Government

Homeowners across the nation are undoubtedly recovering from the housing crisis, but wealth among these homeowners is not contributing to the economy as whole like it did prior to the crisis.

“There is overwhelming consensus that congressional action is needed, and it is hard to imagine that anyone would ever want to harm taxpayers and return to the failed model of private gains and public losses.” -Sen. Bob Corker

Economic growth is expected to move upward in the fourth quarter following a disappointing third quarter, according to Fannie Mae's Economic & Strategic Research Group. The research shows that economic growth for all of 2015 is projected to reach 2.2 percent, with a another increase in 2016 to 2.4 percent.

Earlier this week, the U.S. House of Representatives passed S. 2036 by voice vote placing a cap on the salaries of Fannie Mae and Freddie Mac CEOs right at the original amount of $600,000 per year. Many in the mortgage industry expressed both approval and disapproval of the House's decision when questioned about the vote.

The White House is threatening to veto a bill that calls for more transparency from the Fed as well as another piece of legislation that would allow loans in portfolio to qualify for an exemption under the Consumer Financial Protection Bureau's qualified mortgage rule, which passed in the House on Wednesday.

The elusive interest rate hike that the mortgage industry has anticipated for quite some time may finally happen in December 2015. Minutes from the Federal Open Market Committee's October meeting showed that most of the members appear to be on-board for a December rate increase.

Construction in the single-family housing market for the month of October as both housing starts and housing completions decreased, the U.S. Census Bureau and HUD announced Wednesday.

The U.S. may be following through on promise made a few months ago to target individual executives from the Royal Bank of Scotland and JPMorgan Chase for their alleged criminal role in financial crisis. In September, the Department of Justice issued a memo to all U.S. state attorneys general stating that it will pursue the prosecution of individuals whose actions brought on the Great Recession of seven years ago. The DOJ is reportedly standing by their word and pursuing criminal cases against executives at these two banking institutions for allegedly selling flawed mortgage securities after being warned by associates of their wrongdoings.

“This provision would politicize monetary policy and bring short-term political pressures into the deliberations of the FOMC by putting into place real-time second guessing of policy decisions,” Yellen wrote in the letter. “Such action would undermine the independence of the Federal Reserve and likely lead to an increase in inflation fears and market interest rates, a diminished status of the dollar in global financial markets, and reduced economic and financial stability.”

The Appraisal Foundation, an organization that sets Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation ...