News

Warren Buffett gives us all an update on his stake in affordable housing

Time for annual, public letter to Berkshire Hathaway shareholders
Every year billionaire investor Warren Buffett releases an annual letter to Berkshire Hathaway shareholders, unraveling the inner workings of his conglomerate’s performance. The 29-page document details the status of Clayton Homes, which specializes in manufactured homes, a key industry in fixing the affordability crisis.
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Property cash sales to hit pre-crisis levels this Summer

Distressed sales drop in November
Cash sales decreased annually in November at a pace which, if it continues, could bring to the market into its pre-crisis state much earlier than originally predicted. CoreLogic now forecasts that both cash and distressed sales could reach pre-crisis rates in 2017.
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Pending home sales hit lowest level in a year

Struggle with insufficient supply levels
Pending home sales dropped in January to its lowest level in a year as the lack of housing supply fought against the increasing buyer demand. While demand for homes is at its highest point since the Great Recession, affordability may force buyers into less expensive locations or smaller homes.
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Monday Morning Cup of Coffee: Trump targets CFPB funding for greater control

Is his election slowing down affordable housing? California thinks so
President Donald Trump's budget proposal reportedly includes a big change for the CFPB. We have the details for you. Plus, will the Fed raise rates in March? Here's one way to get a clue. Also, did the Oscars get its first HUD joke? Twitter thinks so. And Trump's election appears to be costing California some much-needed affordable housing.
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Fannie Mae announces new front-end credit risk-sharing deal

Deal with insurers provides up to $375 million in coverage
Fannie Mae announced Friday that it executed its second front-end credit risk-sharing deal through its Credit Insurance Risk Transfer program. The deal provides insurance coverage on a maximum coverage of approximately $375 million from pools of single-family mortgages that carry a combined unpaid principal balance of approximately $15 billion.
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[Video] MBA CEO: The future of Fannie Mae and Freddie Mac reform

We need to be concerned about the housing finance system
After nearly 10 years under conservatorship, reforming Fannie Mae and Freddie Mac is finally high up on the President’s priority list. However, there is still no official plan around what exactly this reform will look like. The CEO of the largest trade group in the mortgage finance space gives his take on what the future for reform will likely look like.
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Trial date set for former LandCastle Title CEO Nat Hardwick

Stands accused of conspiring to embezzle $20 million
Exactly one year ago, federal authorities arrested Nathan (Nat) Hardwick, the former chief executive officer of LandCastle Title and former managing partner of Morris Hardwick Schneider, on charges that he embezzled millions of dollars from his former companies. And exactly one year from now, Hardwick will stand trial for allegedly conspiring to steal more than $20 million from the attorney escrow accounts and operating accounts of Morris Hardwick Schneider and LandCastle Title.
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