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REAL ESTATE INDUSTRY NEWS

Yahoo! News: Business - Real Estate
Business - Real Estate

Fed's Bernanke sees U.S. backing Fannie, Freddie debt (Reuters)
Reuters - Current Fannie Mae and Freddie Mac mortgage-backed securities are likely to retain U.S. government backing should Congress create a new system for financing U.S. homes, Federal Reserve Board Chairman Ben Bernanke said on Wednesday.
CIBC wins dismissal of suit over subprime holdings (Reuters)
Reuters - A U.S. federal judge dismissed a shareholder lawsuit accusing Canadian Imperial Bank of Commerce and four executives, including Chief Executive Gerald McCaughey, of misleading investors about the bank's exposure to subprime mortgages.
Moving target: Goal for foreclosure aid in dispute (AP)
AP - Last year, the message was clear. Now it is murky.
Wells Fargo signs up for loan modification program (AP)
AP - Wells Fargo & Co. has become the second bank to sign up for a government program to modify second mortgages.
Bailout watchdog to audit gov't mortgage program (AP)
AP - The federal bank bailout watchdog is planning to scrutinize the formula used by mortgage companies to evaluate borrowers for the Obama administration $75 billion mortgage relief program.
Fannie Mae slashes mortgage investment forecast (Reuters)
Reuters - Fannie Mae, the largest provider of U.S. residential funding, on Wednesday slashed its forecast for residential investment this quarter following a "setback" in home sales, and warned on its impact on the economic recovery.
Welcome to Real Estate Investing 101 and 102 (BusinessWeek)
BusinessWeek - After the housing bubble nightmare, does it still make sense to invest in real estate?
Getting a Mortgage Without Perfect Credit (BusinessWeek)
BusinessWeek - The government keeps promoting programs designed to help existing homeowners refinance their mortgages at a lower rate, as well as get perspective buyers into homes. In other words, Uncle Sam says he's here to help. "Phooey," say homeowners and prospective homeowners, who keep complaining that it is ridiculously hard to get a mortgageor refinance one. Can both sides be right? Unfortunately, yes. But if you are willing to do a bit more work than in the past, it is possible to lower your mortgage rate to 5% or arrange to buy your first home. It is clear that there is pent-up demand to do both. ...
When Will Mortgage Rates Go Up? (BusinessWeek)
BusinessWeek - Over the last several months, I've written a lot about the current state of residential real estate, and the opportunities made available by the combination of lower housing prices and falling interest rates. As we approach the end of this year's residential real estate buying-and-selling season, this is a good time to start thinking about what might lie ahead.
Ex-exec testifies in KB Home fraud trial in LA (AP)
AP - A former executive of KB Home testified Tuesday against former chairman and Chief Executive Bruce E. Karatz, who is accused of bilking shareholders out of millions of dollars by backdating stock options.
Data show surge in consumer cases in fiscal 2009 (AP)
AP - The number of new cases in federal courts related to consumer issues surged in the year ended last Sept. 30 as Americans battered by the recession fought foreclosures and downgraded debt ratings, data released Tuesday show.
PIMCO: End of mortgage buys form of tightening (Reuters)
Reuters - The end of the Federal Reserve's program of purchasing $1.25 trillion of mortgage-backed securities at the end of March is a form of tightening monetary policy, the chief of the largest U.S. bond fund manager said on Tuesday.
Snowstorm hits US housing market revival (AFP)
AFP - Construction of new houses in the United States slumped in February on freezing temperatures across the nation, breaking a rally that spurred hopes of a rapid recovery for the battered sector.
Homebuilder sentiment index falls in March (AP)
AP - Harsh winter weather and competition from deeply discounted foreclosures are putting a damper on sales prospects for homebuilders.
5 states rush plans for $1.5B in housing funds (AP)
AP - The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month.
Runaway Prius case presents nagging questions (AP)
AP - Investigators are confronted with a series of nagging questions as they try to unravel the case of a California real estate agent who said his Toyota Prius turned into a runaway death trap after the gas pedal became stuck.
Wells Fargo, Baltimore in talks after mortgage suit (Reuters)
Reuters - Wells Fargo & Co said on Friday it is in talks with Baltimore officials that could avert further litigation by that city over the bank's mortgage lending practices.
"Cash for keys" aids home borrowers, investors (Reuters)
Reuters - Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio house.
Homeowners seek help at Glendale foreclosure event (AP)
AP - Hundreds of homeowners trying to avoid losing their homes to foreclosure met with housing counselors and lender representatives at an event in Glendale on Thursday.
BofA mortgage modifications jump in March (Reuters)
Reuters - Bank of America Corp completed 20,666 mortgage modifications in March under a U.S. government-backed program, up 61 percent from February, the bank said on Friday.

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