The Mortgage Bankers Association and the National Association of Realtors applauded the news.

Researchers at the Federal Reserve Bank of New York tracked the recovery of borrowers who foreclosed in 2008 and borrowers with similar characteristics but who did not foreclose.

Congress should consider legislation to allow Ginnie Mae to expand its pass-through assistance program to give nonbanks a liquidity backstop, according to the Financial Stability Oversight Council.

The flow of purchase mortgages in Ginnie Mae MBS increased 15.0% from March levels, while securitization of refinance loans dropped 9.2%.

“The current approach is clearly failing,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

The Mortgage Bankers Association has called for the creation of a national housing policy director position in the White House.

With banking regulators considering how to revise their Basel III endgame proposal, the U.S. Mortgage Insurers stressed that regulators should look more favorably on loans with private MI.

The funding request includes $81.3 billion for HUD programs to increase the housing supply and lower homeownership costs.

The flow of refinance loans into the Ginnie MBS program dropped 9.2% in April. Still, year-to-date refi volume in the government-insured market was up a solid 54.4%. (Includes two data tables.)

A lender’s reconsideration of valuation process must include disclosure to the borrower at the point of a loan application and again when the borrower receives the appraisal.