Tuesday, January 31, 2012

Case-Shiller Erosion; Freddie's PR Nightmare

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Jan 31, 2012 2:58PM

Case-Shiller Reports Continued Erosion in Home Prices

Home prices continued to fall in November according to the S&P/Case-Shiller Home Price Indices released this morning. Both the 10-City and the 20-City Indices were down 1.3 percent in November compared to the previous month and for the second month in a row19 of the cities also saw their prices inch lower. Phoenix was the only one of the 20 to post a gain in November. The year-over-year price declines in November widened from those in October. The 10-City and 20-City Composites were down 3.6...

Jan 31, 2012 9:52AM

Freddie's PR Nightmare; Servicing's Negative Earnings Impact; More on MetLife's Fade

Do you think it takes a long time to have a loan purchased by Wells or MetLife? Try running the world's longest lab experiment , begun in the 1920's. Fortunately finding a job in mortgage banking doesn't take eighty years. In Toms River, New Jersey, Glendenning Mortgage currently has an opening for a DE Underwriter to join its team. Business has been too good for Glendenning, which has found itself outsourcing a portion of its underwriting needs - it would like to bring that back in-house entirely...


Micro News

4:10 PM:

Fannie Mae December 2011 Volume Summary

2:33 PM:

Agencies Issue Guidance on Junior Lien Loan Loss Allowances

12:27 PM:

Potential Price Improvements as MBS Hit Highs

11:27 AM:

ECON: Consumer Confidence Much Lower Than Expected

9:53 AM:

ECON: Chicago PMI Misses Consensus. Index Lowest Since August

9:03 AM:

S&P/Case-Shiller: Home Prices Drop for 3rd Straight Month

8:55 AM:

MBS Inch Back Into Positive Territory, Uninterested in Econ Data

8:39 AM:

ECON: Employment Cost Index In Line With Expectations

Around the Web

Video News

U.S. Housing Market `Still a Rocky Road', Case Says

90 Seconds with Art Cashin: Markets Lose Momentum

Home Prices Fall Third Straight Month


Today's Comments

Steve Dalia

"Reducing the FHA monthly mortgtage insurance would asssit greatly, as well. Homeowners could afford higher purchase prices if the government asssited to..."

Frank Ceizyk

"You could also allow borrowers with more than 4 financed properties to cash out existing free & clear properties. Most of these investors have over..."

Frank Ceizyk

"And Ray J--I know you were joking, but the truth is, the government will intervene if as an industry we continue to just ridicule their efforts or just..."

Today's Q&A

"Should I pay down my mortgage when my property has depreciated in value?"

"Foreclose during bankruptcy or after?"

"Can a commercial property be sold to a person who is not a US citizen if he pays cash!"

Monday, January 30, 2012

Mortgage Rates Hit New All-Time Lows!

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Jan 30, 2012 2:15PM

Mortgage Rates Hit New All-Time Lows!

It's happened before and it happened again today: Mortgages Rates hit new all time lows today. Please note, that the actual interest rate you would have been quoted last week and this week may not have changed, but based on raw data from more than 20 leading lenders as well as feedback from the MBS Live community, the average Best-Execution rate, before rounding to the nearest eighth, hit its lowest level on record, 3.81%. Although 3.81% is closer to 3.75% than 3.875%, we won't declare 3.75% to be...

Jan 30, 2012 1:19PM

HAMP Changes: Treasury Increases Incentives for Principal Reduction

The Federal Housing Finance Agency announced on Friday that it was extending the Home Affordable Modification Program ( HAMP ) for another year - through December 13, 2013 - and that Freddie Mac and Fannie Mae would continue as financial agents for Treasury in implementing the changes it then announced. The press release also said the two GSEs would "extend their use of HAMP Tier 1 as the first modification option through 2013" and that they were already in alignment with HAMP Tier 2 and no further...


Micro News

5:19 PM:

FHFA Statement on Freddie Mac Refinance Story

3:41 PM:

After "Pin Drop Quiet" Day, MBS Weaken Slightly. Infinitesimal Reprice Risk

2:23 PM:

NY Fed Research: House Price Booms, Current Account Deficits, and Low Interest Rates

11:47 AM:

Eerily Stable, Given Price Levels

8:54 AM:

MBS Continue at All-Time Highs After Consumer Spending Report

8:41 AM:

ECON: Consumers Earned More, Spent Less in December

2:28 PM:

MBS Hit Day's Highs, Underperforming TSYs in Low Volume

10:15 AM:

Fed's Dovish Dudley Says Recovery to Slow in 2012

Around the Web

Video News

More Money for GSEs

Philly Fed President Plosser on U.S. Recovery

Freddie Mac Bets Against Homeowners


Today's Comments

Frank Ceizyk

"You could also allow borrowers with more than 4 financed properties to cash out existing free & clear properties. Most of these investors have over..."

