Government

While many factors contribute to the overall health of the housing market and economy, home equity is providing a major boost to the overall position of U.S. households.

As of now, Fannie Mae and Freddie Mac only consider the FICO credit scoring model when making mortgage purchase decisions.

Although credit standards are easing, job markets are improving, and consumers continue to show the desire to own a home, actual homeownership remains at a low level across the nation.

A survey of 95 national banks and federal savings associations revealed overall on average, those institutions have eased their underwriting standards for the third consecutive year, according to a report from the Office of the Comptroller of the Currency.

Just as servicers were adjusting to the lowest ever standard mortgage modification interest rate established in November by Fannie Mae and Freddie Mac, the GSEs opted to raise it back up.

Since the TILA-RESPA Integrated Disclosures (TRID) rule went into effect on October 3, 2015, the mortgage industry has been mostly quiet about its effects—that is until now.

The Federal Housing Administration (FHA) revealed its loan limits for 2016, according to an announcement Wednesday. The FHA said that loan limits will increase in 188 counties from the 2015 limits, but all other counties will remain at their current level.

"Too Big to Fail” was the prime topic of discussion at an oversight hearing for the Financial Stability Oversight Council in the House Financial Services Committee on Tuesday.

Although overall job openings, hires, and separations were little changed at the end of October 2015 compared to the previous month, the construction and real estate and rental and leasing sector experienced some positive changes.

The Federal Open Market Committee will convene next week for the last time this year and are expected to sweep the industry will a change to the federal funds rate, something that has not been done since June 2006.