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  • Wed, May 27 2009
  • 2:21 PM » Economists React: Home Resales at Bottom, Prices Have Further to Fall
    Published Wed, May 27 2009 2:21 PM by WSJ
    Economists and others weigh in on . Home sales appear to have hit a bottom but expect only a very modest upswing in coming months. While housing affordability is extremely elevated — reflecting the combined forces of low prices and low mortgage rates — it will be difficult for sales to show much improvement as long as the unemployment rate is on the rise. Moreover, the influx of foreclosures onto the market is expected to act as a significant headwind for home prices — although we do expect the pace of home price declines to begin to slow noticeably in coming months. –David Greenlaw, Morgan Stanley Single-family home sales look to have bottomed out in the last six months although a very large percentage of the sales (45% in April according to the NAR) are distressed sales (foreclosure sales are only recorded in these data if the home is listed on the MLS, which suggests that these data both understate sales and the proportion of sales that are distressed). –RDQ Economics > Part of the market clearing process is that distressed properties must be sold, so the fact that this is occurring is good. Still, it certainly depresses prices, and there are plenty more foreclosed (or soon to be foreclosed) homes in the pipeline. The inescapable conclusion, therefore, is that median sales prices will continue to decline for the foreseeable future. –Joshua Shapiro, MFR Inc. While we believe sales will increase in the short-run, the medium-term picture is more difficult to judge. With such a large share of market being distressed sales, any eventual fall in the supply of distressed properties could restrain total sales for a time. –Abiel Reinhart, J.P. Morgan Falling prices , incentives such as the first-time buyer tax credit, and increasingly aggressive investors eager to snap up properties, mainly to turn into rentals, are sparking sales on the low end of the market, but sales of higher-end homes are stagnating. According to NAR, 45 percent of all sales in April were distress...
  • 1:30 PM » S&P Lowers Rating On Four U.S. Alternative-A and Prime Jumbo RMBS Transactions From 2005 And 2006
    Published Wed, May 27 2009 1:30 PM by
    Standard & Poor's Ratings Services today lowered its ratings on 50 classes from four residential mortgage-backed securities (RMBS) transactions backed by U.S. Alternative-A (Alt-A) and prime jumbo mortgage loan collateral issued in 2005 and 2006
    Click Here to Read the Full Article

  • 11:45 AM » The State of Real Estate Around the World: No Signs of Stabilization?
    Published Wed, May 27 2009 11:45 AM by Google News
    Today we take a look at the health of and commercial property markets around the world. Slowing economic activity and a credit crunch contributed to a decline in housing activity, prices and construction in most major economies. Eastern Europe and the Baltics, as well as the U.S. and UK, have endured some of the sharpest declines. In many countries, not only in the U.S., the bottom of the property markets still seems far off, with sales, prices and starts forecast to continue declining, albeit at a slower pace, through much of 2009. In fact, many European economies (and Canada) tend to have housing cycles that lag behind the U.S. by about 2-3 years, suggesting that their declines could also persist beyond a U.S. housing stabilization. Sounder lending standards and lower incentives to invest in residential property in some countries may allow them to avoid the depths of the U.S. property correction but others may suffer more severely. The liquidity resulting from quantitative easing has contributed to a slower deterioration of the housing markets. Yet with high inventories in many markets, it may take some time to absorb the excess. This will continue to erode the value of asset-backed securities and banks' balance sheets and defer the revival of construction activity, a major driver of growth. The decline in retail trade and contraction of the financial sector has worsened the . Commercial vacancy rates are on the rise in almost all major centers in Europe and North America and net effective rates have declined by 25-30% in major cities in Asia, suggesting that new investment is unlikely as these cities try to absorb overcapacity in retail and hotel trade. Meanwhile, still tight corporate debt markets pose obstacles for corporate finance. Despite the weak fundamentals, REITs and other property investments have benefited from the renewed risk appetite and have been climbing off late. These property investments might well be vulnerable to any reversal of risk appetite...
  • 11:45 AM » J.P. Morgan sees credit-card losses near 9%
    Published Wed, May 27 2009 11:45 AM by Market Watch
    NEW YORK (MarketWatch) -- J.P. Morgan Chase Chief Executive Jamie Dimon said on Wednesday that he expects the firm's credit card losses, excluding business acquired from Washington Mutual, to be about 9% in the next quarter.
