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Today’s Real Estate News 2-18-2011

18 Feb

Today’s news that may be of interest to you:

This first article was a shocker to me.  To read that Moody’s is downgrading a securities offering because of earthquake risk in the San Francisco area blows my little mind.  What about the volcanos in Western Washington or the entire state of Hawaii?  Tornados in the midwest and the south are fairly common.  Has this kind of natural-disaster downgrade occurred before and I missed it?  I’d love to hear your thoughts. -Anthony

Moody’s Warns of Earthquake Risk in Latest Redwood RMBS
HousingWire | February 17, 2011
Moody’s Investors Service put out a special report on the latest Redwood Trust residential mortgage-backed securities offering this week, citing the risk of declining property values if an earthquake were to strike the San Francisco area.

Bair Says Imminent QRM Proposal Friendly to Community Banks
HousingWire | February 17, 2011
Federal Deposit Insurance Corp. Chairman Sheila Bair told the Senate Banking Committee Thursday that regulators will soon release its qualified residential mortgage rule that will determine how much risk loan originators retain after securitization.

Mortgage Rates for US Loans Fall From 10-Month High
BusinessWeek | February 17, 2011
Mortgage rates for 30-year U.S. loans declined for the first time in five weeks, reducing borrowing costs from a 10-month high.

Oregon Bill Would Force Lenders to Hold Mortgages 5 Years After Origination
HousingWire | February 17, 2011
The Oregon Legislature introduced a bill this week that would prohibit a lender from in any way transferring a mortgage loan for half a decade after the deal closes. In addition, the lender cannot transfer servicing rights or obligations for the same time period.  (How many lenders can hold these loans for five years?  I’ll bet it’s a short list.  Or perhaps many of them won’t be able to hold many loans.  I’d love to hear what you think. -Anthony)

Consumer Watchdog Hires Former Bankers
The New York Times | February 17, 2011
As the new federal consumer watchdog agency takes shape, Wall Street might see a few familiar faces on its roster.

Looks Like Banks Lose on Risk Plea
The New York Times | February 17, 2011
When the mortgage securitization market collapsed amid a flood of defaults and foreclosures – many of them on loans that should not have been made – the cry arose for lenders to have “skin in the game.” To properly align incentives, the argument went, those who make loans must suffer if the loan goes bad.

Mortgage Servicers May Face Sanctions, New Rules, Regulator Says
Bloomberg | February 17, 2011
U.S. banking regulators investigating flawed foreclosures are “finalizing” remedial requirements and sanctions against mortgage servicers, Acting Comptroller of the Currency John Walsh said.

Housing Bust Hit Agents Hard
The Washington Post | February 18, 2011
Before the real estate bust, Rob Paxton and Susan Schneider might have met at a networking event or through their home-buyer clients. Instead, they first crossed paths at a day shelter for the homeless in Falls Church.

Regulators Report on Efforts to Put Financial Overhaul in Place
The Washington Post | February 17, 2011
Only a year ago, members of the Senate banking committee were in the midst of hashing out a far-reaching bill to overhaul the nation’s financial regulation.

Mortgage Delinquency Rates Drop
The Washington Post | February 17, 2011
As the labor market improved, the number of homeowners who fell behind on their mortgage payments dropped in the final three months of last year to the lowest level since 2008, according to a national survey released Thursday by the Mortgage Bankers Association.

Dodd-Frank Reforms Progress Report
Nightly Business Report | February 17, 2011
So what kind of shape is the U.S. financial system in these days and do you feel financially safe? That was the question lawmakers on Capitol Hill were trying to get answered today. It’s been six months since Congress passed the biggest overhaul of the nation’s financial rules, the Dodd-Frank reforms.
From the National Association of Realtors®:

Borrowers May Still Owe Even After Foreclosure
Michigan home owners who have lost their home to foreclosure or sold them in short sales are discovering they may still be responsible for paying back the debt, even decades later.

Boomers Expected to Change Housing Priorities
Developers and builders are planning for a baby boomer comeback in the real estate market, realizing that when they re-emerge their housing preferences will be different than a few years ago.

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

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