Thursday, February 9, 2012

Housing News Digest, February 9

In need of low-income housing?
The addition also comes at a crucial time.

According to the Colorado Division of Housing, the apartment vacancy rate in Colorado Springs at the end of last year was 6.7 percent.

"The need was high even before the recession hit, but with the economic downturn we really saw a perfect storm of stagnant wages, unemployment, and foreclosures," Patke said. "The need for affordable rentals is high."

Ex-Fannie Mae Employee: Executives 'Philosophically Opposed' To Loan Forgiveness

Fannie Mae executives are refusing to forgive part of homeowners' mortgage debt because they are "philosophically opposed" to the idea, according to an account of a former Fannie Mae employee cited in a letter sent Wednesday by members of the House Oversight Committee.

The head of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, previously has said that concerns about losing taxpayer money had kept the two mortgage giants from reducing the principal on struggling borrowers' loans. Fannie Mae and Freddie Mac have cost taxpayers about $169 billion since their government takeover in 2008.

U.S., Banks Agree on Foreclosure Pact

Government officials have finalized an agreement worth as much as $26 billion with five major banks, capping a yearlong push to settle federal and state probes of alleged foreclosure abuses by lenders.

The deal represents the largest government-industry settlement since a multistate deal with the tobacco industry in 1998.

Dunkin' Donuts the latest chain to come to Denver area
DENVER - Eleven Dunkin' Donuts stores are expected to pop up in the Denver area by late spring. On top of that, the Metro Denver Economic Development Corporation says Trader Joe's plans to set up two stores by year's end.

Mortgage rates remain near historical lows

The 30-year, fixed-rate mortgage remained unchanged at historically lows for the week ending Feb. 9, while other rates edged higher on improved employment data, Freddie Mac said.

The government-sponsored enterprise released its primary mortgage market survey, which shows the rate for a traditional mortgage unchanged from the previous week's rate of 3.87%. That same rate came in at 5.05% last year