  • 11:30 AM » Fed Plans Follow-Up to Consumer-Finance Survey
    Published Wed, May 27 2009 11:30 AM by WSJ
    The Federal Reserve Board is commissioning a of everyone who participated in its most recent . The National Opinion Research Center at the University of Chicago , which conducts the triennial survey, will re-interview each person that responded to the 2007 survey to see how the economic downturn affected their personal finances. The Survey of Consumer Finances is among the richest sources of information about American consumers’ wealth, assets and debts. “Now we’ll have two points in time,” explains Cathy Haggerty , the project director at the NORC. “We’ll have data before the economic downturn and we’ll be able to compare it to a point in time after the economic downturn.” The Fed, which pays the NORC to conduct the surveys, didn’t plan to conduct a follow-up but requested one because of the drastic economic changes. It’s “absolutely” a rare request, Haggerty says. It’s also a difficult undertaking, covering about 4,500 people. “This is a very long and somewhat intrusive survey,” Haggerty says. “We ask people about every aspect of their finances. For the most wealthy it can be hours long.” Results of the re-interview likely won’t be released until the third quarter of 2010, Haggerty said. The Fed is considering using follow-up interviews with regularity. The NORC plans to start a pilot program using two test groups from the regularly scheduled 2010 survey. One group would receive a shortened follow up and the other would participate in the full-length survey a second time.
  • 11:30 AM » Rent-to-own makes a comeback
    Published Wed, May 27 2009 11:30 AM by CNN
    Leasing a TV may sound like the type of scheme cooked up by college students and others suffering from cash-strapped fever. But renting to own ordinary household items is expanding to more mainstream consumers. Just ask the folks at Aaron's, the Atlanta-based company with $1.56 billion in sales that leases new and used appliances and furniture to the credit-unworthy.
  • 11:14 AM » Problem U.S. banks jumped to 305 in first quarter: FDIC
    Published Wed, May 27 2009 11:14 AM by Reuters
    WASHINGTON (Reuters) - The number of problem U.S. banks and thrifts rose to 305 in the first quarter of 2009, up 40 percent from 252 in the prior quarter, marking the highest number since 1994, the Federal Deposit Insurance Corp said on Wednesday.
  • 10:15 AM » The Backwards Credit Card Model
    Published Wed, May 27 2009 10:15 AM by Seeking Alpha
    submits: Every time I travel by Delta I get some air miles, which is a reward for being loyal and profitable to them. If I buy stuff worth $50 from Kohl’s, they give me $10 in Kohl’s cash. Panda Express has given me some kind of a discount card, which I use to get 10% off on every meal. Discount Tires will rotate my car tires free for life because I bought them there. So basically, the airline, retail, food, auto and, I think, most other industries, give me a discount if I am loyal and profitable to them. The more money I make for them, the cheaper they make their services for me.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:14 AM » Dollar rallies against euro
    Published Wed, May 27 2009 10:14 AM by CNN
    Read full story for latest details.
  • 10:13 AM » BofA: 'Well on Way' to Raising $33.9 Billion Fed Buffer
    Published Wed, May 27 2009 10:13 AM by CNBC
  • 10:12 AM » Debt Exchange Falls Short; G.M. Moves to Sell Units
    Published Wed, May 27 2009 10:12 AM by NY Times
    G.M. prepared for a bankruptcy filing, as bondholders rejected an offer to exchange $27 billion in debt for stock.
  • 10:12 AM » Guest Post: Liquidity Drowning the Meaning of Inflation?
