The House Financial Services' housing subcommittee held a formal hearing this week on the administration's new initiatives to provide help to underwater and unemployed homeowners through the Home Affordable Modification Program (HAMP). Most of the industry participants testifying on Capitol Hill applauded the Treasury's efforts to tackle these foreclosure triggers, but there are some who are questioning the logistics and the true effectiveness of the new program enhancements.
The U.S. economy is continuing to show signs of recovery, according to the Federal Reserve Beige Book published this week. Based on information collected across the country from businesses and contacts outside the Fed, residential real estate activity has begun to pick up speed, with sales increasing and prices holding steady. The snapshot of commercial real estate, on the other hand, was a bit more dismal, described by the central bank as "weak" throughout the nation.
The end of the housing correction is looking closer, as the job market finally turns the corner, investors step up home purchases, and the Obama administration revamps its foreclosure mitigation efforts, according to Moody's Investors Service. The credit ratings agency says it has lifted its outlook for home prices, and with the wide-ranging changes to the Home Affordable Modification Program, the foreclosure crisis just might end earlier than anticipated.
The conclusion of the Federal Reserve's mortgage purchase program had many worried that mortgage rates would jump to sky-high levels. And the uninterrupted increase in rates during the weeks following the sunset of the program just added fuel to that fire. However, in a turn of events, mortgage rates retreated for the week ending April 15, 2010, Freddie Mac and Bankrate reported Thursday.
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