From the government shutdown, Royal baby & Breaking Bad finale, 2013 was an eventful year.
As 2013 comes to a close, we see endless reviews of year-end lists. Here’s the top mortgage stories of 2013:
- In January, consumers gained confidence in the housing market. Also, the National Association of Remodeling Industry predicted that Americans would be more comfortable spending on home improvements in 2013. The president was also inaugurated and we reviewed the past 4 years of Obama’s presidency related to the housing industry.
- In March, the federal government announced a new loan modification program to help struggling homeowners for the Streamlined Modification Initiative, according to USA Today.
- In April, the 15-year mortgage rate hit a year low, according to CNN Money.
- In June, the feds crack down on foreclosure ‘auction’ scams. June also reported homebuilder sentiment at a 7-year high.
- In July, the US homeownership rate fell to its lowest point in 18 years, with ownership at 65%.
- In August, federal regulators relaxed a proposed mortgage rule that would require banks to keep a stake in home loans they parcel out to investors according to the Washington Post.
- In October, new requirements for FHA-backed mortgages took affective, potentially causing roadblocks for homebuyers with collections or judgments in their credit histories, according to AOL real estate.
- In December, a Corelogic report stated that 6.4 million homes remain underwater for their mortgages in Q3 2013.
- Beginning Jan 10 2014, banks have to ensure that monthly mortgage payments are affordable as a result of the Dodd Frank law, according to CNN. Fannie Mae and Freddie Mac will increase their guarantee fees in 2014 to reduce their mortgage market presence, increasing mortgages next year. The Qualified Mortgage rule releases a strict set of standards for loans.