News Summary

News Capsules From Coast To Coast
   New standards from the Federal Housing Finance Agency will require mortgage servicers to review and respond to short sale requests within 30 days of an offer on the property and provide weekly status updates if the offer is still under review after that. Mortgage firms will have to make a final decision within 60 days of receivin
posted 4/20/12 10:19 AM  read complete story

News Capsules From Coast To Coast
   Cincinnati, OH-based Fifth Third Bank is accused in a lawsuit of taking disguised, unlawful referral fees from mortgage insurers. The Real Estate Settlement Procedures Act bans referral fees or “kickbacks”. The complaint by three borrowers seeking class-action status alleges inflated
posted 4/13/12 10:37 AM  read complete story

News Capsules From Coast To Coast
   Banks are helping to build more supportive housing for the homeless by investing in low-income housing tax credits either directly or through equity funds, says the Office of the Comptroller of the Currency in its latest Community Developments Investments publication. “Ending Homelessness: Financing
posted 4/6/12 09:41 AM  read complete story

News Capsules From Coast To Coast
   A measure to establish a special assistant for veterans affairs at HUD clears the House on a 424-5 vote and the Senate is expected to follow suit. HR 3298, the proposed Homes for Heroes Act crafted by Rep. Al Green (D-TX),
posted 3/27/12 4:38 PM  read complete story

News Capsules From Coast To Coast
   The Treasury Department gets rid of the last of the $225 billion of mortgage-backed securities it bought during the height of the financial crisis from October 2008 through December 2009. The total sale netted $250 billion returning a
posted 3/23/12 10:56 AM  read complete story

News Capsules From Coast To Coast
   Owners of qualified HUD-assisted multifamily housing units can apply for shares of $15 million made available through HUD's Service Coordinators in Multifamily Housing grant fund. The program allows multifamily housing owners to hire and pay for service coordinators to aid the elderly and disabled living in
posted 3/16/12 11:02 AM  read complete story

News Capsules From Coast To Coast
   Speculators who helped inflate the property bubble by purchasing multiple homes before the housing meltdown will be offered mortgage aid under the revamped Home Affordable Modification Program. Landlords can qualify for as many as four federally subsidized loan workouts beginning some time in May as long as they
posted 3/9/12 10:21 AM  read complete story

News Capsules From Coast To Coast
   HUD Provides $13.5M For Sweat Equity Grants: The grant money is available through HUD’s FY 2012 Self-Help Homeownership Opportunity Program. National or regional nonprofits and their affiliates are eligible to apply through April 30, and they must have
posted 3/2/12 10:46 AM  read complete story

News Capsules From Coast To Coast
   All 12 Federal Reserve districts witnessed a modest increase in residential real estate market activity in January and early February, the central bank’s Beige Book shows. The economic data summary shows improvements were noted in both the real
posted 2/29/12 4:56 PM  read complete story

News Capsules From Coast To Coast
   Fannie Mae promotes Jeff Hayward to head its multifamily division. The 25-year Fannie Mae veteran serves as the firm’s National Servicing Organization vice president managing relationships with mortgage servicers. Hayward takes over as the multifamily market surges to meet growing
posted 2/24/12 11:28 AM  read complete story