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News Clips

Los Angeles Times , Monday, November 30, 2015
(RECAP: PennyMac, AmeriHome Mortgage and Stearns Lending have several things in common. All are among the nation's largest mortgage lenders — and none of them is a bank. And all are run by former executives of Countrywide Financial, the once-giant mortgage lender that made tens of billions of dollars in risky loans that contributed to the 2008 financial crisis. They're part of a growing class of alternative lenders that now extend more than 4 in 10 home loans. So-called nonbank lenders are again dominating a riskier corner of the housing market — this time, loans insured by the FHA, aimed at first-time and bad-credit buyers. Such lenders now control 64% of the market for FHA and similar Veterans Affairs loans, compared with 18% in 2010.), Wednesday, November 25, 2015
(RECAP: More young adults are now living with their parents than during the recession, according to U.S. Census data. The share of 18-to-34-year-olds living with their parents was 31.5% as of March 2015, up from 31.4% last year, according to a report from the Commerce Department on Monday. In 2005, just 27% of young adults lived with their parents, a number that has climbed pretty steadily since then. But the trend of young people continuing to live at home is unlikely to significantly reverse course any time soon, even as the economy improves. The rise in children living with their parents is largely related to the fact that people are marrying and having children later, not to the weak economy and housing market. Single people without children are more likely to continue living at home much later.)
RealEstateRama, Wednesday, November 25, 2015
(RECAP: City Manager Mark B. Jinks has announced the appointment of Helen S. McIlvaine as Director of Housing for the City of Alexandria, effective November 23, 2015. McIlvaine has served as Acting Director since January 1. McIlvaine joined the Office of Housing in 2006 as Deputy Director, where she worked with the Alexandria Housing Development Corporation, other nonprofit and private developers, and the Alexandria Redevelopment and Housing Authority (ARHA), to structure and finance projects that incorporate affordable housing. She supervised the Housing Implementation Division, which provides homeownership assistance loans for first time buyers, home rehabilitation loans and housing counseling.)
NCSHA, Tuesday, November 24, 2015
(RECAP: Last week, Moody's Investors Service released a report predicting a stable financial outlook in 2016 for state HFAs. The report concludes that the continued growth of state HFAs median margins (net revenue/total revenue) and strong loan production indicates a stable outlook for fiscal year (FY) 2016. Moody's says HFAs must begin to rebuild their balance sheets by adding more mortgage loan assets to their portfolios to achieve a positive outlook. The report also stresses the importance of HFAs' strong loan production in 2014 and 2015 as a contributing factor to the sector's stable outlook. State HFAs' loan production is expected to grow to $11.5 billion by the end of calendar year (CY) 2015, up from $9.7 billion in CY 2014.)
Richmond Times-Dispatch , Tuesday, November 24, 2015
(RECAP: In a stone courtyard flanked by well-kept apartment units adjacent to an intersection that was once an open-air drug market, Richmond Councilwoman Ellen F. Robertson beamed. The complex that hosted a throng of city officials, including Mayor Dwight C. Jones, on Tuesday was restored with the help of $112,000 from Richmond’s Affordable Housing Trust Fund, which had sat dormant since its establishment in 2008. That investment, Robertson said, will support the development or rehabilitation of nearly 200 affordable housing units in a city with a 26 percent poverty rate and too few options for cost-burdened families. Officials said that awards from the fund are designed to encourage the development of these units, which otherwise might not be built.)
RealEstateRama, Tuesday, November 24, 2015
(RECAP: HUD announced the availability of new funding to help local communities across the country to redevelop severely distressed public and HUD-assisted housing and transform surrounding neighborhoods. The funding announcement introduces an additional, innovative component to the Choice Neighborhoods Planning Grant, called Planning and Action Grants. Grants of up to $2 million will enable communities to create a locally driven plan to transform struggling neighborhoods, as well as implement early improvements, such as reclaiming vacant property and attracting new businesses. Choice Neighborhoods Planning Grant funds are available for public housing authorities, local governments, nonprofit organizations, and tribal entities. Applicants must submit a completed electronic application through by February 9, 2016.)
Mortgage News Daily , Tuesday, November 24, 2015
(RECAP: Since demographics, Freddie Mac says, drive the housing market, the company's economists focused part of its November Insights and Outlooks on the over age 55 population of homeowners. Sean Becketti, Chief Economist and others in his office point out that the press "overflows with questions about Millennials - when will they form households and buy homes?" While the direction the Millennials take in their housing choices will matter greatly, the choices made by the older generation, the article says, will be just as impactful.)
WTVR CBS6, Tuesday, November 24, 2015
(RECAP: The site of the ill-fated Midlothian Town Center project that fell victim to the recession is starting to see some activity from two local developers. Construction is underway on Winterfield Park, a mix of townhomes and houses on 20 acres along Winterfield Road just north of Midlothian Turnpike. The development is across the railroad tracks from the site of another project, Winterfield Crossing, which received an endorsement last week from the Chesterfield Planning Commission.), Monday, November 23, 2015
(RECAP: With little fanfare or formality, over the last two months Freddie Mac has rolled out two programs that provide financing for workforce housing renovation or rehabs. One program, ingloriously called Moderate Rehab Loan Program supports major renovations of a property. It is a hybrid offering befitting this specific scenario. The other product is called Bridge to Resyndication. As the name suggests, it is a bridge loan for Low Income Housing Tax Credit developers that need capital to reposition existing LIHTC properties for recapitalization under the program. Both products are fairly complicated and highlight Freddie’s growing ability to tap the capital markets to support such offerings.)
CNN Money , Monday, November 23, 2015
(RECAP: The tech giant launched Google Compare for mortgages on Monday that will allow potential home buyers to find and compare home loans. With Google Compare, users will be able to enter personal information, including property value, down payment size and approximate credit score to get tailored results. The results will also show lenders' ratings and reviews. The product is currently only available in California, but the company plans to expand into other states. Google is registered as a licensed mortgage broker. Though the company won't be financing mortgages, it will aggregate quotes from local and national lenders it has partnered with, including Zillow and Lending Tree, to help users find the best mortgage.)
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