Mortgage

FHFA: HARP Refinances Surpass 3.3 Million

More than 544,000 borrowers in the first quarter refinanced their Fannie Mae or Freddie Mac mortgage loans, with about 31,600 of those happening through the Home Affordable Refinance Program, the Federal Housing Finance Agency said yesterday.

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Fed Survey Finds Increasing Economic Optimism

Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.

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GSEs Issue New Seller, Servicer Eligibility Requirements

At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac yesterday announced new standards that mortgage institutions would have to meet in order to sell loans to or service loans on behalf of the housing GSEs. The new standards include net worth, capital and liquidity requirements both for depository institutions and for nonbanks.

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N.Y. State Envisions Penalties for Foreclosure Delays

Noting that the average New York state foreclosure takes more than 900 days—twice the national average—and that foreclosures account for nearly three in 10 civil cases on court dockets, the New York Department of Financial Services today recommended that the state legislature take action to speed up the foreclosure process.

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