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MPA Week in Review 2/14

A famous whistleblower sues 22 big banks, consumers become more optimistic about mortgage credit, and mortgage delinquencies hit a 5-year low. MPA takes a look at the stories that shape our industry.

Video transcript below:

Ryan Smith, MPA
Ryan Smith:
 Happy Friday everyone, I’m Ryan Smith and this is MPA’s weekend review.  The whistleblower who gained fame for shining the light on the foreclosure Robosign scandal is suing the banks involved. Lynn E. Szymoniak has filed a law suit against 22 financial institutions including JP Morgan Chase, Wells Fargo and Bank of America.  Alleging that the companies submitted thousands of false claims to the Department of Housing & Urban Development.  The law suit seeks damages on behalf of the Federal Government and Federal States, Szymoniak herself could also stand to gain, thanks to laws awarding  whistle blowers. In 2012 she received an $18 million cut of the profits from settlements over the Robo-signing scandal.

More consumers are feeling positive about access to mortgage credit according to data released by Fanny Mae.  According to Fanny’s January national housing survey consumer sentiment about the ease of obtaining a mortgage rose 2 percentage points last month, climbing to all time survey high of 52%.  To put that in perspective that’s the same percentage of reviewers who thought Rushhour2 was worth seeing.  Meanwhile the percentage of consumers who think the economy is on the right track spiked 8 points to 39%.  To put that in perspective, that’s the same percentage of reviewers who thought Tango & Cash was worth seeing.

The National Mortgage delinquency rate has dropped to its lowest level since 2008, according to credit reporting agency, Transunion.  With borrowers 60 days or more delinquent on their  mortgages dropping to 3.85% in the fourth quarter.  That’s the first time the delinquency rate has dropped below 4% since 2008.  It’s not all good news however, originations were also down with new originations dropping from 2.29 million in the third quarter of 2012 to just 1.95 million in the third quarter of 2013.  The average rate for the 30 year fixed rate mortgage rose slightly this week to 4.28% up from last week’s 4.23%.  The 5 year adjustable rate mortgage was down slightly to 3.05% from last week’s 3.08% and the 1- year arm was up slightly to 2.55% from last week’s rate of 2.51%. 

For MPA, I am Ryan Smith.
 
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  • Ray Bartreau on the state of the mortgage industry Ray Bartreau on the state of the mortgage industry

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    House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy’s bill passed with an overwhelmingly bipartisan vote of 401 to 2 this week. The bill would bring greater transparency and accountability to the Consumer Financial Protection Bureau.

  • RealtyTrac: Zombie foreclosures are a consistent problem RealtyTrac: Zombie foreclosures are a consistent problem

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  • NAMB: CFPB's rate checker tool problems NAMB: CFPB's rate checker tool problems

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  • Buyer confidence keeps pending home sales growing Buyer confidence keeps pending home sales growing

    Pending home sales slightly improved in November and are above year-over-year levels for the third straight month, something Lawrence Yun, chief economist at the National Association of Realtors, says is due to buyers' confidence in the economy.

Poll

Should CFPB have more supervision over credit agencies?