down from 2.07% in June 2014, and the rate in June was the lowest level since November 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  Note: Fannie Mae will report their Single-Family Serious Delinquency rate for May later today. Click on graph for larger image Although the rate is declining, the "normal" serious delinquency......(read more)

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Summer correction would be trouble for the Fed faithful

There are those who have place their faith in the Fed and those who have actively opposed them, and then there are those of us who are continuing to trust the ultimate arbiter ... the price action....(read more)

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Recovery has wage winners, losers

Wage growth has been unevenly spread among different industries and demographic groups....(read more)

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Where to invest in housing: Rent or own?

Which is the better bet: Stocks of the nation's homebuilders or stocks of multi-family real estate investment trusts (REITs)?...(read more)

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U.S. job market set for more than just 'some' attention

LONDON (Reuters) - Now that U.S. Federal Reserve chief Janet Yellen has made it clear she's looking out for "some" improvement in the job market before voting for the first Fed interest rate rise in nearly a decade, so is everyone else....(read more)

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Statement Regarding Aggregation of Agency Mortgage-Backed Securities Holdings

During the week of August 17, 2015, the Federal Reserve Bank of New York (New York Fed) Open Market Trading Desk will begin a process to streamline the administration of the agency mortgage-backed securities (MBS) held in the System Open Market Account (SOMA) by consolidating some of these securities through a service offered by Fannie Mae and Freddie Mac called CUSIP aggregation. Through this process, aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities. This process is commonly used by market participants,......(read more)

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This Year's Busiest Home-Building Markets Favor Apartments

The busiest and fastest-growing large metro areas in the U.S. in the first half of this year have something in common: An affinity for apartments and condominiums....(read more)

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Wells Fargo to Exit Loan Referral Deals With Builders, Agents

Wells Fargo to Exit Loan Referral Deals With Builders, Agents Bloomberg Wells Fargo & Co., the largest U.S. mortgage lender, is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny. The decision, effective Aug. 1, ends the practice of providing payments or ... and more »...(read more)

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Ocwen Financial posts lower quarterly profit

Ocwen Financial Corporation said its second-quarter net income dropped to $10 million from $67 million in the same period a year earlier. Earnings per share for the Atlanta-based mortgage-servicing company fell to $0.08 per share from $0.48 per share. Revenue dropped 16% to $463 million. Following more than a year of problems with regulators, Ocwen announced previously that it was selling some of its mortgage-servicing rights and concentrating on mortgages not owned by government agencies....(read more)

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Economic Report: Sharp deceleration in employment costs gives Fed a reason to delay rate hike

The second quarter employment cost index rose a paltry 0.2%, well below forecasts and could give the Federal Reserve a reason to delay an interest-rate hike....(read more)

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This one word may hold clue for Fed

Investors hungry for clues about when the Federal Reserve is going to raise rates are looking for, well, anything....(read more)

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401(k) contributions hit record

The nation's largest retirement plan provider reports that 401(k) contributions have surpassed $10,000 for the first time....(read more)

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Q2 GDP: Investment

The graph below shows the contribution to GDP from residential investment, equipment and software, and nonresidential structures (3 quarter trailing average). This is important to follow because residential investment tends to lead the economy, equipment and software is generally coincident, and nonresidential structure investment trails the economy. In the graph, red is residential, green is equipment and software, and blue is investment in non-residential structures. So the usual pattern - both into and out of recessions is - red, green, blue. The dashed gray line is the contribution from......(read more)

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Greece says IMF is taking part in bailout talks

ATHENS (Reuters) - The International Monetary Fund (IMF) will take part in top-level talks on Greece's third multi-billion euro bailout program on Friday, a Greek Finance Ministry official said on Thursday....(read more)

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House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Richard J. Andreano, Jr. and Barbara S. Mishkin Yesterday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to go into effect on October 3, 2015.  Although the CFPB recently delayed the effective date of... More >...(read more)

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NYC property market still hot even as private equity exits

NEW YORK (Reuters) - The private equity and other pooled funds that have made century-old buildings some of the hottest properties in Manhattan have been cashing out at double the rate of a few years ago, but strong buying from other investors has assuaged fears that the market is peaking....(read more)

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Economists React to Second-Quarter GDP: ‘By No Means Satisfying'

U.S. gross domestic product, the broadest sum of goods and services produced across the economy, grew by a seasonally adjusted annual rate of 2.3 percent in the second quarter of 2015. Here's what economists had to say....(read more)

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Gross: Low rates are the problem, not the solution

"Money for nothing" interest rate policies have failed, bond guru Bill Gross said in a broadside Thursday against global central banks....(read more)

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More homeowners drowning in debt

More than 7.4 million borrowers were still "seriously" underwater on their mortgages at the end of June, according to RealtyTrac....(read more)

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Red flag for bonds fraud: Source

Buried deep inside a federal investigative report on the Treasury market is a red flag for potentially significant fraud, an insider warns....(read more)

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Mortgage Rates Move Down

Mortgage Rates Move Down...(read more)

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Up, Down, Sideways? Making Sense of the Latest Home Sales Data

Unless you're a housing economist, the latest reports on home sales might have left you confused. Here's how to figure out which ones really offer insights into the housing market right now. The post Up, Down, Sideways? Making Sense of the Latest Home Sales Data appeared first on Real Estate News and Advice - realtor.com ....(read more)

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The Worst Expansion Since World War II Was Even Weaker

The economic expansion-already the worst on record since World War II-is weaker than previously thought, according to newly revised data....(read more)

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U.S. jobless claims increase, but still near cycle lows

WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits increased last...(read more)

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Energy-Rich Metro Areas Lose Jobs in June

The unemployment rate has surged in all but one of West Virginia's metropolitan areas, a sign of the hardship that the drop in the price of coal is having on mining regions....(read more)