    Published Wed, May 27 2009 10:12 AM by Google News
    Submitted by Leo Kolivakis, publisher of . On Monday, Sheldon Filger wrote an article in the London Telegraph stating that the : ... though not downgrading the danger of deflation, I believe policymakers are ignoring other factors regarding this economic and financial condition. Furthermore, the U.S. government and Federal Reserve in particular, are taking steps to "cure" deflation that will inevitably lead to hyperinflation, which in the long-term may prove far more destructive to the long-term health of the U.S. economy. History demonstrates that deflation is not a permanent condition. Market forces, unencumbered by fiscal and monetary intervention, eventually restore pricing equilibrium. At a certain point prices of major durables such as homes are low enough to encourage new categories of consumers to enter the marketplace. As demand is restored, prices stabilize and then resume their upward ascent. It is all a question of time. However, key decision-makers in the United States are not paragons of patience. They want deflation cured immediately, which explains why the U.S. Treasury and Federal Reserve are hell-bent on policies that are guaranteed to be inflationary. The question is how bad will inflation ultimately be. Massive quantitative easing by the Fed is pouring trillions of U.S. dollars into the money supply, essentially conjured out of thin air. This is being done without transparency, the rationale being that frozen credit markets require a vast expansion of the money supply in an attempt to get the arteries of commerce flowing again. Similarly, the U.S. government is spending vast amounts of money it does not have, with the Treasury Department selling unprecedented levels of government debt in a frantic effort to fund the wildly expanding U.S. deficit. These two forces, quantitative easing and multi-trillion dollar deficits, are the core ingredients of an explosive fiscal cocktail that I believe will ultimately lead to hyperinflation. What exactly...
  • 10:12 AM » North Korea threatens South Korea militarily
    Published Wed, May 27 2009 10:12 AM by Market Watch
    North Korea threatens South Korea militarily, saying it’s no longer bound by a truce the two sides reached in 1953 to end the Korean War.
  • 9:17 AM » Stock futures point to lower open ahead of housing data
    Published Wed, May 27 2009 9:17 AM by Washington Post
    NEW YORK (Reuters) - Stock index futures pointed to a lower open on Wednesday as General Motors inched closer to bankruptcy and investors await a key report on the housing market.
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:17 AM » U.S. will eventually adopt 'bad bank' plan: PWC
    Published Wed, May 27 2009 9:17 AM by Market Watch
    The U.S. government will eventually adopt a 'bad bank' plan to purchase toxic assets from struggling lenders, despite avoiding such a solution so far, accountancy firm PricewaterhouseCoopers says.
  • Tue, May 26 2009
  • 9:34 PM » Potential S&P CMBS Downgrades
    Published Tue, May 26 2009 9:34 PM by Calculated Risk Blog
    S&P put out a request for comment today titled: U.S. CMBS Rating Methodology And Assumptions For Conduit/Fusion Pools (ht Will, Jason, all) It is likely that the proposed changes, which represent a significant change to the criteria for rating high investment-grade classes, will prompt a considerable amount of downgrades in recently issued (2005-2008 vintage) CMBS. Classes up through the most senior tranches of outstanding deals (so-called "A4s," "dupers," or "super-duper seniors") are likely to be affected. Our preliminary findings indicate that approximately 25%, 60%, and 90% of the most senior tranches (by count) within the 2005, 2006, and 2007 vintages, respectively, may be downgraded. We believe these transactions are characterized by increasingly more aggressive underwriting than prior vintages. Furthermore, recent vintage CMBS, particularly those issued since 2006, were originated during a time of peak rents and values, and as such, may be more affected by the proposed rental declines discussed in this RFC. We are currently evaluating the impact of the potential criteria changes on conduit/fusion CMBS transactions from all vintages. Once we evaluate the potential impact on existing ratings, we expect to issue a follow-up publication to this RFC. emphasis added From Bloomberg: The highest-graded bonds backed by commercial mortgages may be cut by Standard & Poor’s, potentially rendering the securities ineligible for a $1 trillion U.S. program to jumpstart lending. As much as 90 percent of so-called super senior commercial- mortgage backed bonds sold in 2007 may be affected as the ratings firm changes how it assesses the debt, New York-based S&P said today in a report. “We believe these transactions are characterized by increasingly more aggressive underwriting than prior vintages,” S&P said. “Furthermore, recent vintage CMBS, particularly those issued since 2006, were originated during a time of peak rents and values...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 6:13 PM » More Job Losses = Greater Foreclosures
    Published Tue, May 26 2009 6:13 PM by Google News
    “We’re about to have a big problem. Foreclosures were bad last year? It’s going to get worse.” -Morris A. Davis, a real estate expert at the University of Wisconsin. This is a theme I have been hammering on for some time: As more people lose their jobs, we will see increasing foreclosures, adding further stress to banks’ already ugly balance sheets. As the New York Times notes, the number of prime mortgages that were “delinquent at least 90 days, were in foreclosure or had deteriorated to the point that the lender took possession of the home” jumped enormously as job losses accelerated. Over the period when BLS was reporting 500k plus job losses a month, from November’08 to February ‘09, the numbers of distressed properties “increased more than 473,000, exceeding 1.5 million.” Total loan value = more than $224 billion. (Sources: The Times, First American CoreLogic). Thus, even if the recession ended tomorrow, the US will still have another 500k - one million foreclosures. And if the recession continues for another 6 months to a year, well, you do the math. (Hint: About 2 - 3 X as many) Excerpt: “In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories. With many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy. . . Economists refer to the current surge of foreclosures as the third wave, distinct from the initial spike when speculators gave up property because of plunging real estate prices, and the secondary shock, when borrowers’ introductory interest rates expired and were reset higher.” Note that these foreclosures are not the exotic no money down I/O ARMs from the early phase...
