by Calculated Risk on 10/20/2014 08:09:00 PM

From Dina ElBoghdady at the WaPo: How a top housing regulator plans to make it easier to get a mortgage. Excerpts:

It’s unclear if Watt's downpayment plan will do much to ease access to credit. The average downpayment remains lower today than it was in more normal, pre-housing bubble times, said Sam Khater, chief deputy economist at CoreLogic. That’s because the Federal Housing Administration – which backs loans with as little as 5 percent down -- has a larger share of the mortgage market than usual, Khater said. Having Fannie and Freddie also accept downpayments as low as 5 percent would only help on the fringes, Khater said.
...
Today, the average credit score on a loan backed by Fannie and Freddie is close to 745, versus about 710 in the early 2000s, according to Moody’s Analytics.

From David Stevens, MBA President: MBA’s Stevens Applauds FHFA Steps to Ease Credit for Homebuyers

“Offering lenders better clarity around representation and warranty requirements will ensure lenders are accountable for any material mistakes they may make in the loan process, yet acknowledges the fact that minor, immaterial loan defects should not automatically trigger a repurchase request. As a result, lenders will be more confident in offering mortgages to qualified borrowers within the full boundaries of the GSEs’ credit requirements.

Tuesday:
• At 10:00 AM, Existing Home Sales for September from the National Association of Realtors (NAR). The consensus is for sales of 5.09 million on seasonally adjusted annual rate (SAAR) basis. Sales in August were at a 5.05 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 5.14 million SAAR. A key will be the reported year-over-year increase in inventory of homes for sale.

• Also at 10:00 AM, Regional and State Employment and Unemployment (Monthly) for September 2014