Restructuring and Renting: Can it Fix the Shadow Inventory Problem?

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Sep 14, 2011 3:46PM Restructuring and Renting: Can it Fix the Shadow Inventory Problem? Last month the Federal Housing Finance Agency (FHFA) asked for input on a plan it is considering to augment the Real Estate-Owned (REO) disposition programs run by Fannie Mae and Freddie Mac (the Enterprises) and the Federal Housing Administration (FHA). The deadline for proposals is tomorrow. Radar Logic, a data and analytic firm, responded with an innovative dual proposal for developing "cash market equivalent" values for real estate assets and reducing the inventory of owned real estate (REO)... Sep 15, 2011 1:36PM A Tale of Two Trends To provide some background for the charts we're about to see, here's what we wrote this morning: "The 9am spike we can obviously attribute to the European Central Bank's announcement that it will be providing dollar-based liquidity via 7 day repo's beginning in early October. Essentially, this is confidence builder for European markets as it suggests they'll have the liquidity to get through the rest of 2011. European funding concerns are a BIG deal and these repo operations are perhaps seen as a... Mortgage Rates: Moving, but in Wrong Direction Fannie Mae Discloses Results of Servicer Assessments Mortgage Banking Movies?; The BofA Ripple Effect in the Industry Foreclosure Filings Spike in August MBS RECAP: 9/15/2011 The Day Ahead: Futures Push for 4th Straight Gain View: Front Page | Headline Viewer Micro News 3:58 PM: Tomorrow's Economic Calendar Dies Down as FOMC Approaches 1:12 PM: China's Help for Europe Carries Political Price Tag 12:46 PM: Fed: Esther George Named as Hoenig Successor 10:08 AM: ECON: Philly Fed Worse Than Expected, Better Than Last Time 10:03 AM: Freddie Mac: Mortgage Rates Remain Near 60-year Lows 9:43 AM: NAFCU: Two Views on Federal Mortgage Guarantee 9:40 AM: CAR: California Home Sales Up in August, Median Price at Year Highs 9:36 AM: HUD: FHA Mortgagee Letter 2011-33 Correction »View All Micro News Around the Web Freddie Mac Approves 12 Lenders To Sell Multifamily Seniors Housing Mortgages Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis Continuing Resolution Introduced to Keep Government Running, Provide Much-Needed Disaster Funding Buying and Selling Homes in Hard Times: Stuck in Miami Bernanke, Opening Remarks Rethinking Central Banking »View More Around the Web Video News Mortgage Default Filings Surge BAC Worker Fired The Fed Considers Whether to Twist Again »View More Video News Today's Comments "The plan enacted this week will resolve shadow inventory. The price of homes in AZ(home state) is up 15% to 25% at auction and open market. The FHA refining..." "Russ...ultimately there are no easy solutions. Some would benfit from your plan...most would not. Some will benefit from an expansion of HARP...most don't..." "Jason, I am not saying everyone will benefit, but a significant number of mortgage holders would. I think it is obvious we can't save everyone. Most..." »View More Comments Today's Q&A "What happens to the note when a seller who has financed a house..." "My brother just got married in Nevada and had his loan approved..." "If a house has been forclosed on and the property taxes have..." »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.16 0.07 15YR 3.31 0.05 FHA30YR 3.82 0.04 Jumbo30YR 4.44 0.03 5/1ARM 3.18 0.03 MBS Quotes FNMA 3.5 101-01 -0-13 FNMA 4.0 104-00 -0-10 FNMA 4.5 105-30 -0-06 FNMA 5.0 107-24 -0-02 Treasuries 2 YR 0.1931 0.0001 3 YR 0.3575 0.0001 5 YR 0.9418 0.0498 7 YR 1.5012 0.0772 10 YR 2.0828 0.0908 30 YR 3.3612 0.0842 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application 6.27% Mortgage Refinance 6.05% Mortgage Purchase 7.02% Construction -1.29% S&P/Case Shiller 1.11% FHFA Home Price 0.93% 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 © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

