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Fannie Mae to (finally) recognize short sales

Fannie Mae is going to fix a small problem with its software. It turns out, the company’s computers don’t recognize short sales.

What that means is that short sales (which typically keep someone from buying a home for two years) had to be labeled as foreclosures (which typically keep someone from buying a home for seven years).


Latest proposal effectively ditches QRM requirements for loans

The six federal agencies tasked with coming up with a definition of a Qualified Residential Mortgage (QRM) have floated another proposal — one that would essentially do away with the QRM definition altogether.

To understand what that means, we need a bit of background, which economist Bill McBride was happy to give, and which I will happily translate.

When it was created, the Dodd-Frank Act had two goals (among others):

New NAR survey finds that Americans support home ownership

A new survey from NAR found that consumers are upbeat about housing. They "overwhelmingly believe that buying a home is a good financial decision," and they consider owning a home to be a top priority.

The Housing Pulse Survey found that 80 percent of Americans believe it’s a good idea to buy a home, and that half of renters now consider home ownership "one of their highest personal priorities."

Call for action: Tax reform is in the works

There’s a big deal going on in the Senate regarding tax reform.

The Senate Finance Committee has decided that the easiest way to change the tax code is to start with a blank slate — that is, start with no deductions at all, then add in the ones that are most important.


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