Tensions Escalate as DeMarco, Geithner Argue Merits of Principal Reduction

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Jul 31, 2012 3:30PM Tensions Escalate as DeMarco, Geithner Argue Merits of Principal Reduction Edward J. DeMarco , Acting Director of the Federal Housing Finance Agency today again stated his opposition to allowing Fannie Mae and Freddie Mac to participate in the Principal Reduction Alternative (PRA) of the Home Affordable Modification Program (HAMP). DeMarco's agency which acts as conservator for the two government sponsored enterprises (GSEs) has opposed principal reduction on the part of the two companies despite growing pressure from Congress and the Department of the Treasury. In a letter... Jul 31, 2012 4:08PM Freddie To Align With Fannie On Lower LTV HARP Guidelines Freddie Mac said today that it would be opening up refinance opportunities to borrowers who are not underwater on their existing Freddie Mac mortgages. Under the company's Relief Refinance Mortgage Program which includes the Home Affordable Refinance Program (HARP 2.0) the requirements for refinancing mortgages with loan-to-value ratios at or under 80 percent will be brought in line with those with LTVs over 80 percent, the target audience for HARP 2.0 loans. The alignment will involve eliminating... Mortgage Rates Continue Romp Back Toward All-Time Lows MBS RECAP: What A Difference Two Days Make Multi-family Lending Increases but Lags other Commercial Activity MBS MID-DAY: Relentless Flat After Improving Overnight Case-Shiller Numbers Up; Even Hard-hit Sunbelt Cities Improving The CFPB and Non-banks; Yes, Mortgage Companies are Making Money; Lots of Training, Conferenceand M&A Updates View: Front Page | Headline Viewer Micro News 5:16 PM: 1,099 Pages to Propose a Three-page Mortgage Disclosure? CFPB Responds... 3:40 PM: Month End Tradeflows Buoy Bond Markets Into The Close 1:19 PM: Flows Pick Up Moderately At 1pm, Leading TSYs Higher, MBS To Lows 12:44 PM: Ebbs And Flows In LIght Volume. MBS Slightly Weaker, But Stabilizing 10:11 AM: Bond Markets Continue Trading In Positive Territory After 1st Round of Data 10:03 AM: ECON: Consumer Confidence Rises In July, Led By Expectations 9:54 AM: ECON: Chicago PMI Slightly Higher, But Employment Index Tumbles 9:06 AM: ECON: Home Prices Continue to Rise in May 2012 -Case-Shiller »View All Micro News Around the Web Geithner Says U.S. Needs 2-3 Years of Creative Housing Programs ABA Statement on FHFA's Principal Reduction Announcement CFPB Consumer Advisory: Foreclosure help is free, and scams are expensive Cummings: â??Incomprehensibleâ? that DeMarco Would Throw Away Up to 269195B in Potential Taxpery Savings Here's What Fed May Do Instead of More QE Pushing the presidential candidates on housing »View More Around the Web Video News What Markets Want From the Fed King of Bonds Slams Stocks Santelli: Is Political Union the Solution? »View More Video News Today's Comments "It seems to me that the SIFMA should use it's clout to strong arm the banks into restructuring these loans with the homeowner who, apparently have..." "Stop meddling. My retirement future is dependent on how well the bond and stock markets do. Please allow the housing market to reach its natural free market..." "Seems to me that the above is a partial fix to the problem. We need to be doing a couple of different things. While I am in agreement with removing bad..." »View More Comments Today's Q&A " wife and i need to pool our incomes to qualify for a mortgage. Can I deduct 100% of interest " "What is private mortgage institutions? And their contributions towards housing development" "I have FHA mortgage loan that was modified in 2007, is it possible to streamline that mortgage now" »View More Q&A jeffer90576 Profile View Edit Market Data Mortgage Rates 30YR 3.56 -0.05 15YR 2.87 -0.03 FHA30YR 3.46 -0.04 Jumbo30YR 3.99 -0.03 5/1ARM 2.97 -0.01 MBS Quotes 30YR FNMA 3 106-05 0-04 30YR FNMA 4 107-08 0-02 30YR FNMA 4 108-06 0-03 30YR FNMA 5 108-31 0-00 Treasuries 2 YR 0.2152 -0.0118 3 YR 0.2846 -0.0214 5 YR 0.5858 -0.0252 7 YR 0.9722 -0.0188 10 YR 1.4696 -0.0304 30 YR 2.5502 -0.0288 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application -7.05% Mortgage Refinance -8.31% Mortgage Purchase -1.44% S&P/Case Shiller 1.28% Existing Home -1.52% New Home Sales 7.58% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

