The GSE regulator and the Treasury Department have approved $6 million pay packages for the chief executive officers of Fannie Mae and Freddie Mac.
Mortgage brokers are urging the Federal Reserve Board to withdraw a proposed rule that would regulate broker compensation and delay any action until Congress finalizes pending consumer protection legislation.
New home sales plunged 11.3% in November from the previous month, but some experts are brushing it off as an aberration due to the expiring of the first-time homebuyer tax credit.
The Federal Housing Administration has tightened its guidelines on short sales so that borrowers who defaulted on their previous mortgages can’t get a new FHA-insured loan.
A bi-partisan effort by members of the Senate Banking Committee to draft a financial regulatory reform bill is making progress, according to committee leaders.
Thanks to record low mortgage rates and a feared expiration of the first-time home buyer tax credit, existing home sales spiked 44.1% in November (compared to the same month last year) to a seasonally adjusted annual rate of 6.54 million units, according to figures released by the National Association of Realtors.
The serious delinquency rate on prime loans has doubled over the past year and hit 3.6% in the third quarter, up 20% from the previous quarter, according to the Office of the Comptroller of the Currency and Office of Thrift Supervision.