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Earnings focus, but also seeking Fed clues in GDP

Thursday brings another wave of earnings, but markets will also be digging deep into GDP data for clues on the Fed....(read more)

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5 Things to Watch in Thursday's GDP Report

The government on Thursday releases its first estimate of economic growth in the second quarter. It's expected that the economy returned to expansion after a first-quarter contraction. Here's what to look for....(read more)

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September? December? Fed's Not Saying and Bond Traders Care Less

September? December? Fed's Not Saying and Bond Traders Care Less Bloomberg The Federal Reserve needs a little longer to decide when to raise interest rates for the first time in nine years. The bond market is more interested in when the second increase will be. Wednesday's Fed's policy statement noted continued improvement in ... and more »...(read more)

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‘Boomerang' Millennials Get Cozy at Home

For many in the "boomerang generation," the young adults who moved in with their parents after the recession hit, a job and a paycheck have not proved reason enough to fly the coop....(read more)

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What changed in new Fed statement

This is a comparison of today's FOMC statement with the one issued after the Fed's previous policy-making meeting on June 17....(read more)

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Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds

Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds Bloomberg Bond-fund managers may debate the exact reason for the deterioration in market liquidity, but one thing is clear: they're highly concerned about it. And many aren't waiting to find out the potential implications of suddenly being unable to quickly ... and more »...(read more)

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Why Rent-to-Own Homes Are Making a Comeback

Bloomberg Why Rent-to-Own Homes Are Making a Comeback Bloomberg Bloomberg's Pimm Fox reports on the resurgence of rent-to-own U.S. homes. He speaks on "Bloomberg Markets." (Source: Bloomberg). Related. Dorsey's Candid Comments Sink Twitter Shares. Most Recent Videos. Why Rent-to-Own Homes Are Making a ......(read more)

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Whether They Rent or Buy, Millennials Don't Want to Drive

A report from the National Association of Realtors says millennials want to live in walkable communities. The post Whether They Rent or Buy, Millennials Don’t Want to Drive appeared first on Real Estate News and Advice - realtor.com ....(read more)

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The Shaky Foundation For U.S. Housing-Price Growth

Home prices have been rising at twice the rate of income growth and inflation, and something will have to give....(read more)

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Christine Lagarde plays down beef with Janet Yellen over rate-hike timing

Christine Lagarde, the managing director of the IMF, played down her differences with Fed Chairwoman Janet Yellen over the timing of the U.S. central bank's first rate hike since 2006....(read more)

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Analyzing every word Yellen has said

CNBC's Big Crunch analyzed every single word from Fed Chair Janet Yellen. Here are the insights from those press conferences....(read more)

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72% of struggling borrowers rejected from federal mortgage-assistance program

Mortgage servicers reject 72% of struggling borrowers from a federal program aimed at creating more affordable monthly mortgage payments....(read more)

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A Split Decision Looms from Fed on Job and Inflation Goals

The Wall Street Journal's Daily Report on Global Central Banks for Wednesday, July 29, 2015. Jon Hilsenrath sees the Fed likely facing a "cliffhanger" policy meeting in September amid mixed signals from the jobs market and inflation....(read more)

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Play defense ahead of Fed rate hike: Strategist

Investors should play defense heading into the expected Federal Reserve interest rate tightening cycle, BlackRock's Jeff Rosenberg says....(read more)

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Fed meeting may bring more volatility

No matter how much it tries to avoid it, the Fed could get markets spinning on a fresh round of rate hike speculation Wednesday....(read more)

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Where Rents Are Eating Up a Bigger Share of Income

Rents are growing faster than incomes in many parts of the U.S., squeezing household budgets....(read more)

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Wednesday: FOMC, Pending Home Sales

A few excerpts from an FOMC preview by Goldman Sachs economist Zach Pandl: The July 28-29 FOMC meeting is shaping up to be the calm before the storm. Short-term interest rate markets imply a zero probability that the committee will raise policy rates next week, but show a high likelihood of at least one hike before the end of the year. Thus, although changes to the stance of policy look very unlikely, the upcoming statement will be closely watched for any clues on the precise timing of liftoff (we continue to see December as most likely). We will be focused on three main items: ... • First,......(read more)

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Fed Decision Day Guide: September Signals, Lacker Dissent, Jobs

Bloomberg Fed Decision Day Guide: September Signals, Lacker Dissent, Jobs Bloomberg Here's what to look for when the Federal Open Market Committee releases its policy statement at 2 p.m. Wednesday in Washington following a two-day meeting. -- September signal: While economists in a Bloomberg survey saw virtually no chance of an ... and more »...(read more)

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5 Things D.R. Horton's Results Tell Us About the New-Home Market

A closer look at D.R. Horton's strong results reveals cause for mild concern that the home-building recovery might be losing momentum....(read more)

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China not a major factor for Fed: Richard Fisher

The Fed is watching what's happening in China, but it won't necessarily impact the rate hike timing, former Dallas Fed President Richard Fisher said....(read more)

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Fannie Selling Guide Update

Over the years, Fannie Mae has purchased mortgage loans involving community land trusts, properties with resale restrictions, and Community Seconds® with a subsidized sales price. However, because these transactions use an alternative LTV ratio determination, Fannie Mae required that they be manually underwritten and using Desktop Underwriter® (DU®) was not an option....(read more)

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Fed hike will 'crush' housing: Analyst

Housing looks so weak that the Fed will not be comfortable starting its interest rate tightening cycle, Mark Hanson said....(read more)

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Home ownership rates drop to lowest since 1967

Home ownership took a huge drop to 63.4 percent in the second quarter. The drop marks the lowest rate since 1967, according to the Census Bureau....(read more)

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