Today’s news that may be of interest to you:
New Push on Home-Loan Disclosure
The Wall Street Journal | September 22, 2010
Elizabeth Warren and Treasury Secretary Timothy Geithner on Tuesday brought together consumer groups, mortgage-industry officials and other housing representatives for talks on the Obama administration’s plan to simplify mortgage-disclosure documents.
Basel Chief Says New Banking Rules Need ‘Rigorous’ Enforcement
Bloomberg | September 22, 2010
The proposed new global banking rules that more than double capital requirements for lenders need to be implemented and supervised rigorously to be effective, said the head of the group that drew them up.
Housing Isn’t Close to Stabilizing
MarketWatch | September 22, 2010
Much has been written about the so-called “shadow inventory” since the term was first coined a few years ago.
Home Values, Credit Issues Tanking More Loans
The Washington Examiner | September 21, 2010
Potential homebuyers and homeowners who plan to refinance often have their hopes crushed early in the game when they find that their income, debt or savings simply will not allow them to qualify for a mortgage.
Fannie Mae Disqualifies Jobless Benefits as HAMP Income
Reuters | September 21, 2010
Fannie Mae, the largest provider of U.S. home loan funding, on Tuesday said it will no longer count unemployment benefits as income when troubled borrowers are applying for loan modification.
Foreclosure Errors Could Snag Other Lenders
The Washington Post | September 22, 2010
Some of the nation’s largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork – an admission that may open the door for homeowners across the country to challenge foreclosure proceedings.
From the National Association of Realtors®:
Builder Confidence Stays in the Cellar
The National Association of Home Builders’ monthly index stays at an 18-month low.
MIT Prof Says Housing Demand Is about to Take Off
William Wheaton, an economics professor at MIT, says that home construction will be in demand.
Housing Starts Rose in August
The U.S. Department of Commerce announced on Monday that housing starts were up 10.5 percent in August. (Anthony’s note: This is great news, though it would seem to be in stark contrast to the headline above that builder confidence is in the celler! Feel free to comment with your thoughts on my blog.)
Anthony V. Carollo / President
Stewart Title of Spokane
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Spokane, WA 99201
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