Lt. Gov Tells SIFMA "Back off" Eminent Domain Threats

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Jul 30, 2012 9:58AM Lt. Gov Tells SIFMA "Back off" Eminent Domain Threats California Lieutenant Governor Gavin Newsom blasted a Washington trade group on Friday for making what he called threats against local officials in the state's San Bernardino County. As was reported in MND , in June the county's Board of Supervisors outlined and approved a plan to use its eminent domain authority to seize and restructure underwater mortgages . Since that action officials in Berkley and Chicago have passed similar measures. Almost immediately after the San Bernardino vote the Securities... Jul 30, 2012 10:01AM Why the Industry Cares About this Eminent Domain Thing; Investor Updates Earlier this week I was in Ontario, visiting the headquarters of a well-run mortgage shop, so this note was very relevant: "Rob, what are you hearing with this eminent domain thing? I am a two-person broker in Iowa - why should I care about what happens up 'the mortgage food chain' in California - the land of fruits and nuts?" Remember, the architects of this thing were smart enough to know that they couldn't pick on the Agencies or GNMA, so they have only picked a fight with SIFMA and left the Goliaths... MBS RECAP: Healthy Bounce Back After Friday's Losses Mortgage Rates Recover A Portion Of Friday's Weakness MBS MID-DAY: A Moderate Amount Of Friday's Losses Regained Texas Bank Sues the CFPB; Hawaii's New Originator Laws; Chicago Now Looking at Eminent Domain The Week Ahead: One Of the Most Action-Packed And Important Weeks Of The Year Mortgage Rates Significantly Higher Relative To Previous Stability View: Front Page | Headline Viewer Micro News 12:42 PM: Edging Into Positive Reprice Territory As MBS Hit Friday AM Levels 9:31 AM: Bond Markets Holding Ground In High Volume 2:25 PM: MBS, Treasuries Fighting Back Extremely Well 1:43 PM: Next Reprice Risk Level Taken Out. Real-Deal Sell-Off 1:32 PM: Another Draghi Bomb, Big Moves, Big Volume, Serious Reprice Risk 12:52 PM: Reprice Risk Danger Zone Amid Snowball Selling 10:51 AM: Sell-Off Accelerating. Negative Reprice Risk For Lenders Out With Rates 10:23 AM: ECON: Consumer Sentiment Falls to 2012 Low in July »View All Micro News Around the Web Breakdown of CFPB's 23,800 Mortgage Complaints JPMorgan Chase fails to end mortgage modification lawsuit Are the benefits of Wall Street reform impossible to quantify? CFPB Enforcement Plans Span 'Full Breadth' of Agency's Authority - Bloomberg Why Is Bank of America Keeping Merrill? - Bloomberg (blog) Sliding Mortgage Rates Spurs Wave of 'Several Refinancers' »View More Around the Web Video News TD Bank's Johnston on Strategy, Regulation, Markets Will Draghi Walk the Walk? The Santelli Exchange: Revitalizing Our Economy »View More Video News Today's Comments "Competition--you simply regurgitate the same misinformation that has been refuted by study after study. I have cited numerous studies on this site that..." "Frankly, it is laughable that you say advertising and financial illiteracy created the bubble. If rates had remained in the 7.5% to 8% range through the..." "I would have to disagree with the fact that the govt should not reward risk takers. The reason why is if you buy stock abc and hold it for a year and sell..." »View More Comments Today's Q&A "What is private mortgage institutions? And their contributions towards housing development" "I have FHA mortgage loan that was modified in 2007, is it possible to streamline that mortgage now" "Once a Title company receives a check, how long do they have to deposit into an account in florida?" »View More Q&A jeffer90576 Profile View Edit Market Data Mortgage Rates 30YR 3.61 -0.04 15YR 2.90 -0.03 FHA30YR 3.50 -0.04 Jumbo30YR 4.02 -0.04 5/1ARM 2.98 -0.01 MBS Quotes 30YR FNMA 3 106-01 0-08 30YR FNMA 4 107-06 0-05 30YR FNMA 4 108-03 0-03 30YR FNMA 5 108-31 0-02 Treasuries 2 YR 0.2269 -0.0161 3 YR 0.3058 -0.0292 5 YR 0.6112 -0.0448 7 YR 0.9908 -0.0512 10 YR 1.5002 -0.0448 30 YR 2.5788 -0.0422 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application -7.05% Mortgage Refinance -8.31% Mortgage Purchase -1.44% S&P/Case Shiller 1.28% Existing Home -1.52% New Home Sales 7.58% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

Home Prices Continue Gradual Rise, but is Calling a Bottom Premature?

