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Martinsville Bulletin , Tuesday, July 22, 2014
(RECAP: During the next two weeks, Martinsville officials expect to sign papers to transfer control of the former Henry Hotel to Waukeshaw Development Inc. for revitalization, according to Assistant City Manager Wayne Knox. Waukeshaw, of Petersburg, intends to spend $3.2 million to turn the four-story building at the intersection of East Church and Broad streets uptown into 25 apartments and four commercial units. After it starts, construction is expected to be finished in about 10 months.)
HousingWire, Tuesday, July 22, 2014
(RECAP: Existing home sales declined 2.3% in June 2014 from June 2013, reaching an annual pace of 5 million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of Realtors. NAR President Steve Brown said Realtors are reporting that some prospective buyers who have above average credit scores but low down payments are deterred from homeownership by the high cost of FHA mortgage insurance.)
National Mortgage Professional , Monday, July 21, 2014
(RECAP: The FHA celebrated its 80th anniversary at the White House with two panel discussions highlighting the past, present and future of the agency and its impact on homeownership. National Association of Realtors (NAR) President Steve Brown joined distinguished speakers on the second panel to emphasize the significance of FHA-backed loans to the real estate market and housing recovery.)
American Banker, Monday, July 21, 2014
(RECAP: The Dodd-Frank Act was signed into law four years ago today, mandating sweeping changes in the way U.S. banks and financial markets are regulated. As implementation continues, it is increasingly clear that Dodd-Frank's unbalanced mix of new regulatory powers and vague goals are causing over-regulation and reducing economic growth. The primary goal of Dodd-Frank — preventing another financial crisis — is not at issue. However, well-designed policies must balance costs against benefits. This is where Dodd-Frank fails.)
The Bond Buyer, Monday, July 21, 2014
(RECAP: Issuance of private-activity bonds subject to state volume caps declined in 2013 for the third straight year, as PABs face competition from other financing tools, according to an annual survey and market participants. At least $8.82 billion of PABs subject to state volume caps were issued in 2013 — $2.26 billion or 20.42% less than the $11.09 billion issued in 2012. Issuance has been declining since it hit the recent peak of about $14.5 billion in 2010, according to the results of a survey of the states and District of Columbia by the Council of Development Finance Agencies. Issuance of tax-exempt, single-family mortgage-revenue bonds declined 31.13% in 2013 and 52.65% in 2012.)
Arlington Virginia , Saturday, July 19, 2014
(RECAP: The Arlington County Board today approved a use permit that will transform the corner of 10th Street and North Highland Street by replacing two office buildings with a new five-story, mixed-use building offering rental apartments, live-work units, ground floor retail, and office space. “This project will bring a new kind of live-work option, six new affordable housing units, ground-floor retail and high-quality offices to the heart of Clarendon,” said Arlington County Board Chair Jay Fisette.)
Bloomberg, Friday, July 18, 2014
(RECAP: Efforts by the Treasury to sell bonds due in more than 30 years would face obstacles as the Federal Reserve begins raising interest rates from a record low, according to dealers that underwrite U.S. debt sales. The Treasury asked the Fed’s 22 primary dealers today to comment on demand for such securities. The question came amid a bond rally this year that surprised traders who began 2014 forecasting higher yields as the economy improved. The U.K. and Canada have sold 50-year bonds.)
HousingWire, Friday, July 18, 2014
(RECAP: As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration. Currently, the nation’s largest two originators made 21% of home loans in the second quarter, the smallest combined share in more than a decade, down from 30% a year ago. Instead, nonbanks are swooping in and grabbing the extra market share.)
The Washington Post , Friday, July 18, 2014
(RECAP: A new survey by credit-score giant FICO offers a peek inside the heads of credit-risk managers at financial institutions. Researchers asked a representative sample what single factor makes them most hesitant to fund a loan request — in other words, what’s most likely to prompt them to say no. Nearly 60 percent of risk managers in the FICO study rated excessive DTIs—debt-to-income ratios—as their No. 1 concern factor; that’s five times the percentage who picked the next biggest turnoff. The second-leading cause of concern for loan officers is “multiple recent [credit] applications.”)
CNN Money, Thursday, July 17, 2014
(RECAP: In the last week, three vocal Federal Reserve officials have been urging their colleagues to stop filling up the proverbial punch bowl. Not only do they want the Fed to stop buying bonds (there's already a plan in place to eliminate those as early as October) -- they also want the central bank to raise its short-term interest rate sooner than investors are expecting. This isn't just economist talk. Doing so could raise the rates on everything from mortgages and small business loans, to credit cards and auto loans, thereby tightening financial conditions throughout the U.S.)
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