  • 3:54 PM » Revisiting the JPMorgan / WaMu Acquisition
    Published Tue, May 26 2009 3:54 PM by Calculated Risk Blog
    From Bloomberg: (ht Mike in Long Island) When JPMorgan bought WaMu out of receivership last September for $1.9 billion, the New York-based bank used purchase accounting, which allows it to record impaired loans at fair value, marking down $118.2 billion of assets by 25 percent. Now, as borrowers pay their debts, the bank says it may gain $29.1 billion over the life of the loans in pretax income before taxes and expenses. ... JPMorgan took a $29.4-billion writedown on WaMu’s holdings, mostly for option adjustable-rate mortgages (ARMs) and home- equity loans. “We marked the portfolio based on a number of factors, including housing-price judgment at the time,” said JPMorgan spokesman Thomas Kelly. “The accretion is driven by prevailing interest rates.” JPMorgan said first-quarter gains from the WaMu loans resulted in $1.26 billion in interest income and left the bank with an accretable-yield balance that could result in additional income of $29.1 billion. emphasis added Let's review the JPMorgan's "judgment at the time" of the acquisition. First, is the presentation material from last September. Click on graph for larger image in new window. Here are the bad asset details. Also see page 16 for assumptions. This shows the $50 billion in Option ARMs, $59 billion in home equity loans, and $15 billion in subprime loans on WaMu's books at the time of the acquisition. Plus another $15 billion in other mortgage loans. And the second excerpt shows JPMorgan's economic judgment at the time of the acquisition. JPMorgan's marks assumed that the unemployment rate would peak at 7.0% and house prices would decline about 25% peak-to-trough. Note that the projected losses at the bottom of the table are from Dec 2007. As the article noted, in September 2008, JPMorgan took a writedown of close to $30 billion mostly for Option ARMs and home equity loans. This graphic shows the unemployment rate when the deal was announced (in purple), the three scenarios JPMorgan...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:05 PM » Minutes of Board discount rate meetings, April 6 and 27, 2009
    Published Tue, May 26 2009 2:05 PM by Federal Reserve
    Minutes of Board discount rate meetings, April 6 and 27, 2009
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 1:18 PM » GM Bondholders Reject Plan, Setting Stage for Bankruptcy
    Published Tue, May 26 2009 1:18 PM by CNBC
    General Motors has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy.
  • 1:18 PM » U.S. consumer mood lifts despite home price plunge
    Published Tue, May 26 2009 1:18 PM by Reuters
    NEW YORK (Reuters) - U.S. consumer confidence soared in May to its highest level in eight months, suggesting underlying improvement in the economy after a grim first quarter that witnessed a record plunge in home prices.
