Home ownership headlines and highlights of the week — your five-minute update:
Freddie Mac is suspending foreclosure and eviction proceedings up to 12 months for distressed home owners with property damaged by Hurricane Irene.
The Wall Street Journal:White House, Regulator Considering Refinance Program Revamp
The White House is pushing to revamp an existing federal program to allow more Americans with government-backed loans to refinance, and a federal regulator is weighing changes to accommodate that effort.
National Mortgage News:Industry Groups Urge Fast Action on GSE Loan Limits
A coalition of industry groups is urging Congress to act quickly to maintain the GSE loan limit at $729,750, saying the pending expiration is hurting both home sales and application volume.
The New York Times:Federal Regulators Sue Big Banks Over Mortgages
A bruising legal fight pitting the country’s most powerful banks against the full force of the United States government began Friday, as federal regulators filed suits against 17 financial institutions that sold the mortgage giants Fannie Mae and Freddie Mac nearly $200 billion in mortgage-backed securities that later soured.
The average rate for a 30-year fixed loan dropped to 4.12% in the week ending today from 4.22%, Freddie Mac said in a statement today. That’s the lowest in the McLean, Va.-based company’s records dating back to 1971. The average 15-year rate fell to 3.33% from 3.39%.