Fracking and mortgages- A can of worms.

Selling mineral rights to oil companies is opening up a can of worms.  It can cause the entire mortgage to come due.

At least three institutions—Tompkins Financial in Ithaca, N.Y., Spain's Santander Bank and State Employees' Credit Union in Raleigh, N.C.—are refusing to make mortgages on land where oil or gas rights have been sold to an energy company.
Freddie Mac is within its legal authority to exercise a mortgage's "due on sale" clause if a borrower enters into a mineral-rights agreement, says spokesman Brad German. He says no "public information" is available to show if that has ever happened.  -- Andy Peters in Origination News
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Shared by Kyoung Woo Park
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A National Database Of All Financial Transactions: The Consumer Financial Protection Bureau (CFPB) is looking to create a “Google Earth” of every financial transaction of every American, Sen. Mike Enzi (R-WY) warned today in a Senate speech opposing confirmation of Richard Cordray as CFPB director.

“This bill (creating the CFPB) was supposed to be about regulating Wall Street. Instead, it’s creating a Google Earth on every financial transaction. That’s right: the government will be able to see every detail of your finances. Your permission – not needed,” Sen. Enzi said.
Read more at http://www.prophecynewswatch.com/2013/November29/291.html#4F1zp4RPQSw53BFO.99
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Shared by Uros Kralj
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Our view on 2014 is in line with the consensus view that the economy is most likely to continue growing at its current pace, new home supply will continue to grow at a 15%+ clip but remain far below normal levels, and mortgage rates should remain in the 4.5% range. If that is the case, and there are no exogenous shocks from our leadership or elsewhere, demand will continue to exceed supply, and affordability will continue to be better than usual in most markets. This should give rise to a healthy housing market in 2014. Let’s all hold our breath. 
Shared by John Burns on Linkedin
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Shared by Richard Lane
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