Wednesday, January 11, 2012

Housing News Digest, January 11

Fannie Mae Chief Executive Michael J. Williams stepping down

Williams became head of the mortgage company in 2009, soon after mounting losses forced the company and its smaller rival, Freddie Mac, into government conservatorship.

ARA closes sale of 16-property manufactured housing community

Atlanta’s ARA recently closed the sale of a 16-property manufactured-home community portfolio containing 5,919 land-lease home sites, including several in Michigan.

The portfolio includes land-lease home sites in Michigan, Arizona, Colorado and Texas.

Housing regulator criticized on home loan banks

Reuters) - A government watchdog on Wednesday criticized the regulator of the U.S. Federal Home Loan Bank system, a collection of 12 government-chartered cooperatives that provide a source of mortgage funding, for not doing enough to monitor risks.

The inspector general for the Federal Housing Finance Agency, which regulates the home loan banks, suggested FHFA had not been aggressive enough in reviewing "supervisory concerns."

Mortgage applications rise 4.5%

Mortgage applications edged up 4.5% last week when compared to a week earlier, an industry trade group said Wednesday.

The Mortgage Bankers Association released its market composite index, which shows applications up 4.5%.

Refinancing activity also grew with the refinance index increasing 3.3% from a week earlier. The purchase index also grew 8.1%, while the unadjusted purchase index is now 41.9% higher than last year.