Activity in the Fannie Mae/Freddie Mac refinance program for underwater borrowers continued to decline in the fourth quarter of 2015, according to the Federal Housing Finance Agency. The FHFA said the two government-sponsored enterprises securitized 21,079 loans originated under the Home Affordable Refinance Program during the fourth quarter. That was down 18.4 percent from the previous quarter and brought year-to-date production to just 110,113 loans, a 48.2 percent decline from 2014. HARP accounted...[Includes one data table]
A variety of factors could cause a significant decrease to the homeownership rate in the coming years, according to industry analysts. Under a scenario where the housing market resembles the current market in California and high-income European countries, the U.S. could shift to having a majority of renters instead of homeowners in 35 years. In a paper set to be published by the Department of Housing and Urban Development, Arthur Acolin, Laurie Goodman and Susan Wachter projected that the homeownership rate will decline from 63.4 percent in 2015 to 57.9 percent in 2050. Acolin is a PhD student at the University of Southern California, Goodman is the director of the Urban Institute’s Housing Finance Policy Center and Wachter is a professor at The Wharton School of the University of Pennsylvania. The researchers said...
But is the mega-lender advocating for consumers or is it another bold attempt to gain market share and thus increase profits? Industry consultant David Lykken noted: “Quicken’s being smart – they’re using their leverage.”
RSS