Monday, March 5, 2012

HOPE NOW Reports 74K Loan Mods; Potentially Volatile Week for Rates

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Mar 5, 2012 1:32PM

HOPE NOW Reports 74K Loan Mods in January, Focuses on Military

HOPE NOW , the voluntary foreclosure prevention program put together by a private sector group of mortgage servicers, investors, mortgage insurers, and non-profit counselors, is continuing its outreach efforts with a special emphasis on reaching military families in 2012. HOPE NOW has held three outreach events, in Charlotte, North Carolina, Tampa, and Miami so far this year. Four military bases have been identified for special events during the first half of 2012 with the first one scheduled in...

Mar 5, 2012 9:36AM

Aurora Bales and Sails; Wells Fargo Expands Globally

n the interesting side, per the FDIC, there were no new banks created in the US in 2011, making it the first year since at least 1984 that the country has gone without the establishment of a single start-up lender. The Financial Times reports that none of the three new banking charters reported by the US FDIC for 2011 were de novos. That is compared with three de novo banks reported in 2010. (A de novo bank is a freshly chartered bank that has not been created through the takeover of an existing...


Micro News

3:05 PM:

Treasuries Weaker Into The 3pm Close, MBS Follow. Possible Reprices

11:49 AM:

HOPE NOW: Mortgage Servicers Completed 74K Loan Mods in First Month of 2012

11:30 AM:

Greece's Venizelos Tells Bondholders Swap Offer is Final

10:41 AM:

MBS, Treasuries Improve After Economic Data, Stocks Lower

10:12 AM:

ECON: Factory Orders Decline By Most Since October 2010

10:07 AM:

ECON: ISM Non-Manufacturing Slightly Higher Than Expected

9:45 AM:

Weekend News Recap: Greece's Debt Swap Anticipation

8:56 AM:

Bond Market Marginally Weaker But Well-Supported At The Open

Around the Web

Video News

Bravo's Million Dollar Listing: A look Into NYC Real Estate

Monday's Bond Report with Rick Santelli

Office REIT Market


Today's Comments

Frank Ceizyk

"Sung--so you don't think this many homes are underwater?...Adam--completely agree with you...just add to that the flawed valuation method that only..."

Sung Kim

"Corelogic's data is flawed and stale."

Adam Miller

"Until they change the process that is currently in place with asset managers and REO listing agents, the number of homes underwater is only going to increase..."

Today's Q&A

"Who is responsible for handling Short Sale/Pre-Foreclosures at a bank? "

"I'm listed on a quitclaim deed for my deceased father. Am i required to pay the remaining mortgage?"

"Loan for addition on house."

Friday, March 2, 2012

February Housing Scorecard; Mortgage Rates Recover

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Mar 2, 2012 5:23PM

February Housing Scorecard Details Fragility of Market

The February edition of the Housing Scorecard was released by the Departments of Treasury and Housing and Urban Development (HUD) on Friday. In what has become a monthly litany, it said that "the housing market is strengthening although the recovery remains fragile." The Scorecard is essentially a summary of data on housing and housing finance released by public and private sources over the previous month and/or quarter. Most of the data such as new and existing home sales, permits and starts, mortgage...

Mar 2, 2012 2:24PM

Mortgage Rates Recover Appreciably From Yesterday's Weakness

Mortgages Rates were sharply higher yesterday, but have recovered a significant portion of those losses today. The most noticeable movement was actually over the two day period since Tuesday's fairly strong rate sheets. Things began to deteriorate moderately with Wednesday's rate sheets and worsened even more yesterday. Today's recovery gets rates back to Wednesday's levels in most cases while Tuesday remains noticeably better. Even so, it means that 4.0% did not get confirmation as taking over as...