  • 1:18 PM » House Prices: Real Prices, Price-to-Rent, and Price-to-Income
    Published Tue, May 26 2009 1:18 PM by Calculated Risk Blog
    Note earlier house price posts: and Here are three key measures of house prices: Price-to-Rent, Price-to-Income and real prices based on the Case-Shiller quarterly national home price index. Price-to-Rent In October 2004, Fed economist John Krainer and researcher Chishen Wei wrote a Fed letter on price to rent ratios: . Kainer and Wei presented a price-to-rent ratio using the OFHEO house price index and the Owners' Equivalent Rent (OER) from the BLS. Here is a similar graph through Q1 2009 using the Case-Shiller National Home Price Index: Click on image for larger graph in new window. This graph shows the price to rent ratio (Q1 1997 = 1.0) for the Case-Shiller national Home Price Index. For rents, the national Owners' Equivalent Rent from the BLS is used. Looking at the price-to-rent ratio based on the Case-Shiller index, the adjustment in the price-to-rent ratio is maybe 85% complete as of Q1 2009 on a national basis. This ratio will probably continue to decline. It is important to note that it appears (this is not showing up in the OER measure yet) and rents will probably continue to decline. Goldman Sachs notes that declining rents for REITS typically lead declines in Owners' equivalent rent of primary residence (OER) - so OER will probably be falling later this year and in 2010. And declining rents will impact the price-to-rent ratio. Price-to-Income: The second graph shows the price-to-income ratio: This graph is based off the Case-Shiller national index, and the Census Bureau's median income (and an estimate of 2% increase in household median income for 2008 and flat for 2009). Using national median income and house prices provides a gross overview of price-to-income (it would be better to do this analysis on a local area). However this does shows that the price-to-income is still too high, and that this ratio needs to fall another 10% or so. A further decline in this ratio could be a combination of falling house prices and/or rising nominal incomes...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:58 AM » Homes: Almost 20% cheaper
    Published Tue, May 26 2009 10:58 AM by CNN
    The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.
  • 10:42 AM » Case-Shiller: House Prices Tracking More Adverse Scenario
    Published Tue, May 26 2009 10:42 AM by Calculated Risk Blog
    Please see: for the seasonally adjusted composite indices. The first graph compares the Case-Shiller Composite 10 NSA index with the Stress Test scenarios from the Treasury (stress test data is estimated from quarterly forecasts). Click on graph for larger image in new window. The Stress Test scenarios use the Composite 10 index and start in December. Here are the numbers: Case-Shiller Composite 10 Index, March: 151.41 Stress Test Baseline Scenario, March: 154.82 Stress Test More Adverse Scenario, March: 149.96 It has only been three months, but prices are tracking close to the 'More Adverse' scenario so far. The second graph shows the price declines from the peak for each city included in S&P/Case-Shiller . In Phoenix, house prices have declined 53% from the peak. At the other end of the spectrum, prices in Charlotte and Dallas are off about 11% to 12% from the peak. Prices have declined by double digits everywhere. Prices fell sharply in most Case-Shiller cities in March, with Minneapolis off 6.1% for the month alone. Denver, Dallas, and Charlotte showed small price gains. I'll have more on price-to-rent and price-to-income using the National Index soon.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:42 AM » Freddie Mac Launches Guaranteed Structured Pass-Through K Certificates
    Published Tue, May 26 2009 10:42 AM by Freddie Mac
    McLean, VA – Freddie Mac (NYSE: FRE) today announced the launch of its offering of Series K-003 Structured Pass-Through Certificates ("K Certificates"), multifamily mortgage-backed securities that provide a new vehicle for the company to provide liquidity, stability and affordability to nation’s multifamily housing market.
  • 8:39 AM » Consumer Banking: New credit-card law may be boon for credit unions
    Published Tue, May 26 2009 8:39 AM by Market Watch
    Credit cards from credit unions often are better deals than bank credit cards -- and this should become even more evident as a new federal law tightens terms on interest rates and fees.
  • 8:38 AM » Job Losses Push Safer Mortgages to Foreclosure
    Published Tue, May 26 2009 8:38 AM by
    As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
    Click Here to Read the Full Article

  • 8:38 AM » Hope For One Homeowner
    Published Tue, May 26 2009 8:38 AM by
    Meet the only lender to successfully navigate the government's $300 billion effort to staunch the foreclosure flood.
    Click Here to Read the Full Article

  • 8:38 AM » Week Ahead: Housing Market Reality Check
    Published Tue, May 26 2009 8:38 AM by Washington Post
    The spring home-selling season is well underway, and this week we get the most complete evidence yet of how it's going, with a slew of housing-related data. By the end of the week, we should have a better sense of whether the story some economists are telling, that the housing bust is finally tap...