Mortgage Rates: Same Rates, Slightly Higher Borrowing Costs

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Sep 13, 2011 4:24PM Mortgage Rates: Same Rates, Slightly Higher Borrowing Costs Today's post might as well be yesterday's. Precious few differences exist between today and yesterday in the world of Mortgage Rates . Whereas things slightly improved yesterday, they were slightly weaker today . No changes in BestExecution rates and only minimal increases to borrowing costs. That means that your GFE should have the same interest rate on it as yesterday, but that the closing costs required to get that rate edged up marginally. The "guidance" section is unchanged today from yesterday... Sep 13, 2011 10:34AM BofA Correspondent Update; Basel Rules Called "Anti-American"; MetLife Servicer-Quality Rating Reduced Even dumpsters can be turned into homes - but what about the comps? Is There Room For The Rat? Rates are great, but no experienced loan originator, of sound mind and body, believes that a mortgage company should not make a profit on a loan. But in order to cover the extreme volatility in the last month, profit margins per loan have grown, and thus, as I am often asked, movements in the MBS market are not directly transferred to changes in rate sheet pricing. In addition, besides the volatility increasing... A Quick Look at the Stock-Lever This Morning MBS RECAP: 9/13/2011 The Day Ahead: Market Gyrations Continue, S&P Futures Down 1% MBS MID-DAY: 9/13/2011 Possible HARP Changes; MERS Holding It's Own; Loan Limits Extension Stocks and Bonds Maintain Trends. MBS Maintains Concrete Ceiling View: Front Page | Headline Viewer Micro News 3:58 PM: Pace of Economic Data Releases Continues to Build 3:17 PM: CFPB: Applying the Lesssons of the Financial Crisis 1:17 PM: Post-Auction Volatility. No Reason To Panic. 10:05 AM: CoreLogic: 22.5% Residential Mortgages Underwater 9:27 AM: MBS and Treasuries Flat to Slightly Weaker this AM 9:12 AM: Bill Gross Boosts Treasuries to 16 pct 8:31 AM: ECON: Import Prices Fall on Petroleum 5:07 PM: Freddie Mac Annouces Requirements for the Standard Modification »View All Micro News Around the Web Supercommittee Open to Finding Extra Savings to Pay for Parts of Jobs Plan Huge Surge in Bank of America Foreclosures Case Study: Modest-Sized House Plan Offers Outsized Performance Demand for Specialty Rooms Drops amid Continued Economic Concerns around Housing Market Bloomberg's Kopecki Discusses Possible BofA Job Cuts: Audio Ratings Cuts More Bad News for Home Builders »View More Around the Web Video News Can Record Low Mortgage Rates Help You? Frank Calls Fed Regional Presidents `Serious Constraint' Improving Employment »View More Video News Today's Comments "The LLPAs are currently capped at 1.75. So that investor example of 4pts is not accurate. I am locking 125's at under 5% with no points and even some..." "The big problem that is not being discussed here and need to be thoroughly examined is the speculative nature of valuing real estate. Right now in AZ many..." "Anne, its very hard to modify a fannie/freddie backed loan because the bank you think is the investor is not the investor, they are the servicer. This..." »View More Comments Today's Q&A "What happens to the note when a seller who has financed a house..." "My brother just got married in Nevada and had his loan approved..." "If a house has been forclosed on and the property taxes have..." »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.13 0.06 15YR 3.32 0.01 FHA30YR 3.82 0.04 Jumbo30YR 4.38 -0.01 5/1ARM 3.13 0.03 MBS Quotes FNMA 3.5 101-11 -0-05 FNMA 4.0 104-08 -0-03 FNMA 4.5 106-04 -0-01 FNMA 5.0 107-26 -0-02 Treasuries 2 YR 0.2049 -0.0078 3 YR 0.3574 0.0154 5 YR 0.8855 0.0205 7 YR 1.4172 0.0352 10 YR 1.9924 0.0454 30 YR 3.3273 0.0743 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application -4.86% Mortgage Refinance -6.28% Mortgage Purchase 0.19% Construction -1.29% S&P/Case Shiller 1.11% FHFA Home Price 0.93% 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 © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

