Banking and Housing Giants Testify About Subprime Solutions
The chief executives of both Freddie Mac and Fannie Mae as well as the Chairman of the Federal Deposit Insurance Corporation and the Federal Housing Commissioner and Assistant Secretary of the Department of Housing and Urban Development testified last week in a hearing before the U.S. House Committee on Financial Services about solutions to the current subprime mortgage turmoil. Each of the four had some interesting things to say about what their organizations/agencies are doing or could be doing to resolve the situation and… Read More Now
Friday Update w/ Aaron Freedman
Census and HUD Data Indicates That Builders Are Not Bouncing Back
Builders appeared to have remained cautious about the housing market in March, pulling permits and starting construction on new houses in numbers little changed from February. The monthly data on new residential construction jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development on Tuesday reported that… Read More Now
Redfin Revisited: A Company To Watch
Redfin, the Seattle based and self- described “first Internet brokerage” turned one year old recently. It has been nearly that long since we took a look at it so we made a second visit. …While much of its business model sets our teeth on edge, this is obviously a company that has some interesting ideas and is growing fast. We will check back around its second birthday to see what else is new. Read More Now
Senate Moves To Assist homeowners On Two Fronts
The Senate Banking Committee and one of its subcommittees dealt this week, however superficially, with two issues that should be of interest to a lot of homeowners. Hopefully these won’t be problems that they have just teed up and then punted into obscurity. Both are worthy of discussion if not action. Read More Now
mortgage Rates Remain Quiet
In a statement accompanying the release of Freddie Mac’s Primary mortgage Market Survey for the week ended April 5, Frank Nothaft, Freddie Mac vice president and chief economist remarked, “mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March. This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede. One bright spot this week came from an unexpected increase in pending home sales for February, which suggests the housing market is still healthy.” Read More Now
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