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Jul 24, 2012 12:35PM Home Prices Continue Gradual Rise, but is Calling a Bottom Premature? There was general agreement on the increase in home price levels in May in data released from by two different sources this morning. The Federal Housing Finance Agency's (FHFA) House Price Index (HPI) showed seasonally adjusted home prices up 0.8 percent from April to May and 3.7 percent over the last 12 months while Radar Logic's RPX Composite Price rose 0.7 percent from April and 2.6 percent year-over-year. On a non-seasonally adjusted basis the HPI was up over 1.5 percent in May. FHFA also revised... Jul 24, 2012 3:09PM Mortgage Rates Slightly Higher After Beginning Week In Record Territory Mortgage Rates moved slightly highe r today after falling sharply to new all-time lows yesterday. The end result is rates that are still noticeably lower than those seen last week and in some cases, not that far off from yesterday's offerings. Best-Execution for 30yr Fixed Conventional loans remains firmly at 3.5% with some lenders arguably at 3.375%. (Read More: What is A Best-Execution Mortgage Rate? ) Rather than attribute their movement to any domestic events today, bond markets mostly attended... MBS RECAP: Well-Fought Battle Back From Morning Weakness Realtors and the CFPB; Flagstar and First Horizon Diverge; Viscal vs. Monetary Policy Primer MBS MID-DAY: 7/24/2012 The Day Ahead: Data Continues, Auctions Begin, Europe Still In Focus Yes, Qualified Mortgage Rules are a BIG Deal for the Lending and Real Estate Industry Previewing FHFA's House Price Index View: Front Page | Headline Viewer Micro News 3:36 PM: Sufficient Losses To Warrant Increase Reprice Risk In Some Cases 11:23 AM: Full Recovery From Morning Weakness For MBS Despite Limited Data 10:08 AM: ECON: FHFA House Price Index +0.8 Pct In May Vs Revised +0.7 Pct In April 9:30 AM: Rude Awakening For Germany, US Debt Benefits, But Only Relatively 9:04 AM: ECON: PMI signals slowest manufacturing expansion since December 2010 3:08 PM: Reprices Risk Depends On The Prevalence Of Afternoon Liquidity Problems 11:20 AM: Falling To Lows Of The Morning After Fed Buyback Details 9:28 AM: Bond Markets Continue Trading Near All-Time Levels »View All Micro News Around the Web Fed moving closer to action: WSJ Why Regulation Won't Fix Finance Poor quality of Wells Fargo service angers bank analyst The bigger the bank, the weirder the income Credit Crunch: The CFPB and Consumer Access to Credit Realtor Confidence Index: Real Estate Markets Continue to Recover »View More Around the Web Video News Santelli's Midday Bond Report Santelli on the Impact of 'Artificially' Low Rates Trump: Buying Houses on a 'Steal' »View More Video News Today's Comments "A couple of comments on what people have said on this thread. One is in regards to who benefits from the blame game the most, and how do you best assure..." "I thought this was interesting....and I think it adds to argument about why many larger players are afriad of wholesale. Right, wrong, or indifferent this..." "Home ownership used to mean security, but with deregulation and shoddy practices of unregulated loan servicing agents and faceless truances who own your..." »View More Comments Today's Q&A "Is there a new law or tax implication ie. 1099 in 2013 if you sort sale or foreclose?" "Locked in refi rate, payed appraisal, delayed closing 75 days re-ran credit, and DONT qualify?" "double mortgage on existing home and manufactured home?" »View More Q&A jeffer90576 Profile View Edit Market Data Mortgage Rates 30YR 3.56 0.03 15YR 2.87 0.02 FHA30YR 3.45 0.04 Jumbo30YR 3.99 0.02 5/1ARM 2.99 0.03 MBS Quotes 30YR FNMA 3 106-11 0-03 30YR FNMA 4 107-10 0-02 30YR FNMA 4 108-04 0-01 30YR FNMA 5 108-28 0-01 Treasuries 2 YR 0.2176 0.0036 3 YR 0.2790 0.0000 5 YR 0.5442 -0.0188 7 YR 0.8859 -0.0361 10 YR 1.3908 -0.0472 30 YR 2.4578 -0.0522 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application -7.05% Mortgage Refinance -8.31% Mortgage Purchase -1.44% S&P/Case Shiller 1.28% Existing Home -1.52% New Home Sales 7.58% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031