Serious delinquencies on nonagency mortgage loans in key areas of Louisiana and Mississippi hit by hurricanes Katrina and Rita are declining, according to a Friedman Billings Ramsay report.The default rate on prime loans (not securitized by Fannie Mae and Freddie Mac) in the 12 hardest-hit metropolitan statistical areas (including Beaumont, Texas) fell from 10.50% in January to 9.58% in February. Defaults (90 days or more past due) on subprime and alternative-A loans also declined significantly. The FBR research paper attributes the decline in defaults to federal disaster relief and payments on federal flood insurance and private hazard insurance claims. In mid-March, the Federal Emergency Management Agency said it had paid out nearly 90% of all flood insurance claims related to hurricanes Katrina and Rita, totaling $11.3 billion. Separately, Freddie Mac announced an extension through Aug. 31 of mortgage payment relief for homeowners in the Gulf Coast states most affected by the hurricanes.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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