Mass Court May Rule on Retroactivity of some Foreclosures Tied to 'Naked Mortgages'

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Feb 23, 2012 10:17AM Mass Court May Rule on Retroactivity of some Foreclosures Tied to 'Naked Mortgages' Another next major marker in the convoluted foreclosure landscape will probably come in the next few weeks when the Massachusetts Supreme Judicial Court (SJC) is expected to rule on Eaton v. Federal National Mortgage Association (Fannie Mae). This is another in a series of cases challenging the right of various lenders and nominees to foreclose on delinquent mortgages based on assertions that those parties do not own or at least cannot prove they own the enabling legal documents. Eaton raises an... Feb 23, 2012 3:46PM Mortgage Rates Continue Slow, Steady Improvements Mortgages Rates continued to improve at a slow and steady pace. After rising somewhat abruptly into the end of last week and beginning of the current week, rates began to fight back yesterday, but the improvements have been and continue to be relatively minor. This leaves plenty of lenders still best-priced at 4.0%, but with a few more falling back into 3.875% Best-Execution levels today. In short, we're on the same fence as yesterday, but in a slightly more comfortable position. Additional reading... Increased Sales Activity not Reflected in Home Prices FHFA Monthly HPI adds Positive Spin to Negative Quarter Volker Rule's Impact on Hedging Rate Locks; Potential HARP 2.0 Borrower Pool Defined MBS Unchanged, Near Yesterday's Highs Following Morning Data MBS RECAP: 2/23/2012 Inspector General Looks at GSE's as Legal Costs Pass $100 Million View: Front Page | Headline Viewer Micro News 1:10 PM: Stunning 7-Yr Treasury Auction Sends MBS Higher 10:08 AM: FHFA: House Prices Fall 0.1% in Q4 2011 10:04 AM: Freddie Mac: 30-Year Fixed-Rate Mortgage Up from Record Lows 9:05 AM: MBS Trading Slightly Weaker but Outperforming Treasuries 8:35 AM: ECON: Jobless Claims Unchanged After Last Week's Revisions 2:42 PM: Favorable Technicals For Bond Markets. Additional Positive Reprices 1:15 PM: 5 Year Treasury Auction: Average Results. Reprice Potential Remains 12:36 PM: Bond Markets Near Best Levels as 5yr Auction Approaches »View All Micro News Around the Web NAR: Helping Homeowners Navigate the Short Sale Process CNBC EXCLUSIVE: STEVE LIESMAN SITS DOWN ONE-ON-ONE WITH TREASURY SECRETARY TIMOTHY GEITHNER TOMORROW ON CNBC'S "SQUAWK BOX" Banks Face Tough Choices Unloading REO Properties NY Fed: Monetary and Fiscal Policies Implemented during Global Recession Raised Expectations of a Recovery HUD: Housing Discrimination in Focus ABA Statement on FHFA's Fannie Mae and Freddie Mac Strategic Plan »View More Around the Web Video News AIG's Benmosche Explains 'Strong' Quarter Dallas Fed President on Texas Economy Existing Home Sales Rise 4.3% »View More Video News Today's Comments "Great educational piece!" "Look at the big picture Frank. Don't get stuck in the weeds. This is as good an easy explanation as I have seen. Read it...................Submitted..." "James: Sales pitch is that the 20% down payment gives the perception of an equity position that doesn't correlate with the reality of financing for..." »View More Comments Today's Q&A "Between jobs, can I still close on an FHA loan before my new Job starts?" "Does owning a mobile home keep me from qualifying for first time home buyer?" "Qualifying income for VA loan? " »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.91 -0.01 15YR 3.27 -0.01 FHA30YR 3.75 0.00 Jumbo30YR 4.16 -0.01 5/1ARM 3.02 0.00 MBS Quotes 30YR FNMA 3 103-13 0-02 30YR FNMA 4 105-08 0-01 30YR FNMA 4 106-20 0-01 30YR FNMA 5 108-02 0-01 Treasuries 2 YR 0.3049 0.0079 3 YR 0.4272 0.0132 5 YR 0.8894 0.0294 7 YR 1.3923 -0.0047 10 YR 1.9982 -0.0038 30 YR 3.1387 -0.0053 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts -4.09% Construction 1.53% Mortgage Application -1.01% Mortgage Refinance 0.83% Mortgage Purchase -8.41% 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

