CFPB secures $27.7 million judgment against foreclosure relief scammers

The next president needs to speak up about housing right now

Want my vote? Here's how to get it

CFPB, DOJ take action against Provident Funding for discriminatory lending

Could pay $9 million in damages
W S

Articles by Jacob Gaffney

Morningstar: Single-family rental securitization delinquencies mainly below 1%

With only one exception
Jacob Gaffney
It may be a relatively new market, but single single-family rental securitizations are doing pretty well despite the asset class' infancy. The delinquency rate across nearly every single single-family rental securitization is below 1%, according to a Morningstar Credit Ratings report on performance in the sector.
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Housing in places like New York, San Francisco fail more than just the locals

Local policies curtail worker freedoms
Jacob Gaffney
From the mid-'60s into the new millennium, these three cities in particular experienced phenomenal growth, but only contributed a small fraction to the growth of the nation. It’s this finding last month that underpins the need for a cohesive federal housing policy that can supersede some of the directions taken by local municipalities.
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Quicken Loans finds growing divide between homeowners and appraisers

Going for three months straight
Jacob Gaffney
Detroit-based Quicken Loans, the nation’s second-largest retail mortgage lender, uses its internally generated Home Price Perception Index to gauge how homeowners currently view the housing market. And they've spotted a worrying trend.
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This Capital Economics chart shows the mortgage-lending turnaround

“Sharp rise in purchase applications”
Jacob Gaffney
“The sharp rise in home purchase mortgage applications, to a two-year high in April, was an encouraging sign that the market may finally be turning a corner after years of stagnation,” said economists Andrew Hunter and Ed Stansfield.
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New York Fed: Fewest foreclosures on credit reports since 1999

Bankruptcies also hit new low
Jacob Gaffney
The just-released Federal Reserve Bank of New York Household Debt and Credit Report states aggregate household debt balances were largely flat in the first quarter of 2015. Here's a quick wrap of all the findings.
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Annaly CEO: Blame Fed policy for failed economic recovery

8 years of injustice to American workers
Jacob Gaffney
Wellington Denahan, CEO of mortgage REIT Annaly Capital, came out swinging in the investor conference call after reporting earnings yesterday. Lucky for us, the Federal Reserve didn't go further with the economic bailout.
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Housing advice on Reddit is totally blowing up

Some mortgage professionals already ahead of the game
Jacob Gaffney
Hey mortgage professionals, want to flex your mortgage knowledge in front of a massive audience for free? Reddit now commands some consideration.
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Freddie Mac CEO: Ready for legislative solution

Looking at new risk-sharing deals, FICO alternatives
Jacob Gaffney
While much is made of Corker-Warner, Johnson-Crapo and other attempts to finally return the GSEs to the private market, less attention is given to the disruption such lawmaking may have on the internal, day-to-day operations at the housing behemoths.
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From HW Magazine

Is it time to 86 the FICO?

Using only one model leaves money on the table for lenders
Jacob Gaffney
First, I’m not suggesting totally yanking FICO or Vantage Scores or anything like that. What I am recommending is the adoption of other models that would equally, or even more effectively, determine who can repay a loan.
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Hey Yahoo, 2005 called, and it wants its mortgages back

This was the most amusing (and depressing) mortgage-related read of the week
Jacob Gaffney
“A man who spent years sleeping in a cardboard box by a bus stop found a bank account he had forgotten - with enough money for the deposit on a house.” If correct, that means he needs to get a mortgage. Truth is, no one is going to give this guy a mortgage.
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