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