GSE's $100 Million Legal Bill; Mortgage Rates Improve

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Feb 22, 2012 11:36AM Inspector General Looks at GSE's as Legal Costs Pass $100 Million Both before and after they were placed into conservatorship the two government sponsored enterprises Fannie Mae and Freddie Mac (the Enterprises) spent large amounts of money to defend themselves and former senior executives in class action lawsuits and other legal matters. For example, in cases arising out of alleged accounting malpractices in the 2004 to 2006 period, Fannie Mae has advanced $99.4 million for the legal defense of three of its former senior executives. Furthermore, $37 million of... Feb 22, 2012 4:07PM Mortgage Rates Improve But Remain On Fence Between Recent Offerings Yesterday marked the first time since late January that Best-Execution Mortgages Rates stood at 4.0% on average, as opposed to what had been the prevailing average of 3.875%. Rates improved today for most lenders, several of whom once again are offering 3.875% as a "best-execution rate" (learn more about what that means in this previous post with more detailed discussion about Best-Execution calculations ). But a significant portion of the market remains in 4.0% territory. Best-Execution is very... A Call to Action - FHFA's Strategic Plan for Fannie Mae and Freddie Mac Freddie Mac: Economy on Slow, Steady, Path to Recovery Fannie and Freddie Future Plans; NMLS Licensee Stats on the Rise Mortgage Applications Slow as Average Rates Rise MBS, Treasuries Extend Gains, Giving Pause to Technical Gloom NAR: Existing Home Sales and Inventories Improved in January View: Front Page | Headline Viewer Micro News 2:42 PM: Favorable Technicals For Bond Markets. Additional Positive Reprices 1:15 PM: 5 Year Treasury Auction: Average Results. Reprice Potential Remains 12:36 PM: Bond Markets Near Best Levels as 5yr Auction Approaches 10:25 AM: Community Reinvestment Act (CRA) - Consideration for Gulf Coast Disaster Area Activities 10:04 AM: Existing-Home Sales Rise Again in January, Inventory Down - NAR 9:24 AM: MBS, Treasuries Noncommittal and Marginally Improved in First Hour 8:46 AM: MBA Comments FHFA's GSE Proposal 4:08 PM: MBS Return to Lows In Late Day, Light-Liquidity Conditions »View All Micro News Around the Web Realtors Slam Obama Foreclosure-Rental Plan NAHB: Statement from Chairman Barry Rutenberg on FHFA's GSE Reform Plan HUD: Taking Steps to Streamline and Improve HUD's Web Presence SIFMA Statement on the President's Business Tax Reform Proposals Architects See Glimmers of Hope for New Construction FHA Knocks Reports on B of A Deal »View More Around the Web Video News Existing Home Sales Rise 4.3% Contemplating Life after Frannie Meredith Whitney on the Mortgage Market »View More Video News Today's Comments "Great educational piece!" "Look at the big picture Frank. Don't get stuck in the weeds. This is as good an easy explanation as I have seen. Read it...................Submitted..." "James: Sales pitch is that the 20% down payment gives the perception of an equity position that doesn't correlate with the reality of financing for..." »View More Comments Today's Q&A "Does owning a mobile home keep me from qualifying for first time home buyer?" "Qualifying income for VA loan? " "How to terminate a Realtor buyers agreement" »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.92 -0.01 15YR 3.28 -0.01 FHA30YR 3.75 0.00 Jumbo30YR 4.17 -0.01 5/1ARM 3.02 -0.01 MBS Quotes 30YR FNMA 3 103-11 0-12 30YR FNMA 4 105-07 0-07 30YR FNMA 4 106-19 0-05 30YR FNMA 5 108-02 0-04 Treasuries 2 YR 0.2970 -0.0060 3 YR 0.4138 -0.0312 5 YR 0.8604 -0.0486 7 YR 1.3970 -0.0640 10 YR 2.0017 -0.0593 30 YR 3.1444 -0.0646 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts -4.09% Construction 1.53% Mortgage Application -1.01% Mortgage Refinance 0.83% Mortgage Purchase -8.41% 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

