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  • Fri, Nov 18 2011
  • 9:56 AM » Michigan Supreme Court Backs MERS
    Published Fri, Nov 18 2011 9:56 AM by Detroit Free Press
    The Michigan Supreme Court has reversed an appeals court ruling that had cast doubt on thousands of home foreclosures across the state. The Supreme Court said Wednesday that it's legal for Mortgage Electronic Registration Systems to foreclose by advertisement when a loan turns bad. Known as MERS, the company acts as an agent for lenders. Property owners in Kent and Jackson counties had convinced the appeals court that MERS couldn't take certain steps in the foreclosure process because it didn't actually lend the money. But in a 4-3 decision, the Supreme Court says MERS has an interest in the debt and acted properly under Michigan law.
    Click Here to Read the Full Article

    Source: Detroit Free Press
  • Thu, Nov 17 2011
  • 10:05 AM » JPMorgan Chase To Sell Mortgage-Backed Securities Backed By Loans In Default: Report
    Published Thu, Nov 17 2011 10:05 AM by The Huffington Post
    JPMorgan Chase is reaching back into the playbook, and the result could help the housing market hit bottom. The newly-minted largest bank in the country plans to sell mortgage-backed investments backed by loans in default, the WSJ reported. Other banks also are considering selling securities backed by distressed loans at bargain prices -- mimicking a plan the government used to help pull the nation out of the savings and loan crisis in the early 1990s, according to the WSJ . The sale of loans in default could help the mortgage market recover by placing a specific price on the least desirable mortgage-backed securities, helping to restore certainty to investors about their worth.
    Click Here to Read the Full Article

    Source: The Huffington Post
  • Tue, Oct 18 2011
  • 12:12 PM » Mortgage refinance doesn’t belong in the settlement talks
    Published Tue, Oct 18 2011 12:12 PM by Reuters
    Naturally, they’re clinging on to this undeserved income stream for dear life: The refinance program would be particularly costly for banks because they would be forced to give up expected interest income on loans for which borrowers are current on their loan payments and, given their payment histories, unlikely to default. Banks can’t reduce rates on loans they don’t own because the result would be a net loss to the investor. “Nine months ago this would have been inconceivable,” said one person familiar with the banks’ thinking. Well no, it’s not inconceivable at all. In fact, wholesale mortgage refinance for underwater borrowers is a major part of Barack Obama’s jobs bill, and the CBO has been costing it in various ways. At heart, it’s a way of rectifying a market failure, and thus makes perfect sense. But that’s precisely why I don’t think that this plan deserves a place in the mortgage-settlement talks. For one thing, it’s downright unfair and invidious to allow 20% of underwater homeowners to refinance while ignoring the other 80%. More to the point, giving homeowners the ability to refinance their mortgages is what you do, if you’re a bank. It’s not some kind of gruesome punishment....
  • Mon, Oct 17 2011
  • 10:30 AM » Wall Street's New Nightmare: The Next Wave Of Mortgage-Backed Securities Claims
    Published Mon, Oct 17 2011 10:30 AM by
    The biggest private legal settlement in the history of Wall Street was a few sentences away from death. In early June a ­little-known Texas lawyer named Kathy Patrick was putting the final touches on her carefully crafted $8.5 billion deal with Bank of America over so-called mortgage put-backs, when she got a last-minute demand from the other side. Sitting in her Houston office, Patrick learned that BofA wanted her clients—a clutch of the world’s most important investment firms, including BlackRock and Pimco—to promise they would not go after the bank with separate claims over the same mortgage pools...
    Click Here to Read the Full Article

  • Thu, Jan 13 2011
  • 5:07 PM » Why Is the Ferris Bueller House Still for Sale?
    Published Thu, Jan 13 2011 5:07 PM by
    The 57-year-old midcentury modern home at 370 Beech Street in , is instantly recognizable to many 1980s survivors and fans of John Hughes movies as Cameron's house from "Ferris Bueller's Day Off." By now, it's also known from popping up in the media, as it's been on the market for over a year.
    Click Here to Read the Full Article

  • Fri, Dec 10 2010
  • 5:24 PM » Home Prices Falling Fast, Eroding American Wealth And Threatening Recovery
    Published Fri, Dec 10 2010 5:24 PM by The Huffington Post
    Plunging home prices hammered household finances in the third quarter, eroding homeowners' wealth and making them more vulnerable to foreclosure. As prices are expected to continue falling, the economic recovery could face a major stall.
    Click Here to Read the Full Article

