Category Archives: Mortgage & Real Estate

Trump administration starts from scratch on Fannie, Freddie reform

The industry shouldn’t hold its breath for a complete overhaul off Fannie Mae and Freddie Mac this year, according to congressional staffers cited in a Reuters article by Amanda Becker. However, other sources within the administration say there are other ways to fix housing finance at the government-sponsored enterprises, short of a comprehensive legislative fix. 

First though, the Reuters article quote staffers who say the Trump administration’s most likely immediate focus is allowing the mortgage financing institutions’ to rebuild depleted capital. This is notable because, for now, capital buffers at the GSEs are expected to be reduced to 0 by 2018.

From the article:

Congressional staffers say the Senate Banking Committee has begun weekly bipartisan staff briefings on Freddie and Fannie reforms, but it is starting from scratch. The House Financial Services Committee is focused on other legislation, such as renewing the flood insurance program and rolling back parts of the Dodd-Frank financial reform, pushing the mortgage giants’ revamp down the to-do list, they say.

Analysts expect the two institutions to make a full $10 billion dividend payment for the fourth quarter on March 31. But investors will be looking for any indication from Watt or Mnuchin about whether they plan to allow the mortgage firms to retain profits later on and begin the slow recapitalization process.

Meanwhile, coming from separate part of the Trump administration, Vice President Mike Pence’s chief economist Mark Calabria told participants at the American Bankers Association Government Relations Summit in Washington that reforming Fannie Mae and Freddie Mac remains a financial regulation priority for the Trump administration.

However, Calabria was light on the exact details.

According to the article in the Morning Consult by Tara Jeffries, Calabria stated that “a set of principles” will likely emerge in the coming months and that the administration is examining mortgage finance policy to figure out the best approach.

Calabria also noted that the administration is putting ending bailouts at the top of the agenda. This follows similar concerns by the congressional staffers that the administration’s immediate focus is allowing the mortgage financing institutions’ to rebuild depleted capital.

Panelists at Goldman Sachs’ recent housing and consumer finance conference weighed in on the discussion, noting that there are there are a lot of plates spinning on the table when it comes to reform.

There is a significant number folks who want the government’s role completely scrolled back. And, there are also a significant number of folks who don’t want to do anything, said Jim Parrott, senior fellow at the Urban Institute and owner of Falling Creek Advisors.

“We need to explain this in a way that is coherent,” said Parrott.

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Home sales tumble though prices arise in Broward County

In Broward County, Fla., median home sale prices increasing and register on a marketplace decreased in February, according to monthly statistics expelled Wednesday.

But single-family home sales forsaken 15.9 percent — a poignant slack — from 1,175 a year ago to 998 in February, according to a news expelled Wednesday by a Greater Fort Lauderdale Realtors association. Condo sales hold up, with 1,171 sole in February, ticking adult from 1,150 a year ago.

Median sale prices for townhouses and condos rose to $147,750, adult from $136,500 a year ago, an boost of 8.2 percent. Median sale prices for single-family homes rose to $302,500, adult from $299,000 a year ago, an boost of 1.2 percent, a news showed.

But there is reduction on a marketplace to select from in Broward County. The series of new listings for townhouses and condos decreased by a poignant 20.3 percent. Pending register decreased by 7.1 percent and active listings decreased by 7.8 percent. The month supply of register stood during 6.4, down from 6.9 a year ago, a diminution of 7.2 percent, a news said.

New tentative sales decreased for single-family homes by 14.1 percent. New listings decreased by 13.1 percent, while tentative register decreased by 16.4 percent. Active listings decreased by 8 percent. The month supply of register now stands during 3.9, down from 4.2. That’s a diminution of 7.1 percent from a year ago and puts single-family homes solidly in a seller’s marketplace category.

Continuing a trend of a final few months, there was a poignant diminution in brief sales and foreclosures for both single-family and condos.


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© 2017 The Miami Herald. Distributed by Tribune Content Agency

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Minnesota foreclosures strech lowest turn in some-more than a decade

Foreclosures in Minnesota final year were about 26% reduce than a year before, dropping to a lowest turn in some-more than a decade, according to newly expelled information gathered by a Minnesota Homeownership Center.

There were about 5,300 properties statewide that went to a sheriff’s sale in 2016, with only over half in a Twin Cities. That’s an huge dump from a years during a housing predicament and retrogression when an normal of 23,000 Minnesota homes went into foreclosure any year.

The Minnesota Homeownership Center, a St. Paul-based nonprofit, started collecting information on sheriff’s sales from a state’s 87 counties in 2005 when it started to notice an boost in foreclosures.

Sheriff’s sale annals are a many common approach to magnitude foreclosures, yet they don’t simulate a sum series of properties that enter a foreclosure process. Even some of a properties that go to a sheriff’s sale might not outcome in detriment of pretension if a owners redeems a skill within 6 months.

Despite these limitations, a information clearly shows where and when a foreclosure predicament strike a hardest, and how it has given ebbed.

Foreclosure prohibited spots remain, quite along a northern corner of a Twin Cities. In Isanti, Pine and Mille Lacs counties some-more than 5 out of each 1,000 residential properties went to a sheriff’s sale final year.

For comparison, statewide about 3 out of each 1,000 properties went to a sheriff’s sale.

Ramsey County stays comparatively high compared to a neighbors, with scarcely 4 of each 1,000 homes going to foreclosure final year. That’s down, though, scarcely 80% compared to 6 years earlier.

Hennepin County is during about 3 per 1,000, also down some-more than 80% from a tallness of a crisis.


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© 2017 Star Tribune (Minneapolis). Distributed by Tribune Content Agency

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