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1Q Home Price Decline Steepest in 26 Years
May 13, 2008
Prices paid for single-family homes fell 7.7% in the first quarter from the level of a year earlier, the steepest decline ever recorded by the National Association of Realtors, which has been tracking sales for 26 years.
Guild Mortgage Co., San Diego, has announced the recent acquisition of Liberty Financial Group, a residential mortgage bank based in Bellevue, Wash.
Federal banking regulators have closed ANB Financial after finding that the Bentonville, Ark., national bank was undercapitalized and likely to fail.
Freddie Mac lenders may be "unnecessarily" limiting credit in some areas because of an "overly broad interpretation" of the agency's declining-market policy, a Freddie executive says in a letter to the National Association of Realtors.
Federal Housing Administration single-family mortgage originations took off in the first three months of this year, as FHA applications doubled to 181,900 between Dec. 31 and the end of March, according to Department of Housing and Development data.
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Fed's YSP Move Draws Fire from Mortgage Brokers By Brian Collins WASHINGTON-The Federal Reserve Board's prescription for dealing with yield-spread premiums is drawing fire from mortgage brokers. "You are literally killing off the (broker) industry in favor of the big banks ... who are more responsible for [the subprime crisis]," one broker says in a comment letter to the Fed. Hundreds have submitted comments on the Home Ownership and Equity Protection Act proposal. Brokers generally agree with many of the reforms that establish standards for prepayment penalties, escrow accounts and low-documentation lending. One noted that these are "long overdue." Read on... |
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