Republicans increasingly optimistic about housing finance reform

WASHINGTON — While lawmakers have grown increasingly pessimistic about the chances to significantly revamp the Dodd-Frank Act, they are hopeful that housing finance reform — which has bedeviled Congress for the past nine years — may finally have a shot at enactment.

Speaking Thursday before the Women in Housing and Finance group, Senate Banking Committee Chairman Mike Crapo conceded that regulatory reform was a tough lift given ongoing partisan tensions, but signaled that may not be the case with reform of Fannie Mae and Freddie Mac.

Rep. Cook Votes to Make Fannie Mae and Freddie Mac More …

Posted: Thursday, April 27, 2017 2:56 pm

Rep. Cook Votes to Make Fannie Mae and Freddie Mac More Transparent


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WASHINGTON – Today, Rep. Paul Cook (R-Apple Valley) voted for HR 1694, the “Fannie and Freddie Open Records Act.” The bill passed the House unanimously.

Supervised by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac perform an important role in the nation’s housing finance system, providing liquidity, stability, and affordability to the mortgage market, and they provide access of capital to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

Fannie Mae and Freddie Mac are United States government-sponsored enterprises and yet have not been subject to the accountability or transparency requirements taxpayers deserve. This legislation applies Freedom of Information Act (FOIA) requirements to Fannie and Freddie, providing the American people the opportunity to see how their tax dollars are being spent.

Rep. Cook said, “It’s important that we provide stability in the mortgage industry, ensuring that there is capital available for home buyers. We also need to avoid another financial crisis, and we can do that by shedding light on their operations. Subjecting Freddie Mac and Fannie Mae to the Freedom of Information Act is long overdue, and I support it wholeheartedly.”

A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts

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Freddie Mac: Mortgage rates increase after weeks of declines

Mortgage rates increased this week, surpassing the 4% mark once again after several weeks of declines.

“The 10-year Treasury yield rose about 10 basis points this week,” Freddie Mac Chief Economist Sean Becketti said. “The 30-year mortgage rate moved with Treasury yields, rising six basis points to 4.03%.”

Click to Enlarge

(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to 4.03% for the week ending April 27, 2017. This is up from last week’s 3.97% and from last year’s 3.66%.

The 15-year FRM also increased, hitting 3.27% this week, an increase from last week’s 3.23% and 2.89% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage climbed to 3.12%, up from 3.1% last week and 2.86% last year.

“Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain,” Becketti said.

Realtors take pride in serving communities off the job

  • Real estate agents Dave Chidyllo, left, and Jim Rosenberger at the Falvey Real Estate Group offices Thursday April 20, 2017 in Albany, NY. They donate 10% of their commission to a charity of their clients' choice in a new initiative, Agents for Change.   (John Carl D'Annibale / Times Union) Photo: John Carl D'Annibale / 20040267A

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Real estate agent Dave Chidyllo has the blood-clotting disorder hemophilia A. It doesn’t affect his daily life, but he carries the knowledge that an accident that would cause only minor injuries to someone else could kill him. He also carries the memories of his summers as a camper at Double H Ranch in Lake Luzerne and the people who made it possible for a kid required to be cautious to also have fun. As an adult, he returned the favor as a counselor at Double H. As a Realtor, he looked for ways to carry his charitable spirit further.


Chidyllo and his partner at the Falvey Real Estate Group, Jim Rosenberger, founded a team, Agents for Change. Every time one of their clients buys or sells a house, Chidyllo and Rosenberger donate 10 percent of their commission to a charity of their client’s choosing. Their first deal since forming Agents for Change netted just less than $300 for the Child Life Program at Albany Medical Center.

As Realtors, the men are not alone in their philanthropic approach.

A 2016 profile of Realtors by the National Association of Realtors found 71 percent of agents volunteer in their communities.

Donating time and money is part of the approach for both the local trade group and the national franchises doing business locally. The Greater Capital Association of Realtors, which oversees the local multiple listing services, asks its more than 3,000 members to donate $10 twice a year when they renew their memberships. A committee chooses how to donate the money. Members have donated $220,000 since 2001. In 2014, in addition to donating money, GCAR stepped up its presence in the community. Members participate in annual events at Double H Ranch, the Ronald McDonald House Charities of the Capital Region and others suggested by individual members.

A cynic might ask if all this feel-good stuff might be guided by a more pragmatic goal: finding clients. But Laura Burns, CEO of GCAR, said the only recruiting she’s seen agents do is to bring friends to volunteer alongside them.

While volunteerism and donating to charitable organizations occur in many industries, Realtors’ flexible schedules allow them to build a flower bed or install insulation in a Habitat for Humanity house on a random Tuesday afternoon, when many other people are at a desk all day.

Marie Bettini, a Realtor for 26 years and founder of the Albany Realty Group, said giving back to the community is something real estate agents believe in, because the community supports them.

“Call any Realtor, go down our 3,200-member list, and you’ll find they’re giving time, energy and money to something,” she said.

Bettini said she made donations through the years to various charities, but in 2013, she was galvanized by the death of a homeless woman in Saratoga Springs. “It really struck my heart, because everyone should have a home,” she said.

Bettini said the day after the news broke, she called the Interfaith Partnership for the Homeless in Albany and committed to making a donation after every closing her company makes, whether the agent worked for the buyer or the seller. In 2016, Albany Realty Group donated $1,200.

While some agents donate quietly, others use social media.

