Anderson SC Homes for Sale

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118 King Street Anderson SC

President’s speech supports homeowners and struggling housing market.

CNN MONEY —

President Obama is expected to once again offer ways to help the beleaguered housing market in his State of the Union speech Tuesday night.

But don't look for Obama to announce any major new initiatives, a far cry from his debut State of the Union speech in 2009, when he previewed the first of what would become a long line of foreclosure fixes.

Until now, however, Obama's efforts to revive the housing market have largely failed. But it isn't entirely Obama's fault, experts say.

Wells Fargo (WFC: 30.26 -0.92%) will launch two multibillion-dollar programs this February to clear housing inventory in Los Angeles and Atlanta.

The San Francisco-based bank is calling the program Neighborhood Lift. As part of the effort, Wells committed $10.5 billion in mortgage lending in the L.A. metro area and $1.3 billion in Atlanta over the next five years.

It will also provide $15 million in Los Angeles and $8 million in Atlanta that will go toward down-payment assistance, renovation financing and other homebuyer programs in 2012. The bank is partnering with the nonprofit NeighborWorks America on the grants.

Wells will launch homebuyer events Feb. 3-4 in L.A. followed events Feb. 10-11 in Atlanta. More than two dozen of these workshops are planned throughout the country in 2012.

Both cities have been hard hit by the housing crisis and hold tens of thousands of properties in REO alone. Wells remains the largest mortgage lender in the U.S. It originated $357 billion in new mortgages in 2011, a 7.5% decrease from the year before but still double the next closest lender JPMorgan Chase (JPM: 37.15 -1.35%), which wrote roughly $146 billion in mortgages for the year.

"Wells Fargo wants to support the revitalization of neighborhoods substantially impacted by the housing downturn, and inspire others to join efforts to support our nation's economic recovery," said Jon Campbell, head of the bank's social responsibility department.

Eileen Fitzgerald, CEO of NeighborWorks America, said the commitment from Wells was "tremendous."

"This is the kind of public-private collaboration that can help communities tackle difficult challenges and families realize their goal of sustainable homeownership," she said.

Write to Jon Prior.

Follow him on Twitter @JonAPrior.

Mortgage insurer Radian Group Inc. (RDN: 3.02 +2.37%) is selling its municipal bond insurance subsidiary and commuting a $12.9 billion portfolio of loans it reinsures to raise $100 million in capital.

Chief Executive S.A. Ibrahim said this deal will make "great strikes toward improving our capital position and further preserving our holding company's liquidity."

The Philadelphia-based company signed a deal with subsidiaries of Assured Guaranty Ltd. (AGO: 15.6199 +0.38%) to commute a $12.9 billion portfolio it reinsures for the muni bond insurer. A commutation generally allows a reinsurer to end obligations to another insurer by paying a lump sum that effectively ends the reinsurer's future insurance liabilities on the assets. In this case, Radian Group is shifting its insurance obligations back to Assured Guaranty.

An additional $91 million will be raised through the sale of Radian's muni bond insurance unit — Municipal and Infrastructure Assurance Corp. Assured Guaranty will acquire the business line as part of a three-part deal it signed with Radian.

"By reducing our financial guaranty net par outstanding by 21%, we are strengthening Radian Asset's statutory capital position," Ibrahim said. "This transaction with Assured Guaranty is the product of a strong relationship that continues to provide mutual benefit."

In addition, Radian will cede $1.8 billion of its public finance business, the mortgage insurer said.

The deal is expected to benefit Radian's mortgage insurance business, which is trying to raise capital when anemic home lending is drying up new business activity. At the end of 2011, Radian was seeking waivers on capital requirements in multiple states.

The insurer, like other companies in the segment, is focusing on driving new revenue through new business growth and doing so amid regulatory uncertainty and when homebuying is still fundamentally weak.

Write to Kerri Panchuk.

Mortgage applications fell 5% last week as home purchases and mortgage refinancing activity declined, an industry trade group said Wednesday.

The Mortgage Bankers Association's Market Composite Index – a measure of mortgage loan application volume – fell 5% on a seasonally adjusted basis from a week earlier. Those results include an adjustment for the Martin Luther King holiday.

The refinance index alone fell 5.2% from the previous week. Meanwhile, the seasonally-adjusted purchase index decreased 5.4%.

The same survey said the refinance share of mortgage activity fell from 82.2% to 81.3% in the latest period.

Meanwhile, the average interest rate on a 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.11% from 4.06% a week earlier, and the average 30-year, FRM with jumbo loan balances declined from 4.40% to 4.39%. The average, 30-year FRM backed by the FHA increased to 3.97% from 3.91% a week earlier.

In addition, the 15-year, FRM increased to 3.40%, from 3.33%, and the 5/1 ARM stayed mostly the same at 2.91%, compared to 2.90% the previous week.

Data compiled from December shows 56.6% of mortgage applications were for 30-year loans, while 24.3% and 5.3% went for 15-year loans and ARMs, respectively.

Write to Kerri Panchuk.