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The contaminated water crisis in Flint, Michigan, could prevent buyers from securing home loans in the area due to minimum lender requirements of livability, HousingWire reported Feb. 4.
The Federal Reserve’s 2016 stress tests will examine how well big banks handle extended periods of time with negative interest rates on the three-month Treasury bill, Bloomberg reported Feb. 2. The Fed’s action is a response to below-zero rates already in place in other countries.
The House Education and the Workforce Committee approved on Feb. 2 HR 4293, legislation that provides an alternative to the U.S. Department of Labor’s controversial proposed rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
The economy in 2016 is expected to expand for the seventh consecutive year, with housing anticipated to rise 7 percent as a result of low mortgage rates and increased home values, the Economic Advisory Committee of the American Bankers Association reported Feb. 3.
Wells Fargo reached an agreement with the U.S. Department of Justice Feb. 3 in which it will pay $1.2 billion to settle allegations that it improperly certified mortgage loans, USA Today reported. The bank was accused of reckless underwriting that forced the Federal Housing Administration to pay claims on thousands of defaulted mortgages.
The Federal Housing Administration on Feb. 1 issued a new Multifamily MAP Guide to instruct lenders on underwriting all FHA-insured multifamily housing construction and rehabilitation transactions. The guide also features a new operating manual for multifamily underwriting, and is meant to reduce loan approval times.
CBRE Capital Markets transacted the most multifamily financing volume with Freddie Mac last year, accounting for nearly $7 billion, the government-sponsored enterprise reported Feb. 2. Other top lenders were Berkadia Commercial Mortgage and Holiday Fenoglio Fowler. Freddie settled $47.3 billion in new multifamily volume in 2015.
Average fixed mortgage rates fell for a fifth consecutive week amid ongoing market volatility, reaching their lowest point since April 2015, Freddie Mac reported Feb. 4 in its Primary Mortgage Market Survey.
San Francisco was the hottest real estate market in January, with California cities accounting for seven of the top 10 housing hot spots, Realtor.com reported Feb. 1.
Homes located near college campuses often make great investments and can help investors earn the best yields on single-family rental properties, according to data firm RealtyTrac, National Real Estate Investor reported Feb. 1.
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