Daily Dose

During an hour-long speech at the Press Club in Washington, D.C., HUD Secretary Julian Castro spoke of the economic progress the nation made in 2014, such as experiencing the fastest job growth rate in 15 years, and he addressed HUD's initiatives which are aimed at promoting, increasing, and expanding opportunities for Americans to own a home.

In a comment letter addressed to the Federal Housing Finance Agency's (FHFA) general counsel, Alicia Nealon, director of regulatory affairs for the National Association of Federal Credit Unions (NAFCU), voiced the association's opposition to the proposal, which she says would "disenfranchise over 1 million credit union member-owners."

Using data drawn from tens of thousands of appraisals nationwide, Quicken Loans reported a 0.74 percent month-over-month drop in its Home Value Index (HVI) last month. Bob Walters, chief economist for Quicken Loans, said it would be a mistake to put too much emphasis on a slight monthly decline.

California's Department of Business Oversight is moving to halt Ocwen's operations in the state after the company failed to provide documentation about its compliance with California's Homeowner Bill of Rights. With the latest news, Ocwen is off to a less than promising start to 2015 after concluding what was a rocky 2014.

Looking at the shopping behaviors of mortgage borrowers in 2013, the bureau found that 47 percent of buyers don't take the time to shop around and compare lenders, resulting in potentially higher costs. Furthermore, 77 percent end up applying with only one lender or broker rather than filling out multiple applications to see who will offer the best deal.

The president reported in his speech that the housing market has not come all the way back yet and there is still work to be done. But according to one analyst, the president may have overestimated how far the housing market has come back and the administration's role in the recovery.

Citing concerns about the Federal Housing Administration's (FHA) low capital reserve ratio and its 2013 bailout, senators Bob Corker (R-Tennessee) and David Vitter (R-Louisiana) are calling on the Obama administration to reconsider its plan to cut FHA's annual mortgage insurance premium by half a percentage point.

The New York Federal Reserve's year-end Survey of Consumer Expectations showed little change between November and December, though there was a small pullback in Americans' financial expectations, according to results released Monday. The results mirror the latest National Housing Survey results released last week by Fannie Mae.

In a mortgagee letter issued Friday, HUD announced that the reduction in annual premiums—which will bring premiums down to 0.85 percent on most FHA loans—will affect mortgages with case numbers assigned on or after January 26.

With 2015 less than two weeks underway, Fitch Ratings is the latest forecaster predicting great things for housing in the coming year. However, unlike other commentators, whose projections were based on encouraging market trends, the ratings agency says it's a combination of recent government actions that reinforces its view.