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Appraisals in the state of Illinois came to an abrupt halt last week after the state’s Department of Financial and Professional Regulation revoked the licenses of 70 appraisal management companies over non-compliance with Illinois bonding regulations, HousingWire reported May 14.
For the third consecutive month, homeowner opinions of home values are higher than the value assessed by professional appraisers, according to the Home Price Perception Index released May 13 by mortgage lender Quicken Loans, HousingWire reported May 13.
Financial holding company Nomura Holdings and the Royal Bank of Scotland will pay $806 million in damages to the Federal Housing Finance Agency for exhibiting “enormous deception” in the sale of allegedly flawed mortgage-backed securities to Fannie Mae and Freddie Mac, Bloomberg reported May 15.
The Federal Housing Finance Agency reported May 14 that its new statistical model could help it predict the severity of future housing market downtowns. As outlined in “Working Paper 15-1: How Low Can House Prices Go? Estimating a Conservative Lower Bound,” the FHFA noted a worst-case scenario similar to the 2008 housing crash.
House Republicans on May 12 voted to block government regulations that would clarify which streams, tributaries and wetlands should receive protection from pollution and development under the Clean Water Act, The New York Times reported.
Consumer Financial Protection Bureau Director Richard Cordray said the Aug. 1 implementation date for the TILA/RESPA Integrated Disclosure rule still stands despite reports that 41 percent of mortgage lenders will be unprepared to meet the compliance deadline, HousingWire reported May 12.
Hoping to increase liquidity in the affordable multifamily finance market, the Federal Housing Finance Agency announced May 7 that it is revising its list of categories excluded from the lending purchase caps established in the 2015 Scorecard for Fannie Mae and Freddie Mac.
Commercial real estate firm DTZ has agreed to purchase fellow commercial real estate firm Cushman & Wakefield for $2 billion, The New York Times reported May 11. The combined firm would take the Cushman & Wakefield name and have more than 43,000 employees in more than 50 countries.
Average fixed mortgage rates rose for the third consecutive week and now are close to their yearly highs, Freddie Mac reported May 14 in its Primary Mortgage Market Survey.
Homes in Hawaii are overvalued by 17 percent making them the country’s most overpriced properties, according to data released May 6 by ratings agency Fitch Ratings. Also overvalued are homes in Nevada, North Dakota and Arizona. The most undervalued homes are in Michigan, New Hampshire and Rhode Island.
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