Frank Ceizyk

"And Ray J--I know you were joking, but the truth is, the government will intervene if as an industry we continue to just ridicule their efforts or just..."

Frank Ceizyk

"Ray J--if that is true then how can we truly call housing an investment for buyers? Vacant neighbhorhoods, rational defaults, credit histories destroyed..."

Today's Q&A

"Should I pay down my mortgage when my property has depreciated in value?"

"Foreclose during bankruptcy or after?"

"Can a commercial property be sold to a person who is not a US citizen if he pays cash!"

Friday, January 27, 2012

Changes to Google Privacy Policy and Terms of Service

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We're getting rid of over 60 different privacy policies across Google and replacing them with one that's a lot shorter and easier to read. Our new policy covers multiple products and features, reflecting our desire to create one beautifully simple and intuitive experience across Google.

We believe this stuff matters, so please take a few minutes to read our updated Privacy Policy and Terms of Service at http://www.google.com/policies. These changes will take effect on March 1, 2012.


One policy, one Google experience
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Visit our FAQ at http://www.google.com/policies/faq to read more about the changes. (We figured our users might have a question or twenty-two.)


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Thursday, January 26, 2012

Mortgage Rates Continue To Solidify Bounce Back To Lows

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Jan 26, 2012 3:17PM

Mortgage Rates Continue To Solidify Bounce Back To Lows

Mortgages Rates over the past two days have done much to make ground lost leading up to Yesterday's FOMC Announcement. After further improvements today, rates further solidified their reentry into 3.875% 30yr Fixed Best Execution levels. (for detail on what that means, READ THIS POST from a few days ago). The rounded average of various lenders' Best-Ex rates had moved up to 4.0%, and more than a few lenders are still well-priced there, but a majority are once again offering 3.875% with attractive...

Jan 26, 2012 9:24AM

Housing Industry Reacts to State of the Union

Housing featured prominently in President Obama's State of the Union speech on Tuesday night. The President made two specific proposals, one to deal with the ghosts of housing past, the other to provide expanded credit to homeowners. In contrast to the settlement with banks that Obama was widely rumored to announce at the State of the Union, he instead directed Attorney General Eric Holder to create a new office on Mortgage Origination and Securitization Abuses . The President said, "The American...


Micro News

1:37 PM:

MBS, Treasuries Settling -In Around Best Levels After 7 Yr Auction

12:44 PM:

7yr Auction Preview

12:32 PM:

MBS Pushing New Highs Ahead of Auction. Positive Reprices Reported

10:18 AM:

NAHB: Remodeling Market Index Rises to Five-Year High

10:09 AM:

Freddie Mac Reports Average Mortgage Rates Higher

10:07 AM:

ECON: New Home Sales Decline. Prices Lowest Since Oct 2010

10:07 AM:

ECON: New Home Sales Decline. Prices Lowest Since Oct 2010

8:54 AM:

Moderate Selling Pressure Short-Lived Following Data

Around the Web

Video News

Santelli: Data Heats Up Treasuries After Chill From Fed

New Home Sales Drop 2.2%

Banks Face Lack of Regulatory Clarity, Frenkel Says


Today's Comments

Justin Kennedy

"my thoughts, imagine what this large pool of rentals will do the the rental markets. will it be cheaper to rent than to buy? slowing down the 1st time..."

Frank Ceizyk

"I like it Ray--call it the "Reinvest in American Neighborhoods" fund--should be relatively easy to show that working people would be buying in..."

Frank Ceizyk

"OK Brian-YOU OBJECT. I just can't find the part where you suggested the alternative? How about: Mr. President: Here is our cohesive industry wide proposal..."

Today's Q&A

"Owner just rented a short sale to a family how can the owners rent it so close to us closing?"

"how do I get cash for keys from my lender wells fargo?"

"How can you refinance your house with no fees? Or what fees do you have to pay no matter what?"