    Source: The Huffington Post
  • Mon, Oct 25 2010
  • 6:08 PM » MBA Announces New Members and Leadership of Residential Board of Governors and Residential Committee Chairs
    Published Mon, Oct 25 2010 6:08 PM by
    The Mortgage Bankers Association (MBA) today announced Henry V. (Hank) Cunningham, Jr., CMB, President of Cunningham & Company, Greensboro, NC, as Chairman of its Residential Board of Governors (RESBOG) and Garry Cipponeri, Senior Vice President of Chase in Iselin, NJ as Vice Chair of RESBOG at the association's 97th Annual Convention & Expo.
    Click Here to Read the Full Article

  • Wed, Oct 20 2010
  • 9:14 AM » TARP Bailout Returns 8.2% Profit Beating Treasury Bonds
    Published Wed, Oct 20 2010 9:14 AM by Bloomberg
    The U.S. government’s bailout of financial firms through the Troubled Asset Relief Program provided taxpayers with higher returns than they could have made buying 30-year Treasury bonds -- enough money to fund the Securities and Exchange Commission for the next two decades.
  • Tue, Oct 19 2010
  • 2:23 PM » Pimco, New York Fed Said to Seek BofA Repurchase of Mortgages
    Published Tue, Oct 19 2010 2:23 PM by Bloomberg
    Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said.
  • Fri, Oct 8 2010
  • 3:15 PM » SPECIAL EDITION: Letter from FHA Commissioner to Loan Servicers
    Published Fri, Oct 08 2010 3:15 PM by HUD
    Over the past several days, it has been widely reported that there are deficiencies in the foreclosure documentation process used by mortgage servicers. In light of these reports, I strongly urge every FHA-approved servicer to immediately conduct a full review of its servicing operations and procedures to ensure full compliance with all HUD requirements.
  • Wed, Sep 15 2010
  • 2:51 PM » FANNIE MAE OUTLOOK: Economy Maintains a Sluggish Growth Path
    Published Wed, Sep 15 2010 2:51 PM by Fannie Mae
    We have consistently referred to the current economic recovery, which we believe to have begun in the second quarter of 2009, as “modest.” It appears now that the modest recovery has turned into an “extremely modest” recovery, a term recently used by Federal Reserve Bank of Chicago President Charles Evans. Sluggish consumer spending in the spring and the emerging European sovereign debt crisis have cast doubt on the durability of the U.S. economic recovery, causing businesses to slow their pace of hiring. Recent economic data have softened substantially and much previously released data were revised substantially lower. Real (inflation-adjusted) gross domestic product (GDP) growth in the second quarter was revised downwardly to an annualized pace of 1.6 percent from an initial projection of 2.4 percent. This was a marked slowdown from the 3.7 percent pace of the first quarter and 5.0 percent pace of the fourth quarter of last year.
  • Fri, Sep 3 2010
  • 4:00 PM » New FHA Mortgagee Letter: Minimum Credit Scores and Loan-to-Value Ratios
    Published Fri, Sep 03 2010 4:00 PM by
    This Mortgagee Letter introduces new minimum credit scores and loan-to-value (LTV) ratio requirements for FHA-insured loans.This guidance is effective for case numbers assigned on or after October 4, 2010.
  • Fri, Aug 27 2010
  • 8:36 AM » Banks May See Mortgage Refunds Wane, Oppenheimer Says
    Published Fri, Aug 27 2010 8:36 AM by Bloomberg
    Aug. 26 (Bloomberg) -- Bank of America Corp., JPMorgan Chase & Co. and four more of the largest U.S. home lenders face $7.4 billion of losses over the next year tied to mortgage repurchases, less than some analysts have predicted, according to Oppenheimer & Co.
  • Thu, Aug 12 2010
  • 1:30 PM » Obama Administration Announces Panelists and Agenda for Conference on the Future of Housing Finance
    Published Thu, Aug 12 2010 1:30 PM by
    Today, the Obama Administration announced additional details about its August 17 Conference on the Future of Housing Finance, including a list of panelists and the conference agenda. This event will provide a forum for public input as the Administration continues its work developing a comprehensive housing finance reform proposal for delivery to Congress by January 2011.
  • Wed, Aug 11 2010
  • 6:13 PM » Fed releases tentative outright Treasury operation schedule
    Published Wed, Aug 11 2010 6:13 PM by NY Fed
    Across all operations in the schedule listed below, the Desk plans to purchase approximately $18 billion. This is the amount of principal payments from agency debt and agency MBS expected to be received between mid-August and mid-September, adjusted for prior SOMA agency MBS purchases that have been allocated since August 4.
  • Tue, Aug 3 2010
  • 11:43 AM » Poor Credit Judgments Sank Fannie and Freddie
    Published Tue, Aug 03 2010 11:43 AM by WSJ
    Just whose narrative about the demise of Fannie Mae and Freddie Mac is faulty? Brian M. Carney suggests that housing advocates and Democrats are unable to reconcile their view that the financial crisis was caused by undisciplined financial practices among banks and Wall Street, with their continued support of the assistance Fannie and Freddie provide to the housing market ("," op-ed, July 26). Perhaps the confusion is that the writer cannot fit the facts to the Journal's view that the crisis was government-made
  • Thu, Jul 29 2010
  • 10:07 AM » Mortgage-Bond Spreads Surpass Lows Reached During Federal Reserve BuyingYields on Fannie Mae
    Published Thu, Jul 29 2010 10:07 AM by Bloomberg
    Yields on Fannie Mae and Freddie Mac mortgage securities that guide U.S. home-loan rates reached record lows relative to 10-year Treasuries as investors search for higher returns amid limited by borrowers.
  • Mon, Jul 19 2010
  • 7:03 AM » Fannie Mae to prohibit lenders from changing home appraisals
    Published Mon, Jul 19 2010 7:03 AM by
    Effective Sept. 1, Fannie Mae is prohibiting lenders who sell it loans from changing appraisers' numbers. In guidance issued June 30, Fannie Mae said lenders must contact appraisers to resolve any disagreements about the valuation. If that's not possible, they should order a second appraisal — not just chop the value supporting the real estate contract.
    Click Here to Read the Full Article

