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Latest News

Looking Back at Loan Mods: What Worked, What Didn't, and What Can We Learn?

As banks and government tried to stem the flow of foreclosures during the housing crisis there was a lot of debate (and criticism) about what needed to be done and how to do it.  The acting director of the Federal Housing Finance Agency, Edward DeMarco fought tooth and nail to prevent Fannie Mae and Freddie Mac (the GSEs) from being forced to reduce the principal balances of their loans.  Barrels of ink were consumed criticizing the Home Affordable Modification Program (HAMP).  Servicers were penalized for their misfeasance running it.  Servicers set up several proprietary programs to modify loans held in mortgage-backed securities and bank portfolios. In addition, there was much criticism of homeowners who, it was alleged in some quarters, were quick to walk away from mortgages they never should have been given in the first place.

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Consumers Expect Strong Increases in Housing Costs

After dropping in October from what had been an all-time high the previous month, Fannie Mae's Home Purchase Sentiment Index (HPSI) resumed its upward trek, increasing by 2.6 points in November to 87.8, Strong responses to questions in the National Housing Survey (NHS) to questions about whether it was a good time to buy a home and expectations for home prices were the primary drivers of the index gains.The survey is based on six of more than a hundred questions asked in the monthly NHS survey.  Four of the six components gained ground in November.

 

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90% of US Counties Get FHA Loan Limit Increase

Loan limits will be rising in 2018 for loans guaranteed by the FHA.  The Department of Housing and Urban Development (HUD) announced on Thursday it was boosting limits for those loans in more than 3,000 counties.  This will bring FHA loans in line with those of Fannie Mae and Freddie Mac. The Federal Housing Finance Agency announced new limits for loans eligible for purchase or guarantee by the GSEs on November 28. FHFA calculates limits each year based on median home prices nationally and in individual markets. The GSE limits for 2018 will be $453,100 for conforming loans and $679,650 for jumbo loans in certain high-cost areas. FHA limits differ from but are based on the GSE limits.

 

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