Wednesday, August 15, 2012

Morning Real Estate Review


Fannie Mae says its too early to declare victory on housing (Forbes) The mortgage giant showed strong gains in yesterday's report on the 2nd quarter, but it says headwinds remain, 2nd half may be not as strong as first half.

Wells Fargo pays $6.5m to SEC to settle mortgage sale charges (HousingWire) The mortgage giant was accused of selling risky mortgage packages to investors.

Residents plan to acquire Onyx apartment building near ballpark (Biz Journal) Tenants in the 266 unit building near the waterfront move to acquire the building under the District's first-right-of-refusal laws, after Canyon Johnson contracted to sell the building to Equity Residential.

Rising home prices in DC area push affordability to lower levels (National Assn of Home Builders) A national study finds that prices are rising nationwide, stretching affordability, despite historically low interest rates that make purchasing easier.

Fannie and Freddie:  making money, but not enough to pay dividends owed to taxpayers for bailouts (Wall Street Journal) Through a complex financial arrangement with the federal government, the secondary mortgage buyers have no mechanism to pay back loans, and will keep drawing from the government in order to pay dividends, but those draw-down funds are getting depleted.

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