  • Tue, Jul 13 2010
  • 4:59 PM » Consummate D.C. insider firm sued for $1 billion over mortgage meltdown
    Published Tue, Jul 13 2010 4:59 PM by
    The Carlyle Group, the world's second-largest private-equity firm, assiduous cultivator of political influence, and favorite bête noire of left-wing conspiracy theorists, is being sued for "spectacularly" losing more than $1 billion in the collapse of the mortgage market, according to Bloomberg Businessweek.
    Click Here to Read the Full Article

  • Wed, Jun 30 2010
  • 5:33 PM » Senate combines jobless benefits, homebuyer credit
    Published Wed, Jun 30 2010 5:33 PM by
    Senate Democrats are trying to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers. The latest plan combines in one bill the unemployment benefits with an extension of a popular tax credit for people who buy new homes.
    Click Here to Read the Full Article

  • Thu, May 13 2010
  • 9:12 AM » Senate Passes Amendment to Protect Homeowners from "Deceptive Mortgage Practices"
    Published Thu, May 13 2010 9:12 AM by
    WASHINGTON, DC – Today, an amendment put forth by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar to the Wall Street reform bill passed the Senate by a vote of 63-36. The amendment will protect homeowners by prohibiting mortgage lenders and loan originators from receiving hidden payments when they steer homeowners into high-cost loans and will create strong underwriting standards to ensure borrowers have the ability to repay their loans.
    Click Here to Read the Full Article

  • Mon, Apr 19 2010
  • 4:09 PM » MIT PAPER_US Residential Investment: A Sleeping Giant
    Published Mon, Apr 19 2010 4:09 PM by
    Residential investment is no longer a drag on the U.S. economy. Instead, it will slowly return to being a major driver of domestic GDP growth, and should play an important role in this recovery for a number of years
  • Fri, Apr 9 2010
  • 5:22 PM » REMINDER: Genworth Underwriting Guideline Updates Effective Monday
    Published Fri, Apr 09 2010 5:22 PM by
    This expansion, which will be effective for all MI applications received on or after April 12, 2010, supersedes previously issued Genworth-approved program exceptions and applies regardless of submission channel (including EXCEL® and EasySubmit®) or Automated Underwriting System (AUS) recommendation or decision.
    Click Here to Read the Full Article

