3 reasons why California housing is about to go bust

Here's where expert economists think housing is going

Where will we be in 2019?

Washington is protecting buyers right out of homeownership

BPC Housing Commissioner: Give borrowers a chance to fail
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Willam Matchneer joins Bradley Arant Boult Cummings

Will work with financial services litigation and compliance practice group
Ben Lane
Matchneer joins the firm from the Consumer Financial Protection Bureau, where he served as senior counsel with the CFPB’s division of research, markets and regulations. In this role, he served as the team lead for regulations implementing certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Lennar earnings soar amid positive builder news

Beats analyst expectations
Brena Swanson
Homebuilder Lennar reported strong third-quarter earnings amid positive industry reports on builder confidence. "Our core homebuilding business continues to drive earnings, with strong sales, deliveries and margins," Stuart Miller, CEO of Lennar Corporation, said.
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Lawsky’s latest target: Hard-money lenders

NYDFS subpoenas nine companies over concerns of predatory lending
Ben Lane
The NYDFS said that hard-money lenders do not typically evaluate a borrower’s ability to repay and likelihood of default, and it has concerns that some lenders may “intentionally structure loans with the expectation of foreclosing on and taking possession of the property."
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Large lenders the first to fully open the credit box?

Fannie Mae: As competition increases, standards decrease
Brena Swanson
“Larger lenders are expecting to tap into the non-GSE-eligible and government loan market to maintain or grow their market share and offset their anticipated slowing mortgage demand as the peak spring/summer selling seasons are coming to an end,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
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3 reasons why California housing is about to go bust

The money is drying up
California is perhaps one of the most important states in mortgage finance. So much of the mortgage finance world is based in California and, like Texas, the industry is a huge source of employment for workers of varying levels of education. But, trouble could be brewing.
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NAHB: Homebuilder confidence hits 9-year high

Builders optimistic even with mortgage apps at 14-year low
Trey Garrison
Mortgage applications and home sales figures aren't deterring homebuilders, who think they have some solid reasons to be confident in the market going forward — as confident as they were in 2005, no less.
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Citigroup and Bank of America loosen standards for struggling borrowers

Offer mortgages with discounted rates
Brena Swanson
Both of the mega banks will start to offer mortgages at discounted interest rates as part of their new efforts to help borrowers with low incomes or subprime-credit histories.
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Mortgage applications jump dramatically, up 7.9%

MBA: Refinancings up 10% while purchases up 5%
Trey Garrison
Mortgage applications jumped dramatically for the week ending Sept. 12, up 7.9% from the week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 12, 2014.
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FHFA reps and warrants policies have “significant and unresolved” risks

Watchdog: FHFA’s implementation was rushed and flawed
Ben Lane
In a new report from the FHFA’s Office of the Inspector General, the OIG said that the FHFA mandated a new representation and warranty framework for the GSEs and implemented it “despite significant unresolved operational risks to the Enterprises.” Among those is processes that may not be in place at Fannie Mae until late 2015, for example.
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Millennials start to move out of their parents' houses

… but still not buying
Brena Swanson
Although millennials are moving out from their parents’ homes, they are still not buying their own houses. Instead, they are choosing to rent.
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