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:25 AM » Why a Housing Recovery Requires Lower Prices
    Published Tue, May 26 2009 8:25 AM by The Big Picture
    Mark Gongloff touches upon some truisms in today’s column in the WSJ. Most significantly, he quotes Rosie on the Shadow Inventory, which when you include REOs and spec investors waiting to put their involuntary rentals back on the market, sends total inventory back over 12 months suppy. But he mentions something I find curious: “A consensus is forming that home sales and construction are at long last bottoming and may soon rise. Economists largely expect this week’s numbers to affirm that notion.” Consensus? Why should investors — or homeowners, for that matter — care much about the opinion representing the consensus view? That consensus missed the credit bubble as it formed, wrongly believed the sub-prime issue were “contained,” and utterly missed the top in housing. If you followed th consensus, o lost 50% of yuor money last year, saw your home value drop 30%, and generally got mangled in most asset classes other than Bonds, Cash and Gold. Indeed, its hard to think of anything the “consensus” view got right when it comes to Housing and credit over the past decade. As to halting the fall of prices, I believe that’s backwards — we want prices to normalize , so that more people can afford homes. Until that happens, Housing cannot begin to recover. This week’s data : S&P Case-Shiller HPI today at 9:00am; Existing Home Sales Wednesday at 10:00am; New Home Sales Thursday at 10:00am. > Previously : (May 25, 2009) (August 13th, 2008) Source: Mark Gongloff WSJ, May 26, 2009
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:24 AM » U.S. Credit Card Debt: Not as Bad as Advertised
    Published Tue, May 26 2009 8:24 AM by Seeking Alpha
    submits: The (source: the business insider) is not pretty. However, we disagree with negative tone of many market pundits on the increasing amount of American credit card debt.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:23 AM » This Week's Freddie Mac Bond Sale May Buoy Markets
    Published Tue, May 26 2009 8:23 AM by Seeking Alpha
    submits: As market sentiment has picked up this year, there have been a wide range of organizations, from big banks to language educators, looking to raise money on the open market via everything from initial public offerings to corporate bond issuances.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:23 AM » When it makes sense to rent
    Published Tue, May 26 2009 8:23 AM by CNN
    In 2004, Tim Jones bought a little piece of the American dream: a modest three-bedroom home in Bend, Ore., that went for $218,000. Three years later he married and was ready for phase two of the dream: trading up. But instead of buying, he and wife Elise pocketed the $100,000 profit from the sale of their house and rented bigger digs.
  • 8:23 AM » JPMorgan $29 Billion WaMu Windfall Turned Bad Loans Into Income
    Published Tue, May 26 2009 8:23 AM by
    JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an accounting rule that lets the second-biggest U.S. bank transform bad loans it purchased from Washington Mutual Inc.
    Click Here to Read the Full Article

  • Fri, May 22 2009
  • 2:06 PM » Credit Score Cutoffs Narrow Lender Options
    Published Fri, May 22 2009 2:06 PM by
    More than 30 percent of consumers dropped below a 680 credit score after October 2008, increasing mortgage rates and creating greater challenges for lenders
    Click Here to Read the Full Article

  • 2:04 PM » HUD Announces Sanctions Against More Than 120 FHA-Approved Lenders
    Published Fri, May 22 2009 2:04 PM by
    The U.S. Department of Housing and Urban Development's Mortgagee Review Board today announced actions against more than 120 lenders for violating FHA requirements. Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents.
  • 2:02 PM » Freddie Mac Making Homes Affordable Program Help Guide
    Published Fri, May 22 2009 2:02 PM by Freddie Mac
    Tools to help you stay in your home.
  • 1:59 PM » FHFA Report to Congress Details Examination of GSEs and FHLBs
    Published Fri, May 22 2009 1:59 PM by FHFA
    FHFA’s first report to Congress details annual examination of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks
  • 1:58 PM » Understanding the Federal Home Loan Banks
    Published Fri, May 22 2009 1:58 PM by
    Tthe Federal Home Loan Banks (FHLBanks) are 12 regional cooperative banks that U.S.lending institutions use to finance housing and economic development in their communities. Created by Congress, the FHLBanks have been the largest source of funding for community lending for eight decades
    Click Here to Read the Full Article

  • 1:55 PM » Fannie Mae Making Homes Affordable Program Help Guide
    Published Fri, May 22 2009 1:55 PM by Fannie Mae
    The President's Plan was created to help millions of homeowners refinance or modify their mortgages to a payment that is affordable, both now and in the future.
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