  • Tue, Mar 30 2010
  • 11:10 AM » Mortgage Securities Debate Is All About Trust
    Published Tue, Mar 30 2010 11:10 AM by WSJ
    The effort to revive the market to package loans into securities has turned into a battle between regulators and lenders over a fundamental question: Can banks and their overseers be trusted to prevent bad lending?
  • Mon, Mar 22 2010
  • 1:31 PM » Loan Pools That Need Some Sun
    Published Mon, Mar 22 2010 1:31 PM by
    Last week, the Federal Home Loan Bank of San Francisco sued a throng of Wall Street companies that sold the agency $5.4 billion in residential mortgage-backed securities during the height of the mortgage melee. The suit, filed March 15 in state court in California, seeks the return of the $5.4 billion as well as broader financial damages.
    Click Here to Read the Full Article

  • 1:30 PM » Option ARMs Pose Threat to Housing Market
    Published Mon, Mar 22 2010 1:30 PM by
    Easy terms on the adjustable-rate mortgages, popular during the housing boom, are expiring. Higher bills could lead to more foreclosures, industry experts warn.
    Click Here to Read the Full Article

  • 1:28 PM » Want a Short Sale? Best to Wait
    Published Mon, Mar 22 2010 1:28 PM by WSJ
    A new government program aimed to speed up short sales goes into effect on April 5, increasing your chances of negotiating a distressed-property deal.
  • Mon, Mar 8 2010
  • 9:00 PM » Banks Pressed on Second Mortgages
    Published Mon, Mar 08 2010 9:00 PM by WSJ
    Pressure is growing on U.S. banks to ease terms for distressed homeowners on home-equity loans and other second-lien mortgages. Rep. Barney Frank, chairman of the House Financial Services Committee, last week sent a letter to the four biggest U.S. banks demanding "immediate steps to write down second mortgages."
  • Fri, Mar 5 2010
  • 2:57 PM » Goldman’s Best Guess on Mortgage Rates After the Fed Exits
    Published Fri, Mar 05 2010 2:57 PM by
    Plenty of questions are still swirling about how Ben Bernanke and the Fed will manage to wriggle out — Houdini style — of the various programs and systems it put in place to support the economy. But one of the biggest unknowns is how mortgage rates will behave. Simply put, here’s the basic problem: Right now, the Fedis the mortgage market. To understand this, and the potentially scary implications. Here’s a quick plain speak refresher on how the mortgage market works.
    Click Here to Read the Full Article

  • 11:02 AM » Study Sees FHA Taking More Risk
    Published Fri, Mar 05 2010 11:02 AM by WSJ
    The federal government's mortgage-insurance agency is understating how much risk it has taken on, says a group of economists from the New York Federal Reserve and New York University, increasing the likelihood the agency may need taxpayer funds. The economists warn that the Federal Housing Administration—which has jumped to fill the void left by the collapse of the private mortgage market—is overlooking factors that signal higher losses, according to a working paper released Thursday.
  • Tue, Mar 2 2010
  • 3:38 PM » Companies Map Routes to Recovery
    Published Tue, Mar 02 2010 3:38 PM by WSJ
    Corporate America is emerging from the worst downturn since the Great Depression smaller and thriftier. To survive, companies have laid off millions of workers, closed hundreds of factories and vacated acres of office space. Like those who grew up in the Depression and still reuse sheets of aluminum foil, the experience has left them financially conservative and wary of risk. The road to recovery will likely be marked by slow and steady acceleration, rather than speed. Some companies will see opportunities to amass undervalued assets or steal customers. But it is unclear if their efforts will create enough new jobs to spark broader economic growth.
  • Mon, Mar 1 2010
  • 7:01 PM » Fannie Mae to Purchase Delinquent Loans from Single-Family MBS Trusts — Additional Information
    Published Mon, Mar 01 2010 7:01 PM by Fannie Mae
    On February 10, 2010, Fannie Mae (FNM/NYSE) announced that it intends to increase significantly its purchases of loans from single-family MBS trusts that are delinquent as to four or more consecutive monthly payments.
  • Fri, Feb 26 2010
  • 3:39 PM » Jumbo mortgage market is beginning to thaw
    Published Fri, Feb 26 2010 3:39 PM by
    Banks are also relaxing slightly some of their requirements for jumbo loans. That's an encouraging sign because the market for jumbos, in contrast with the rest of the mortgage business, isn't being propped up by Uncle Sam.
    Click Here to Read the Full Article