FHFA Sends Congress Strategic Plan for GSEs

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Feb 21, 2012 2:07PM FHFA Sends Congress Strategic Plan for GSEs The Federal Housing Finance Agency (FHFA) said Tuesday that, with its conservatorship of Fannie Mae and Freddie Mac (the Enterprises) now in operation for more than three years "and no near-term resolution in sight," it was time to assess its goals and directions. In a letter submitted to the chairs and ranking members of the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs, Acting FHFA Director Edward J. DeMarco set out a Strategic Plan for Fannie... Feb 21, 2012 3:31PM Best-Execution Mortgage Rates Rise For First Time in a Month For the first time since late January, Best-Execution Mortgages Rates moved back to 4.0%. Over the past month, the rate averaged 3.875% despite plenty of fluctuations in terms of closing costs. Friday's weakness brought the average of the lenders we survey as close to the 4.0% mark and today's weakness in the bond markets resulted in more lenders offering 4.0% as a best-execution rate, although 3.875% remains at a few of the more aggressively-priced lenders. Additional reading: A previous post with... Bond Markets Search For Support After Greek Bailout Vote LPS Previews January Delinquency Data MBS RECAP: 2/21/2012 Default Rates Head Down Again Clearing Up Some G-fee and HARP 2.0 Confusion; More Conferences and Companies Expanding The Day Ahead: Digesting Greek Bailout With Auction Supply and Limited Data View: Front Page | Headline Viewer Micro News 4:08 PM: MBS Return to Lows In Late Day, Light-Liquidity Conditions 2:14 PM: Boston Fed sought cut in discount rate in Jan 12:12 PM: FHFA Sends Congress Strategic Plan for Conservatorships of Fannie Mae and Freddie Mac 12:09 PM: MBS Hit New Lows. Negative Reprice Risk Increasing 11:16 AM: MBS Live Service Notice: Day Over Day Price Change 10:58 AM: Relatively Heavy Volume Moving Bond Market Relatively Sideways 8:45 AM: Europe Seals New Greek Bailout to Avert Default 3:16 PM: Bearish Bias Dries Up After Hours, Still Sideways »View All Micro News Around the Web Fannie, Freddie Regulator Looks to Unify Mortgage Securities Boston Fed Sought Lower Discount Rate, While Kansas City Fed Wanted Increase NAR: Metropolitan Statistical Area Prices and Affordability: 4th Quarter 2011 Release FHFA eyes investment firms for mortgage portfolio Treasurys stay down after U.S. 2-year auction Minutes of Board discount rate meeting on January 23, 2012 »View More Around the Web Video News Santelli's Exchange: Bonds & Oil Home Depot Builds Q4 Profit Former Citi Wealth Management CEO on Banking Industry »View More Video News Today's Comments "John, at 140LTV you will have a higher quote, from any lender. The HARP program does have significant pricing adjustments for higher LTV loans" "I agree that not grandfathering in the MIP for streamlines is outrageous. The loan is already backed by FHA. Really leaves a lot of us out of the fold..." "Geez Louise--what if the current servicer doesn't want to do it? My current servicer--B of A--quotes me 5.25% (140% LTV). When I asked them what's..." »View More Comments Today's Q&A "Qualifying income for VA loan? " "How to terminate a Realtor buyers agreement" "Current Mortgage part of DTI calculation on a purchase?" »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.93 0.03 15YR 3.29 0.03 FHA30YR 3.75 0.00 Jumbo30YR 4.18 0.03 5/1ARM 3.03 0.03 MBS Quotes 30YR FNMA 3 102-32 -0-01 30YR FNMA 4 105-00 0-00 30YR FNMA 4 106-14 0-01 30YR FNMA 5 107-30 0-01 Treasuries 2 YR 0.3026 0.0086 3 YR 0.4455 0.0265 5 YR 0.9090 0.0490 7 YR 1.4614 0.0554 10 YR 2.0609 0.0609 30 YR 3.2090 0.0630 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts -4.09% Construction 1.53% Mortgage Application -1.01% Mortgage Refinance 0.83% Mortgage Purchase -8.41% 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