Today’s News Synopsis:

Both Fannie Mae and Freddie Mac released their new Flex Modification Foreclosure Prevention Programs, which will reduce the monthly payments they make on their mortgages.  In their last meeting of the year, the Federal Open Market Committee voted to raise interest rates to between 0.50 and 0.75%.  The Mortgage Bankers Association reported a 4% decrease in mortgage applications from last week.

In The News:

Bloomberg – “Yellen Takes Post-Hike Victory Lap With Labor Market Great Again” (12-14-16)

“For Janet Yellen, the labor market is great again.  Yellen took a rare victory lap Wednesday, signaling the economy is strong and will improve further, allowing the Federal Reserve to continue to raise rates next year.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-14-16)

“Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2016.”

CNBC – “How a housing squeeze is tightening on first-time buyers” (12-14-16)

“It’s becoming harder to get started on the American Dream of homeownership.  Some eight years after its worst collapse since the Great Depression, the housing market has recovered in much of the country, with prices approaching peak levels set a decade ago.”

Fannie Mae – “Fannie Mae Announces New Foreclosure Prevention Program” (12-14-16)

“Fannie Mae (FNMA/OTC) announced today its Flex Modification foreclosure prevention program, which is designed to help America’s families by offering reductions to their monthly mortgage payments.”

Bloomberg – “Wells Fargo’s Hometown Penalizes Bank Amid Fake-Accounts Scandal” (12-14-16)

“Wells Fargo & Co., the bank working to contain a scandal over bogus accounts, was suspended from doing some business with its hometown of San Francisco.”

Freddie Mac – “Freddie Mac Announces New Foreclosure Prevention Program” (12-14-16)

“Freddie Mac (OTCQB: FMCC) announced today the Freddie Mac Flex Modification foreclosure prevention program, which is designed to help America’s families by offering significant reductions in their monthly mortgage payments.”

Board of Governors of the Federal Reserve System – “Press Release” (12-14-16)

“Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year.”

DS News – “Reducing Habitually Delinquent Properties – A New Year’s Resolution?” (12-14-16)

“DS News often discusses delinquencies and serious delinquencies on mortgage loans and their implications for the industry and the market.  But a topic not heavily explored is habitually delinquent properties, or delinquent properties after 10 or more years of unpaid taxes.”