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News Clips 

Mortgage News Daily, Wednesday, October 01, 2014
(RECAP: A lawsuit challenging the manner in which profits from Fannie Mae and Freddie Mac (the GSEs) have been allocated to the U.S. Treasury was dismissed on Tuesday by a U.S. District Court judge. The suit, brought by institutional investors, contested 2012 changes they maintained violated the original terms of the government's 2008 bailout agreement and unlawfully impair shareholder value. In dismissing the suits, the court stated that Treasury and FHFA had been given the power by Congress under the Housing and Economic Recovery Act (HERA) to take the companies' profit. He suggested investors take up their grievances with Congress.)
MNI News, Wednesday, October 01, 2014
(RECAP: The country's top housing official Wednesday bemoaned what he sees as overly stringent credit market that is impeding the homeownership aspirations of many creditworthy borrowers. "The dream of homeownership is out of reach for too many Americans, and all of us at HUD are determined to change this," HUD Secretary Julian Castro declared in a speech at a conference hosted by the Congressional Hispanic Caucus Institute. He also said his department will work to address what he described as "an affordable housing crisis.")
HousingWire, Tuesday, September 30, 2014
(RECAP: For the first time since the new mortgage servicing rules went into effect in January 2014, the Consumer Financial Protection Bureau (CFPB) enforced the rules, handing down a $37.5 million fine to Michigan-based bank Flagstar for illegally blocking foreclosure prevention. CFPB Director Richard Cordray said on Monday that his Bureau will not tolerate violations of the new mortgage servicing rules.)
Bloomberg Businessweek , Monday, September 29, 2014
(RECAP: Over the past four decades, courts have ruled that people making discrimination claims under the Fair Housing Act don’t have to prove intentional bias. Plaintiffs simply have to show that lenders, insurers, developers, or government agencies acted in ways that had a “disparate,” or unequal, impact on minority groups. Now the Supreme Court is weighing whether to hear an appeal from Texas officials who argue that the standard is too loose an interpretation of the Fair Housing Act. The state is fighting a lawsuit filed by the Inclusive Communities Project, a group that advocates for affordable housing and integration.)
USA Today , Monday, September 29, 2014
(RECAP: Fewer Americans signed contracts to buy homes in August, suggesting that real estate sales will remain sluggish over the next few months. The National Association of Realtors said Monday that its seasonally adjusted pending home sales index fell 1% over the past month to 104.7. The Realtors project that 4.94 million existing homes will be sold this year, down 3% from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market.)
CNBC, Monday, September 29, 2014
(RECAP: As baby boomers grudgingly age into their sunset years, they may find it increasingly difficult to find or afford housing that meets their needs. There may be a silver lining here, though: a real estate market that's more welcoming to millennials. Here are four boomer-led housing trends that may help the younger generation in the long term.)
CFPB Monitor, Monday, September 29, 2014
(RECAP: The CFPB has published a notice stating that as part of its Owning a Home project, it plans to seek approval from the Office of Management and Budget to conduct a field study of the project. The project consists of a various online tools and resources developed by the CFPB to help consumers make decisions about mortgages. Comments are due by November 25, 2014.)
The Wall Street Journal, Monday, September 29, 2014
(RECAP: Federal Reserve Bank of Dallas President Richard Fisher said Monday he might want to start raising interest rates next spring, rather than wait until later in the year as many of his colleagues prefer. Fisher said the timing of the first increase in short-term rates from near zero “really depends on how the economy evolves.” But he added, “the spring may be the right time raise rates rather than the summer.” Fisher is currently a voting member of the Fed’s policy committee. He has been a consistent opponent of the Fed’s aggressive actions aimed at boosting hiring and pushing inflation back up toward the institution’s 2% goal.)
DSNews, Wednesday, September 24, 2014
(RECAP: The PSAs are part of the Foreclosure Prevention Campaign and are meant to raise awareness of resources available through the Make Home Affordable (MHA) program for those at risk of foreclosure. Since it was formed five years ago, MHA has assisted more than 1.5 million families. The MHA program has been extended until December 31, 2016, due to ongoing need; HUD estimates that almost one in every 17 homeowners is behind on his or her mortgage payments. The new ads will be available in both English and Spanish and will provide a toll-free number for interested homeowners to call for more information.)
Martinsville Bulletin , Tuesday, September 23, 2014
(RECAP: A planned transfer of Martinsville’s Section 8 housing assistance program to the Danville Redevelopment and Housing Authority apparently will not occur, city officials said Monday. In March, the council voted to seek HUD approval to transfer the Section 8 program to Danville’s authority. The move would save Martinsville about $65,000 annually by not having to operate the housing office. Assistant City Manager Wayne Knox said they have informally heard from officials with HUD and Danville’s authority that HUD will not approve the transfer. And, HUD officials with whom they have talked so far have not given any indication as to why the transfer apparently will not be approved.)
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