  • Tue, Feb 23 2010
  • 2:09 PM » Man Bulldozes Home Ahead of Foreclosure : Says It's a Message to Banks
    Published Tue, Feb 23 2010 2:09 PM by
    Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.
  • Tue, Feb 16 2010
  • 8:18 PM » What Mortgage Modifications Say About the Housing Market
    Published Tue, Feb 16 2010 8:18 PM by CNBC
    Treasury officials today said they are still concerned about a coming wave of foreclosures, many from pay option ARMs and many from the prime jumbo basket, particularly hard hit by unemployment. Only 2/3 of borrowers in the HAMP program are current on their payments. That's why officials now say they are looking at unemployment options and more incentives to borrowers to keep paying on trial modifications and on loans that are significantly "underwater" with respect to the property value.
  • 10:47 AM » Federal Home Loan Bank Sues Wall Street Firms
    Published Tue, Feb 16 2010 10:47 AM by WSJ
    The Federal Home Loan Bank of Seattle has launched a series of lawsuits against Wall Street banks, seeking to force them to buy back souring mortgage-backed securities. In 11 separate lawsuits filed in late December in King County Superior Court in Washington, the Seattle bank alleges that it was misled by underwriters about the quality of $4 billion of securities it purchased as investments at the height of the housing boom.
  • Fri, Feb 12 2010
  • 8:50 AM » Fannie, Freddie Spreads Narrowest in 17 Years: Credit Markets
    Published Fri, Feb 12 2010 8:50 AM by Bloomberg
    Traders are driving relative yields on Fannie Mae and Freddie Mac mortgage bonds that most influence the interest rates consumers pay to the lowest in 17 years, speculating cash the companies use to buy delinquent loans will be recycled back into the securities.
  • Tue, Feb 2 2010
  • 2:32 PM » Treasury Dealers Say Direct Bids Risk Upending Auction Process
    Published Tue, Feb 02 2010 2:32 PM by Business Week
    Bond dealers underwriting the U.S. government’s record debt sales told Treasury officials that the increase in direct bids from investors at Treasury auctions risks distorting prices in the market.
    Click Here to Read the Full Article

    Source: Business Week
  • Thu, Jan 28 2010
  • 5:58 PM » RealtyTrac: Cities with the Highest Foreclosures Rates in 2009
    Published Thu, Jan 28 2010 5:58 PM by RealtyTrac
    RealtyTrac today released its Year-End 2009 Metropolitan Foreclosure Market Report, which shows that cities in four Sun Belt states accounted for all top 20 foreclosure rates in 2009 among metro areas with a population of 200,000 or more, but foreclosure activity showed signs of spreading into previously insulated areas as unemployment became more of a driving factor.
  • Mon, Jan 25 2010
  • 5:39 PM » NEW MORTGAGEE LETTER: Loss Mitigation for Imminent Default
    Published Mon, Jan 25 2010 5:39 PM by
    The Helping Families Save Their Home Act of 2009 expanded the authority to use FHA Loss Mitigation to assist defaulted FHA borrowers avoid foreclosure to include those mortgagors facing ”imminent default” as defined by the Secretary. The purpose of this Mortgagee Letter is to define imminent default and provide guidance to FHA-Approved servicers on how to assist those FHA borrowers. At this time FHA is limiting the loss mitigation options that may be used to assist borrowers facing imminent default to forbearance and FHA-HAMP. The guidance provided in this Mortgagee Letter is effective immediately.
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Mortgage Rates:
  • 30 Yr FRM 4.13%
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  • 15 Yr FRM 3.29%
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  • Jumbo 30 Year Fixed 3.92%
MBS Prices:
  • 30YR FNMA 4.5 108-01 (0-07)
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  • 30YR FNMA 5.0 110-14 (0-05)
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  • 30YR FNMA 5.5 112-08 (-0-01)
Recent Housing Data:
  • Mortgage Apps -4.68%
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  • Refinance Index -5.23%
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  • Purchase Index -4.14%