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Today’s news that may be of interest to you:
Dr. Ted Jones’ blog today is an excellent discussion on the article in USA Today that says the national average of foreclosures is now at 400 days. You can find his blog here: http://blog.stewart.com/?p=1272
and the article here: http://usat.ly/jIsfQl
Bill Proposes Mortgage Shake-Up
The Wall Street Journal | May 12, 2010
Two lawmakers, a California Republican and a Michigan Democrat, are set to unveil legislation Thursday to replace mortgage giants Fannie Mae and Freddie Mac with at least five private companies that would issue mortgage-backed securities with explicit federal guarantees.
U.S. MBA Mortgage Applications Index Increased 8.2% Last Week
Bloomberg | May 11, 2011
Mortgage applications in the U.S. rose last week to their highest level in more than a month as declining borrowing costs spurred purchases and refinancing.
Fannie CEO Pushes for Better Loan Quality, More Internal Controls at GSE
HousingWire | May 11, 2011
Fannie Mae is in the midst of a loan quality initiative and has taken steps to improve its internal controls in what continues to be a challenging housing market.
Freddie Mac’s Market Outlook Dampened by Extended Unemployment
DSNews | May 11, 2011
Freddie Mac has released a new economic and housing market outlook. The GSE says it’s looking “better, but still not good enough.”
Principal Reduction Still Possible in AG Settlement With Mortgage Servicers
HousingWire | May 11, 2011
The coalition of state attorneys general issued a revised settlement offer Friday to mortgage servicers under investigation for faulty foreclosure practices, and principal reduction is still part of the equation.
Average U.S. 401(k) Balances Reach Highest Level, Fidelity Says
Bloomberg | May 12, 2011
Average balances of 401(k) retirement plans reached the highest level since Fidelity Investments began tracking account values in 1998.
From the National Association of Realtors®:
U.S. in Same Debt Class as Greece?
The financial position of the United States is not too different than that of Greece and other European countries that are teetering on bankruptcy, a former Senator told real estate professionals Tuesday.
How to Get Mortgage Lending Moving Again
Why did a mortgage finance system that had endured for decades stall and then break down in 2008? And what’s required to get mortgage lending back on track?
Anthony V. Carollo / President
Stewart Title of Spokane
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Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!