Phil Hall on GSE Reform, Home Prices in 19 Metros, Vacated Foreclosures, Eminent Domain Kills Lending, Default Risk Drops, Debt Service Drops, Servicer Shakeout, Rocket Docket Back, Chicago Tenants Rights, Dodd-Frank, Canadian US Home Buyers


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(details of the good and bad) MUST READ: You Call This GSE Reform? – BY PHIL HALL – Only in Washington can out-of-control government spending and rampant bureaucracy be replaced with more government spending and expanded bureaucracy. Case in point: the new government-sponsored enterprise (GSE) reform bill that is being hammered out by a bipartisan team of well-intended senators. – Progress In Lending 
Home Prices, Sales Spike in 19 Major Metros in May – BY: ESTHER CHO – DS News 
RealtyTrac: 1 in 5 Foreclosures Vacated by Owner – BY: ESTHER CHO – DS News
(if this happens FHA and GSEs will stop lending there) Eminent Domain on the Way – By Brian Collins and Mark Fogarty – WE’RE HEARING more and more cities are flirting with the use of eminent domain to condemn mortgages and that is going to cause a lot of trouble for the HUD secretary. In states like Nevada where so many homeowners are underwater, almost any proposal that promises principal reduction and lower rates has to feel like a winning proposition. – National  Mortgage News

Report: Risk of Mortgage Default at Lowest Level in Nearly 10 Years – BY: ESTHER CHO –   The risk of default for more recently originated mortgages is close to levels seen 10 years ago, according to the findings from the University Financial Associates (UFA) of Ann Arbor, Michigan. – DS News 
Fed: Household Debt Service Ratio near lowest level in 30+ years – by Bill McBride – The Federal Reserve released the Q1 2013 Household Debt Service and Financial Obligations Ratios yesterday. I used to track this quarterly back in 2005 and 2006 to point out that households were taking on excessive financial obligations. These ratios show the percent of disposable personal income (DPI) dedicated to debt service (DSR) and financial obligations (FOR) for households. – Calculated Risk 
The pending mortgage servicer shakeout – Posted by Derrick Logan – Housingwire 
Rocket docket return: Another weapon for foreclosure defense – Posted by Kerri Ann Panchuk –  When Florida’s Governor Rick Scott signed House Bill 87 – the so-called foreclosure Rocket Docket bill – he had no idea he was opening another can of worms and potentially giving foreclosure defense attorneys more tools in their arsenal to delay foreclosures. – Housingwire 
(really interesting list) Bailout Tracker – Tracking Every Dollar and Every Recipient – Bailout Recipients – regular updatesProPublica 
(tenants rights) Parties foreclosing on Chicago rentals face new obligations – By Megan Hopkins – Parties who acquire residential rental properties via a foreclosure or deed in lieu of foreclosure in Chicago are now required to provide an option to renew the lease or offer relocation assistance to a “qualified tenant.” This is according to a new city ordinance … – Housingwire 
Dodd-Frank impact on loan availability remains a concern – By Megan Hopkins – The qualified mortgage rule’s full impact on home lending remains somewhat of a mystery, but lawmakers and industry professionals debated the rule’s potential influence on the home lending market during a House Subcommittee hearing Tuesday. – Housingwire 
Proposed Bill Could Tempt More Canadians to Buy US Homes – BY MIKE WHEATLEY – Canadians who come to the U.S. to escape the cold weather during winter may soon be able to stay for much longer. A new Senate bill has been proposed by Dem. Chuck Schumer, and if it’s passed it will allow retired Canadians aged 55 or older who own a second home, have a rental agreement, or a hotel reservation to receive a visa to stay in the U.S. for up to 8 months — which is two months longer than the current law allows. – Realty Biz News 


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