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Fitch: Two-year run of home price growth is over
“The cooling of the US housing market comes as no surprise after several years of unsustainable growth rates,” said Fitch Director Sean Nelson. “It’s also worth noting that nearly all major cities are experiencing the same home price flattening at the same time. “
Sterne Agee: Tweaks to put-back rules won’t bait lenders to low FICO loans
The planned tweaks in mortgage put-back rules won’t draw major mortgage companies into offering loans to lower FICO borrowers, according to a client note from Sterne Agee, even though new Federal Housing Finance Agency plans to develop 95-97% LTV loans are a positive.
DFS Superintendent Lawsky accuses Ocwen of backdating borrower letters
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
S&P/Experian: Mortgage default rates increase two months straight
“Default rates for bank cards reversed an increase seen in the first half of 2014 while defaults on first mortgages and auto loans appear to have bottomed out over the summer,” says David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.
Joint agency rule on risk retention goes to Fed, SEC for final adoption
The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.