Foreclosure Front Receives Positive News - G-Fees Delayed

The foreclosure front received more positive news this week as the housing sector continues to dig out of the hole that occurred at the height of the Great recession. Fannie Mae and Freddie Mac have prevented 3 million foreclosures since the two have come under government control in September 2008.

The Federal Housing Finance Agency reported this week that so called g-fees that were to be added onto to consumer mortgages starting in March of next year will be delayed. However, fees could go higher for those borrowers who don't have down payments of 20% or credit scores of 680 to 760.

Over in the job sector, weekly initial jobless claims fell by 42,000 in the latest week to 338,000, which was below the 350,000 that was expected. The numbers could have been distorted by the holiday hirings and firings, but was the biggest weekly decline in 13 months. The four week moving average, which irons out seasonal abnormalities, rose by 4,250 to 348,000.

 

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