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CNN Money
Mortgage deal could bring billions in relief
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general's office.

Making sense of the story

• The deal settles potential state charges about allegations of improper foreclosures
  based on robo-signing, seizures made without proper paperwork.
• The settlement sets up a federal monitor to oversee the process and try to prevent the
  challenges that tripped up many homeowners seeking help in earlier programs designed to address the housing crisis.
• Most of the relief will go to those who are underwater on their homes. That relief will
  come over the course of the next three years, with banks having incentives to provide
  most of the relief in the next 12 months.
• At least $17 billion will go to reducing the principal owed by homeowners who are
  underwater and behind on their mortgages.
• Up to 750,000 other underwater homeowners who are current on their mortgages will be able to refinance their current loans at lower rates. They will not receive a reduction in principal, but with mortgage rates near record lows, they could receive substantial
  savings on their monthly payments.
• Approximately $1.5 billion will go to homeowners who had their homes foreclosed upon between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. They will receive up to $2,000 each.
• The five mortgage servicers that are parties to the settlement include Bank of America,
  JPMorgan Chase, Citigroup, Wells Fargo, and Ally Financial (formerly GMAC).
  Read the full story http://cnnmon.ie/AsERqO

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The Los Angeles Times

Recovery roadblock? Mortgage burdens keep job seekers from moving

A report by Challenger, Gray & Christmas Inc. shows that struggling homeowners who aren’t

relocating for new jobs may stymie employers’ long-range growth.

Read the full story: http://lat.ms/wjqiEa

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The Mercury News
Foreclosures at the high end increase
The housing crisis has caught up with people whose wealth helped them hang onto their houses longer.  Read the full story: http://bit.ly/wFdUgx

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The New York Times
Shrinking the escrow
When borrowers choose a fixed-rate loan for a home purchase or refinancing, only one part of the monthly mortgage statement is ever likely to change: The escrow amount.
Read the full story: http://nyti.ms/ym2es0

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The Wall Street Journal
Fannie Mae: Outlook for home prices rises again
The consumer outlook for U.S. home prices improved again in January, extending a recent
upward trend in housing market sentiment, according to Fannie Mae.
Read the full story http://on.wsj.com/zXddqD

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CNNMoney
Homes in foreclosure decline by 130,000
The number of homes in foreclosures shrunk by 130,000, or 8.4 percent, in 2011, according to a report by CoreLogic. Read the full story
http://cnnmon.ie/zolZlx

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The Los Angeles Times
Lawmakers push Fannie, Freddie to write-down mortgage principal
On Monday, lawmakers pressed the regulator of Fannie Mae and Freddie Mac to write-down
the principal on mortgages of underwater homes.
Read the full story http://lat.ms/xDX2vh

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The San Francisco Chronicle
Short sales mean bonuses for some homeowners
In a new development, banks are now selectively offering substantial sums of money – up to
$35,000 – to some homeowners to encourage short sales.
Read the full story http://bit.ly/yrKz4N

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The Wall Street Journal
Forecast: Drop in home values less severe in 2012
Zillow’s home-value forecast released on Thursday predicts a 3.7 percent decline this year, an improvement when measured against the 4.7 percent decline in 2011.
Read the full story http://on.wsj.com/A5nRtG

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San Diego Union Tribune
California may have turned the corner
California may finally have turned the corner into recovery, with the job market slated for slow but steady growth over the next two years, according to a report released by UCLA's Anderson Forecast. Read the full story http://bit.ly/vAZ9h8

San Francisco Chronicle
Congress may restore home-loan limit to $729,750
November 15 - Congress will decide this week whether to reinstate the limit on government-backed home loans in high-cost areas to $729,750.
Read the full story http://bit.ly/u9jn7W

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Los Angeles Times

Beware of firms charging a fee for mortgage help

November 15 - Plenty of companies are eager to exploit the uncertain economy and housing market by trying to separate property owners from their money. But services seeking high fees for foreclosure assistance seldom prove beneficial, housing experts say.  Read the full story

http://lat.ms/svrygN

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The Wall Street Journal
How to figure the fuzzy math of Internet home values
November 13 - After years of real-estate pros holding all the informational cards in the home-sale game, Webdriven companies are reshuffling the deck, giving home shoppers and owners estimates of what almost any home is worth. Read the full story: 

http://on.wsj.com/tawbQ1

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San Diego Union Tribune
“Middleman” appraisers spur concerns
November 12 - Consumers who’ve paid for a home appraisal within the last five years likely paid a percentage to a third party that they never knew existed.  Read the full story: http://bit.ly/vjndra

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The Wall Street Journal
Applications for purchase mortgages declined in October
November 11 - Applications for home purchase loans dropped by 20 percent in October from September, even though mortgage rates in October held close to their lowest levels of the year. Compared with one year ago, applications for home purchases were unchanged. Read the full story http://on.wsj.com/rP1y6a

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CNNMoney
Foreclosures on the rise again
November 10 - Foreclosure filings were reported on 230,678 properties nationwide in October, a 7 percent increase from September, reported RealtyTrac. Read the full story
http://cnnmon.ie/sD4OYq.

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The New York Times
Retiring without a home loan
November 10 - In today’s shaky economy, many financial advisers are suggesting that homeowners wait to pay off their mortgage, and instead keep the cash available.
Read the full story http://nyti.ms/tsEGyD

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Orange County Register

Where are the priciest homes in California?
November 9, 2011 - Realtor.com’s monthly housing report — based on information posted on brokers listing services— found the priciest big housing markets in California in September.
Read the full story: http://on.car.org/rstbSoSan Francisco Chronicle

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Inman News
Real estate prices continue slide in September
November 7, 2011 - CoreLogic's price index fell 4.1 percent year over year and dropped 1.1 percent on a month-tomonth
basis in September. Read the full story: http://on.car.org/tUizK0 

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SmartMoney
Investors, be wary of these real-estate deals
November 3, 2011 - Section 1031 real-estate exchanges are back – and that means investors need to be cautious. Read the full story: http://on.car.org/sdqBPC 

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The New York Times
Triggers of lender scrutiny
November 3, 2011 - In recent years, lenders have stepped up fraud-prevention investigations and checks on mortgage applications. For borrowers, this may mean facing questions on actions like accepting cash gifts from relatives for the down payment or signing up for new credit cards
during the application process. Read the full story: http://on.car.org/vzhv33

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