Micro News

1:46 PM:

The Best Kind of "Boring Day" for MBS: Low Volatility Rally

9:26 AM:

MBS and Treasuries Slightly Stronger Overnight. Quiet Session in Progress

3:25 PM:

MBS and Treasuries at Day's Best Levels After Hours

1:59 PM:

Bearish Trend in Bond Markets Has Bulls Against The Ropes

10:13 AM:

ECON: Construction Spending Falls For First Time Since July

10:08 AM:

MERS' Role Upheld by Nevada Supreme Court

10:06 AM:

ECON: ISM Manufacturing Misses Consensus, But Continues to Rise

10:03 AM:

Freddie Mac: 30-Year Fixed Rate Mortgage at 3.90%

Around the Web

Video News

Santelli Responds to Geithner's Op-ed on 'Wall Street Amnesia'

AIG Exits $500B Stake in Blackstone Group: Sources Tell CNBC

Are Treasury & Corporate Bonds Dangerous?


Today's Comments

Frank Ceizyk

"Sung--so you don't think this many homes are underwater?...Adam--completely agree with you...just add to that the flawed valuation method that only..."

Sung Kim

"Corelogic's data is flawed and stale."

Adam Miller

"Until they change the process that is currently in place with asset managers and REO listing agents, the number of homes underwater is only going to increase..."

Today's Q&A

"Can I do an FHA streamline refi from a 30 yr term to a 10-15 yr term with little home equity?"

"Are there any regulations preventing placing a purchased mobile home onto leased land?"

"Why is an appraisal needed 3 months after loan has closed?"

Thursday, March 1, 2012

Mortgage Rates Sharply Higher; 28% of Homes Underwater

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Mar 1, 2012 2:37PM

CoreLogic: 28% of U.S. Homes now Underwater

With home prices nationwide continuing to decline it is not surprising that the number of homeowners who are underwater (i.e. owe more on their mortgages than the value of their home) continues to increase. CoreLogic released Quarter Four data this morning showing that 11.1 million or 22.8 percent of all U.S. homes with a mortgage were in a negative equity position compared to 10.7 million in the third quarter and an additional 2.5 million borrowers were in a near-negative position. Together these...

Mar 1, 2012 3:55PM

Mortgage Rates Sharply Higher Over Past Two Days

Mortgages Rates are sharply higher over the past two days, and Conventional 30yr Fixed Best-Execution rates moved up from 3.875% to 4.0% unequivocally. If you are being quoted the same rate today as yesterday, the COST component of the quote will likely be significantly higher (or the amount of closing costs the lender is able to pay, significantly lower). Additional reading: Previous post with more detailed discussion about Best-Execution calculations . We spoke yesterday about the esoteric concepts...


Micro News

3:25 PM:

MBS and Treasuries at Day's Best Levels After Hours

1:59 PM:

Bearish Trend in Bond Markets Has Bulls Against The Ropes

10:13 AM:

ECON: Construction Spending Falls For First Time Since July

10:08 AM:

MERS' Role Upheld by Nevada Supreme Court

10:06 AM:

ECON: ISM Manufacturing Misses Consensus, But Continues to Rise

10:03 AM:

Freddie Mac: 30-Year Fixed Rate Mortgage at 3.90%

9:34 AM:

Bond Markets Showing Some Signs of Support After a Rough Morning

8:41 AM:

ECON: Jobless Claims In Line With Expectations

Around the Web

Video News

Foreclosure Sales Rise

Bernanke Opening Statement

Bernanke on The Nation's Debt


Today's Comments

Adam Miller

"Until they change the process that is currently in place with asset managers and REO listing agents, the number of homes underwater is only going to increase..."

Jeff Statz

"Good post and especially reinforces the Trend is Your Friend. Thanks MG"

terry leblanc

"I would bet 2 nickles Flagstar may not own the 2nd but simply services it. Also, most banks have a retail side and a mortgage side which do not usually..."

Today's Q&A

"Buying a house w bad credit "

"Can you claim capital investment deductions on the sale of a second home?"

"borrower paid compensation plans"