A fundraising campaign for Best Buddies, led by Jay Christiana, president of Berkshire Hathaway Blake, and Brian Brosen of RealtyUSA raised nearly $170,000 this year. Best Buddies International is a nonprofit organization that pairs people with intellectual and developmental disabilities with volunteers with the aim of fostering lifelong friendships. Brosen and his family attended the Friendship Walk, a Best Buddies event, for the first time three years ago, joined the advisory board of the Best Buddies Capital Region last year and led corporate fundraising. This year he and Christiana were co-chair of the 2017 Friendship Walk.

Brosen, who leads the Capital Team at RealtyUSA, said he likes being part of something local because he can see the impact of his effort.

“I feel we have a responsibility to be good neighbors, and that is what this is about. Best Buddies is an organization that needs money and visibility, and it touches a lot of people,” Brosen said.

lhornbeck@timesunion.com

Window to the Law: CFPB Consent Orders for RESPA Violations

Editor’s Note: This is part of a monthly video series from the National Association of REALTORS® to inform and educate members about important aspects of being a real estate professional. Watch for this series each month in RISMedia’s Daily e-News.

Watch the new Window to the Law video from the National Association of REALTORS® (NAR) to learn more about the Consumer Financial Protection Bureau’s recent consent orders with two real estate brokerage firms for RESPA violations. The violations arose from their interactions with a mortgage lender. Also included are tips on how to avoid similar actions against your brokerage.

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View a slide presentation of the video here.

View the video at www.nar.realtor here.

For the latest real estate news and trends, bookmark RISMedia.com.

Fewer people signed contracts to buy US homes in March – San Antonio Express

Fewer people signed contracts to buy U.S. homes in March



April 27, 2017

Republicans increasingly optimistic about housing finance reform

WASHINGTON — While lawmakers have grown increasingly pessimistic about the chances to significantly revamp the Dodd-Frank Act, they are hopeful that housing finance reform — which has bedeviled Congress for the past nine years — may finally have a shot at enactment.

Speaking Thursday before the Women in Housing and Finance group, Senate Banking Committee Chairman Mike Crapo conceded that regulatory reform was a tough lift given ongoing partisan tensions, but signaled that may not be the case with reform of Fannie Mae and Freddie Mac.

Rep. Cook Votes to Make Fannie Mae and Freddie Mac More Transparent

Posted: Thursday, April 27, 2017 2:56 pm

Rep. Cook Votes to Make Fannie Mae and Freddie Mac More Transparent


0 comments

WASHINGTON – Today, Rep. Paul Cook (R-Apple Valley) voted for HR 1694, the “Fannie and Freddie Open Records Act.” The bill passed the House unanimously.

Supervised by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac perform an important role in the nation’s housing finance system, providing liquidity, stability, and affordability to the mortgage market, and they provide access of capital to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

Fannie Mae and Freddie Mac are United States government-sponsored enterprises and yet have not been subject to the accountability or transparency requirements taxpayers deserve. This legislation applies Freedom of Information Act (FOIA) requirements to Fannie and Freddie, providing the American people the opportunity to see how their tax dollars are being spent.

Rep. Cook said, “It’s important that we provide stability in the mortgage industry, ensuring that there is capital available for home buyers. We also need to avoid another financial crisis, and we can do that by shedding light on their operations. Subjecting Freddie Mac and Fannie Mae to the Freedom of Information Act is long overdue, and I support it wholeheartedly.”

A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts

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Thursday, April 27, 2017 2:56 pm.

Fannie Mae Allows Home Owners to Swap Student Loan Debt for Mortgage Debt

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Freddie Portfolio Grows, Delinquency Rates Down

Freddie Mac’s total mortgage portfolio grew 4.8 percent from March 2016 to March 2017, according to the GSE’s Monthly Volume Summary released on Wednesday. Freddie handled $30 billion in purchases and issuances for the month and $98 billion year-to-date.

Freddie’s single-family purchasing market was nearly split between refinance loans and purchase loans, with purchases accounting just edging out refinance loans at 51 percent. Total single-family refinance loan purchase volume hit $11.9 billion, nine percent of which was relief refinance loans.

In total, there were just under 6,000 single-family loan modifications for March, bringing the 2017 to-date total up to 11,999.

Serious delinquencies were down for the GSE’s single-family portfolio, with a drop from February’s 0.98 percent to 0.92 percent in March. Multi-family serious delinquencies were stable, remaining at 0.03 percent. Serious delinquencies on single-family loans include mortgages that are at least three monthly payments behind or are currently going through the foreclosure process. Seriously delinquent multi-family loans are at least two monthly payments behind.

As for Freddie’s mortgage-related investments portfolio, the GSE saw a $4.2 billion drop in aggregate unpaid principal balance over the month, bringing its total portfolio balance to $291 billion. Its mortgage-related securities, however, saw an annualized increase of 6.2 percent.

Total purchases of the GSE’s mortgage-related securities into its mortgage-related investments portfolio equaled $7.3 billion, though $0.8 billion in purchase sale agreements were unsettled as of March 31.

“The ending balance of our mortgage-related investments portfolio as of March 31, 2017, after giving effect to these unsettled agreements would have been $292 billion,” the report stated.”

The measure of Freddie’s exposure to changes in portfolio market values, or PMVS-L, came in at an average of $0 million for the month. The duration gap average was also at zero.

Freddie Mac releases its Volume Summary monthly. To view the full data set, visit FreddieMac.com.