News

In October of 2008, The Mortgage Bankers Association's brought together a Council on Ensuring Mortgage Liquidity. The below report suggests a framework for government involvement in the single-family and multifamily secondary mortgage markets, with a particular focus on the roles currently played by Fannie Mae and Freddie Mac. While clearly not the only potential framework for the future, the Council’s recommendations represent a clear, concise and workable approach to ensuring liquidity to the mortgage market.

The Department of the Treasury is amending its policy regarding the time limitation within which State housing credit agencies must disburse funds received under section 1602 of the American Recovery and Reinvestment Tax Act of 2009. This change will allow States to disburse section 1602 funds to subawardees through December 31, 2011 under certain conditions.

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Bucking a six-month trend of falling home sales, Bay State home sales shot up nearly 12 percent in July year-over-year while the decline in median home prices narrowed, The Warren Group reported today.

"This is a much-needed boost for the state's housing market," said Timothy M. Warren Jr., CEO of The Warren Group, publisher of Banker & Tradesman. "We haven't had a double-digit gain in monthly home sales since last October. And the declines in home prices have been getting smaller every month."

Foreclosures in Massachusetts increased almost 9 percent in July from the prior month but dropped 38 percent from the same month last year, according to a new report from The Warren Group, publisher of Banker & Tradesman. At the same time, the number of foreclosures initiated by lenders rose from the prior year and has approached historic highs.

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