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Home equity lines of credit taken during big housing bubble just before the crash may hit the millions of homeowners with home equity lines of credit with a dramatic spike in their payments.
This comes at a time when even economic bulls are seeing a systemic weakness in the economy. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/33535-trouble-ahead-tidal-wave-of-heloc-resets-about-to-hit
----------------------------------------------Shared and taken by James Harrison, Mont St Michelle
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Zillow in Trouble
On Friday, HousingWire reported that the letter in question submitted in the case “appears to confirm” the contention by Move that Samuelson, now the chief industry development officer for Zillow, took multiple documents and entire databases from his former employer.
Trey Garrison in HousingWire http://www.housingwire.com/articles/33559-court-seals-letter-from-anonymous-whistleblower-in-zillow-lawsuit
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Nat'l Real Estate Post:
H.R. 685 will allow more low income buyers to buy homes. It fixes something that Dodd-Frank broke.
http://thenationalrealestatepost.com/12562/?
House members from both parties voted 286-140 to pass H.R. 685, the Mortgage Choice Act of 2015, which was reintroduced earlier this year after dying in the last Congress despite bipartisan support. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/33560-houses-passes-mortgage-choice-act-of-2015-by-286-140
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Shared by Gia Au Huy Duong, Tokyo
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Following a slight uptick last week, mortgage applications decreased 2.3% on a weekly basis, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending April 10, 2015. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/33562-mortgage-applications-down-23-led-by-drop-in-purchases
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Another salient bill passed Tuesday was H.R. 650, thePreserving Access to Manufactured Housing Act, which supporters say ensures consumers – especially low and moderate-income consumers – can continue to have access to affordable manufactured housing. This bipartisan legislation continues existing consumer protections, including protections that prohibit steering consumers to predatory loans.
It passed the House on April 14 by a vote of 263-162. (Manufactured housing is more than mobile homes, it is anything built off site and assembled on site.) -- Trey Garrison in HousingWire http://www.housingwire.com/articles/33566-mortgage-lending-and-finance-industry-get-boost-in-housing-regulatory-reform-bills
----------------------------------------------Shared and taken by Mirjana Jensensek, France
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Fannie Mae announced Tuesday the HomePath Ready Buyer program, under which qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property.
On a $150,000 home, this could result in up to $4,500 in savings for the buyer, Fannie said. In addition, Fannie Mae will reimburse the $75 cost of the homebuyer education course at the time of closing. -- Ben Lane in HousingWire http://www.housingwire.com/articles/33555-fannie-mae-launches-mayor-first-time-homebuyer-assistance-program
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Smaller credit unions got a boost with the passage of H.R. 299, the Capital Access for Small Community Financial Institutions Act, which allows privately insured state chartered credit unions to apply for membership in the Federal Home Loan Bank System, which would help them better serve the financial needs of consumers.
Rural lenders benefit from H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act, which provides a petition process for areas to be designated as rural for the purpose of federal consumer financial laws, which could enable more loans to rural borrowers to qualify for special treatment under CFPB rules.
H.R. 1259 passed the House on April 13 by a vote of 401-1. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/33566-mortgage-lending-and-finance-industry-get-boost-in-housing-regulatory-reform-bills
----------------------------------------------Shared and taken by Luis Armando Oyarzun, Nocturna Buenos Aires. Cabildo con Torre iluminada
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