Five key takeaways on America’s housing market
In the aftermath of the housing and financial crisis, the perverse financial incentives embedded in the current webpage system of servicer compensation as well as confusing pooling and servicing agreements resulted in servicers severely compounding the damage rather than ameliorating it. Its up to Congress to fix these issues in any reform. 9.The system should provide access and a level playing field for both large and small lenders. A diverse lending market is crucial for ensuring broad access to credit for all borrowers and communities, including rural communities, communities of color, and communities that have been hit hard by the recession. A secondary market that enables lenders of all sizes in all communities to offer mortgages on equal and well-understood terms is one of the major beneficial functions of Fannie Mae and Freddie Mac that, going forward, the reformed system must retain and even improve on. 10.The system should include strong regulatory tools to supervise, monitor, and ensure the appropriate operation of entities that provide access to the government guarantee.
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But housing is still seen as overvalued in some areas, spurring the question of whether any downturn will be sudden or gradual. Most economists at Canada’s major banks see the market staying stable in the medium term. Separately, Statistics Canada said on Thursday its new housing price index climbed 0.2 percent in July from June, beating market expectations of a 0.1 percent gain and bringing the year-on-year increase to 1.9 percent. Calgary saw the biggest 12-month jump in new home prices, 5.8 percent, since December 2007. In Toronto-Oshawa, prices rose 0.3 percent on the month and 2.6 percent on the year.
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WRAPUP 1-Canada housing prices bounce higher but no crash seen
The group’s chief economist doesn’t think housing is in a robust recovery. (Associated Press) Also By Alejandro Lazo September 11, 2013, 10:47 a.m. Mortgage titan Fannie Mae depends on Douglas G. Duncan, its chief economist, to keep a close eye on the nations housing market. Duncan met with Times editors and reporters in Los Angeles this week to share his views on where the market is headed. Here are five key takeaways from his visit.
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