Richard Syron, chairman and chief executive of Freddie Mac, has advised investors that the housing markets may be poised for "a relatively bumpy landing."Speaking on a conference call to update investors on Freddie Mac's first-half performance, Mr. Syron said weaker housing conditions will affect more than just credit performance, putting negative pressure on consumer spending and the economy as a whole. "In our minds it will have a substantial negative effect on GDP," he said. He also noted that there has been a shift away from "traditional mortgage products" into more esoteric loans, but he said Freddie Mac is "very comfortable with what we have in those markets." Through July of this year, interest-only loans constituted 14% of year-to-date loan purchases, but they only accounted for 3% of the total credit guarantee portfolio, the company said. Freddie Mac can be found online at http://www.freddiemac.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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