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DS News, Tuesday, September 02, 2014
(RECAP: The U.S. is not prepared to accommodate the country's rapidly growing older population where housing needs are concerned, according to a report by Harvard Joint Center for Housing Studies and AARP Foundation released on September 2. The report, entitled Housing America's Older Adults – Meeting the Needs of an Aging Population, estimates that the population of adults age 50 and above will reach 133 million by 2030, a jump of more than 70 percent since the year 2000. But while their numbers are rapidly increasing, the amount of housing that is affordable, physically accessible and well located, is not.)
Bloomberg, Tuesday, September 02, 2014
(RECAP: The overseer of the Federal Home Loan Banks is planning changes to membership rules that would keep investment firms and lenders lacking customer deposits out of the U.S. government-chartered system. The Federal Housing Finance Agency, which has voiced concern that firms are using specialized insurers to join FHLBs, said in a statement today that it’s proposing new rules limiting insurer access to home-loan banks to companies dealing primarily with “non-affiliated persons.” The existing memberships of captive insurers -- which mainly offer coverage to their owners or customers of those parent companies -- would be “sunset” over five years.)
DS News, Monday, September 01, 2014
(RECAP: Lawyers for Bank of America have filed to overturn a jury verdict last year that held the bank liable for faulty mortgage-backed securities sold by its Countrywide unit. In a motion filed August 28, attorneys for the bank asked U.S. District Judge Jed Rakoff to either grant a new trial or overrule the verdict made last by a 10-person jury last October. The case revolves around mortgages originated through Countrywide's High Speed Swim Lane (HSSL, or "Hustle") program that were later sold to Fannie Mae and Freddie Mac. In their motion, Bank of America's lawyers argue the government failed to prove the loans involved in the case were advertised as being higher quality than they were.)
FHFA.gov, Friday, August 29, 2014
(RECAP: The FHFA today proposed a rule that would establish housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2015 through 2017. The Housing and Economic Recovery Act of 2008 requires FHFA to establish annual housing goals for both Enterprises, and the current housing goals rule is effective through the end of 2014. FHFA is requesting comment on three alternative approaches for establishing the single-family housing goals. The proposed rule also includes benchmark levels for multifamily housing goals and, for the first time, would establish a sub-goal for small multifamily properties (5-50 units) affordable to low-income families.)
Virginia Business , Thursday, August 28, 2014
(RECAP: Developer Dave McCormack hopes to breathe new life into the former Henry Hotel in Martinsville by converting the structure into a four-story apartment building. A center of activity during the heyday of the textile and tobacco industries in Southern Virginia, the hotel, which was built around 1920, has been empty for several years. The $3.2 million project will include three commercial spaces on the first floor and 25 apartments. McCormack, who bought the building from Martinsville for $1, is using historic state and federal tax credits, as well as a $600,000 grant from the state Industrial Revitalization Fund, for the project.)
The Washington Post , Wednesday, August 27, 2014
(RECAP: Immigrants fared far better than the U.S.-born population when it came to holding onto their homes or buying new ones after the housing market tanked, according to recent studies that parsed U.S. Census data. While overall homeownership rates declined after the housing bust, rates increased among immigrants, challenging the assertion that immigrants were hit disproportionately by the housing crisis. The studies come at a time of deep interest in the housing decisions of immigrants, who are expected to account for more than a third of the overall increase in the number of homeowners during the decade that ends in 2020.)
NCSHA, Wednesday, August 27, 2014
(RECAP: On August 25, the National Low Income Housing Coalition (NLIHC) released the latest issue of its periodical, Housing Spotlight. This issue, titled The Affordable Rental Housing Gap Persists, summarizes the findings of a report NLIHC recently published on the availability of affordable rental housing for lower-income households and focuses on the gap between the number of households in specific income groups and the number of rental homes that are both affordable and available to them. The report yielded seven key findings.)
National Mortgage News, Wednesday, August 27, 2014
(RECAP: The FHA is changing a rule that will make it more flexible for home sellers to schedule closings without being penalized by interest charges. Currently, FHA borrowers selling or refinancing must make a full month's interest payment whether they close on the fifth day or 20th day of the month. To avoid this extra charge, closings on FHA-insured loans are generally scheduled toward the end of the month. But the Consumer Financial Protection Bureau considers these post-settlement charges to be prepayment penalties, prohibited under the qualified mortgage rule. The QM rule forced the FHA to reverse its policy.)
The New York Times, Tuesday, August 26, 2014
(RECAP: There was some glumness in the latest news on housing prices. There shouldn’t be. Slower home price rises — and in some markets, outright declines — are a sign the housing market is starting to move past the boom-and-bust cycle of the last dozen years toward a market where sensible prices driven by local economic conditions prevail.)
HousingWire, Tuesday, August 26, 2014
(RECAP: Four years have now passed since Dodd-Frank was enacted and it's fair to ask if Wall Street Reform has been a success or failure. The general complaints regarding Dodd-Frank can be broken down this way: The legislation is too complex and too inflexible so the result is fewer mortgages and a weaker housing market than might otherwise be the case. If the goal of Dodd-Frank was to decrease regulation and stimulate economic growth, then probably it has failed. But that was not the goal of the legislation; the goal was in fact more regulation to protect the economy from risk — not surprising given the financial crisis in which the law was conceived.)
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