Prudential Financial has sold its real estate arm to Brookfield Residential Property Services of Toronto. Details were not announced, but franchisees such as Prudential Fox & Roach will likely see no changes as a a result. Brookfield plans to expand into global markets, including India.
A bill introduced in the U.S. House would put a time limit on judgment deficiencies and protect low-income people from them. In some states, a lender can come after a homeowner for the deficient amount after a short sale or a foreclosure. The bill, if enacted, would not supersede lower state limits or prohibitions.
A HUD-sponsored summit on lesbian, gay, bisexual and transgender housing issues learned that 19 percent of transgender people have been refused apartments by landlords.
The Obama administration says that as of October, 880,000 permanent mortgage modifications have been made through the Housing Affordable Modification Program since its inception in April 2009. Eighty-two percent of eligible homeowners entering a HAMP trial modification since June 1, 2010, received a permanent modification, with an average trial period of 3.5 months.
Mortgage applications increased 12.8 percent last week from the week before, which included the Thanksgiving holiday, the Mortgage Bankers Association reported. Some lenders are reporting an increase in loans under the Home Affordable Refinancing Program, for which the Obama administration eased rules on Oct. 24.