Today’s news that may be of interest to you:
Obama Administration Proposals to Reduce Federal Role in Housing Market
The Washington Post | February 11, 2011
The Obama administration is pressing to scale back the federal government’s role in the mortgage market. On Friday, it presented Congress with several proposals that would raise the costs of federally backed loans, a move designed to help the private sector better compete with Fannie Mae, Freddie Mac and the Federal Housing Administration.
Views of Life After Fannie, Freddie
The Wall Street Journal | February 12, 2011
The Obama administration outlined on Friday its plans to begin shrinking the government’s broad support of the nation’s crippled mortgage market, a process that officials said could take several years and would include phasing out Fannie Mae and Freddie Mac.
Dodd-Frank Ready for Congressional Close-up
Reuters | February 13, 2011
Republican lawmakers this week will test their strategy of stifling the Obama administration’s financial reform law through oversight hearings when some of the biggest financial policymakers appear before Congress.
Housing Crash Is Hitting Cities Once Thought to Be Stable
The New York Times | February 13, 2011
Few believed the housing market here would ever collapse. Now they wonder if it will ever stop slumping.
High-profile Real Estate Regulator Finds New Career as Agent
Inman News | February 14, 2011
Many real estate closings come with a certain amount of tension, but novice real estate agent Erin Toll Glover has come to expect more than the usual amount of anxiety emanating from across the closing table.
ARMs Helped Sink the Economy – Now They’re Back
CNNMoney | February 14, 2011
After accounting for nearly 70% of all mortgages issued during the boom, ARMs vanished during the bust, totaling just 3% of the market in 2009. Now they make up 5% of all mortgages issued, and Freddie Mac predicts 10% by December.
Obama Projects Deficit will Hit Record Amount
The Washington Post | February 14, 2011
President Obama will roll out a $3.7 trillion budget blueprint Monday that would trim or terminate more than 200 federal programs next year and make key investments in a bid to boost the nation’s economy.
California’s Million-dollar Home Sales on the Rise
HousingWire | February 12, 2011
Although California home sales overall dipped during 2010, the more high-end home sales – those sold for $1 million or more – climbed upward for the first time in five years.
McMansions Out of Vogue in New Economic Reality
USA Today | February 13, 2011
The size of the average home is shrinking. Across the United States, families are downsizing and moving closer to cities.
From the National Association of Realtors®:
NAR: Secondary Mortgage Market Needs Improvement
Changes in the secondary mortgage market, such as reduced government involvement, are necessary to bolster housing long-term, NAR says.
More States Rescue Foreclosed Borrowers
A $7.6 billion federal program will soon officially get underway that will help unemployed home owners avoid foreclosure in 18 of the hardest-hit states.
16% of Veterans Are Homeless, Study Shows
More veterans are homeless in the country than any other American group, according to a newly released study.
Anthony V. Carollo / President
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