Possible HARP Changes; MERS Holding It's Own

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Sep 12, 2011 11:34AM Possible HARP Changes; MERS Holding It's Own; Loan Limits Extension Don't forget that we're one week away from "Talk Like a Pirate Day." Of course, to err is human; to arr is pirate. The next time you're thinking about outsourcing your underwriting to another nation, think twice: Video A few weeks back the mortgage-backed security markets were roiled with rumors of a massive government sponsored refinance program. Investors who owned any securities at 5% or above, containing 30-yr loans with rates of 5.25% or above, were wringing their hands, worried that suddenly... Sep 12, 2011 4:54PM Stocks and Bonds Maintain Trends. MBS Maintains Concrete Ceiling Apart from the mid-day drama surrounding rumors that China was set to buy Italian Bonds, and to a a lesser-extent, Dallas Fed Pres Fisher's reference to Jujitsu in his speech, today was fairly uneventful. Both MBS and Treasuries just sort of leaked weaker at a fairly measured pace. In the after hours session, 10yr yields even bounced off some support around 1.95 which was a high volume mark from Friday morning. Markets are clearly continuing to trade technically amid the uncertainty. Here's a look... Mortgage Rates: Unchanged From Friday Commercial/Multifamily Delinquencies Continue Improvement MBS RECAP: 9/12/2011 The Week Ahead: Greek Default, Econ Data, Treasury Auctions Long Term Charts: MBS Hit All Time Highs FHFA's DeMarco Releases Statement on Potential HARP Changes View: Front Page | Headline Viewer Micro News 5:07 PM: Freddie Mac Annouces Requirements for the Standard Modification 4:08 PM: Fed's Fisher Prepared to Use Jujitsu if Necessary 3:39 PM: Economic Data Picks Up Tomorrow, 10yr Auction on Tap 3:23 PM: Reprice Risk Evaporates Almost as Quickly as it Arrived 3:03 PM: China Rescues the World Again, Italian Bond Edition 2:44 PM: Marked Move Outside Recent Range Creates Negative Reprice Risk 2:18 PM: BofA Looks to Cut $5B in Costs Annually, Aproximately 30K Jobs 1:16 PM: 3yr Auction Relatively Strong Considering Circumstances »View All Micro News Around the Web Is JPMorgan's Dimon Right—Are New Bank Capital Rules 'Anti-American'? Standard Bank's Barrow Sees Lower Treasury Yields: Audio Bloomberg's Cohan Discusses Banks, FHFA: Audio JP Morgan Explains The Euro Crisis With Lego Unofficial Problem Bank list declines to 986 Institutions How Much Will Refinancing Help the Economy »View More Around the Web Video News Bowers Says Housing Weighing on U.S. Consumer Confidence Fisher Says Low Rates May Be Incentive to Not Borrow Paar: Flood Insurance Program Lapse Would Harm Housing »View More Video News Today's Comments "Anne, its very hard to modify a fannie/freddie backed loan because the bank you think is the investor is not the investor, they are the servicer. This..." "Russ, The risk is on the new investor of the mortgage security. The old investor is "stuck" with the upside down mortgage, but the new investor..." "Can someone please explain how refinancing an existing loan to a lower interest rate is riskier than doing nothing for a home owner? If a homeowner has..." »View More Comments Today's Q&A "What happens to the note when a seller who has financed a house..." "My brother just got married in Nevada and had his loan approved..." "If a house has been forclosed on and the property taxes have..." »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.07 -0.02 15YR 3.31 -0.03 FHA30YR 3.78 -0.01 Jumbo30YR 4.39 -0.02 5/1ARM 3.10 -0.01 MBS Quotes FNMA 3.5 101-16 -0-09 FNMA 4.0 104-11 -0-05 FNMA 4.5 106-05 -0-01 FNMA 5.0 107-28 0-02 Treasuries 2 YR 0.2087 0.0357 3 YR 0.3359 0.0399 5 YR 0.8646 0.0626 7 YR 1.3819 0.0519 10 YR 1.9475 0.0325 30 YR 3.2525 0.0075 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Mortgage Application -4.86% Mortgage Refinance -6.28% Mortgage Purchase 0.19% Construction -1.29% S&P/Case Shiller 1.11% FHFA Home Price 0.93% 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 © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031