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  • Wed, Jan 16 2013
  • 7:56 AM » Bargain Homes Lure Buyers Worldwide to Detroit
    Published Wed, Jan 16 2013 7:56 AM by Business Week
    Bargain Homes Lure Buyers Worldwide to Detroit: Mortgages Businessweek Peter Grosso of Long Island, New York, paid about $90,000 for 29 Detroit homes at an auction for tax-delinquent properties last October. He's sure they'll sell at a profit within 10 years, while he rents them for income. Grosso is part of a Detroit land rush that's ...
    Click Here to Read the Full Article

    Source: Business Week
  • 7:55 AM » Genworth Distances Mortgage Unit From Rest of Insurer
    Published Wed, Jan 16 2013 7:55 AM by Bloomberg
    Genworth Distances Mortgage Unit From Rest of Insurer Bloomberg Genworth Financial Inc. (GNW), the insurer that named a new chief executive officer this month, said it is reorganizing to separate most of the company from the mortgage- guaranty operation that saddled the firm with losses. The insurer will create a new ... and more »
  • 7:54 AM » US Mortgage Applications Rebound in Latest Week: MBA
    Published Wed, Jan 16 2013 7:54 AM by CNBC
    Applications for U.S. home mortgages rose for a second straight week following three weeks of declines, data from an industry group showed on Wednesday.
  • 7:54 AM » JPMorgan quarterly profits rise 53 percent
    Published Wed, Jan 16 2013 7:54 AM by Reuters
    NEW YORK (Reuters) - JPMorgan Chase & Co said fourth-quarter net income jumped 53 percent as the largest U.S. bank made more mortgages and saw a decline in costs for bad loans.
  • 7:53 AM » ECB's Nowotny: Banks Taking Less Money From ECB a 'Good Sign'
    Published Wed, Jan 16 2013 7:53 AM by CNBC
    Media Link
  • 7:51 AM » JPMorgan Reports Q4 Earnings Per Share of $1.39 vs Estimated $1.16
    Published Wed, Jan 16 2013 7:51 AM by CNBC
    This is a breaking news article. What is JPMorgan Chase's stock doing now? Analysts had expected JPMorgan to report earnings excluding items of $1.16 a share on $24.42 billion in revenue, according to a consensus estimate from Thomson Reuters.
  • 7:50 AM » Goldman Sachs Reports EPS of $5.60 vs. Est. of $3.78; Revenue $9.24 Billion vs. Est. of $7.91 Billion
    Published Wed, Jan 16 2013 7:50 AM by CNBC
    This is a breaking news article. What is Goldman Sachs' stock doing now? Wall Street had expected Goldman Sachs to report earnings excluding items of $3.78 a share on $7.91 billion in revenue, according to a consensus estimate from Thomson Reuters.
  • Tue, Jan 15 2013
  • 11:28 PM » A.I.G. Seeks Ability to Sue More Banks Over Mortgage Securities
    Published Tue, Jan 15 2013 11:28 PM by www.nytimes.com
    A.I.G. must win a court fight with an entity run by the New York Fed, which the insurer says is blocking its efforts to go after banks that harmed it financially.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 11:27 PM » World Bank Slashes Global Growth Forecasts for 2013
    Published Tue, Jan 15 2013 11:27 PM by CNBC
    A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply cut its outlook for world growth in 2013.
  • 11:27 PM » Financials Report as Stocks Stall on Key Pivot Point
    Published Tue, Jan 15 2013 11:27 PM by CNBC
    There's a lot at stake this earnings season, and the financial sector, the biggest stock market winner of the past year, will be put to the test Wednesday.
  • 4:56 PM » DataQuick: December SoCal Home Sales Report
    Published Tue, Jan 15 2013 4:56 PM by DataQuick
    Southland Closes 2012 With Higher Sales and Prices January 15, 2013 La Jolla, CA---Southern California's housing market ended 2012 with the highest December home sales in three years, the result of robust investment activity, a record level of cash buyers and more sales gains in move-up markets. The median sale price jumped nearly 20 percent from a year ago, pushed higher by greater demand and the market's shift away from foreclosure resales and toward more mid- to high-end deals, a real estate information service reported. A total of 20,274 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 5.1 percent from 19,285 sales in November, and up 5.3 percent from 19,247 sales in December 2011, according to San Diego-based DataQuick. A rise in sales from November to December is normal for the season. Last month's sales were the highest for the month of December since 22,328 homes sold in December 2009, though they were 17.2 percent below the December average of 24,488 sales since 1988, when DataQuick's statistics begin. The low for December sales was 13,240 in 2007, while the high was 36,865 in 2003. The median price paid for a home in the six-county Southland was $323,000 last month, up 0.6 percent from $321,000 in November and up 19.6 percent from $270,000 in December 2011. For the past four consecutive months the median has been the highest since it was $330,000 in August 2008. The Southland median has risen or held steady month-to-month for 11 consecutive months and has increased year-over-year for nine consecutive months. "The housing market had more to offer in 2012 than many anticipated. A lot of markets not only found a price bottom as foreclosures waned but they started to see their first meaningful gains in nearly two years. Buyers on the fence were drawn back into the housing game by amazingly low mortgage rates, a brighter jobs outlook and, in some cases...
  • 4:31 PM » Lennar Plans $1 Billion of Apartments in Rental Foray
    Published Tue, Jan 15 2013 4:31 PM by Business Week
    Lennar Plans $1 Billion of Apartments in Rental Foray Businessweek (blog) Lennar Corp. (LEN), the largest U.S. homebuilder by market value, said it plans to diversify into apartments with the construction of $1 billion of multifamily properties as rental demand climbs. The Miami-based company plans to start building 3,000 apartments ...
    Click Here to Read the Full Article

    Source: Business Week
  • 4:30 PM » Economists: Don't mess around with the debt ceiling!
    Published Tue, Jan 15 2013 4:30 PM by Washington Post
    More than 80 percent of the country's leading economists say that the nation's debt ceiling creates unnecessary uncertainty and can lead to worsening the nation's financial picture, according to a new survey of more than 40 academics. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:58 PM » Plosser Says Fed Is Weighing Costs, Benefits of Easing
    Published Tue, Jan 15 2013 3:58 PM by Bloomberg
    Plosser Says Fed Is Weighing Costs, Benefits of Easing Bloomberg Federal Reserve Bank of Philadelphia President Charles Plosser said the policy-setting Federal Open Market Committee is considering the costs and benefits of additional easing as it pursues its open-ended asset-purchase program. We "made it very clear ...
  • 3:53 PM » MERS Wins Dismissal of Missouri Recording Fee Suit
    Published Tue, Jan 15 2013 3:53 PM by MERS
    FOR IMMEDIATE RELEASE                                                                                                                                                 Jason Lobo Phone: 703.652.1660 Email: jasonl@mersinc.org Senior Judge Rules "Plaintiff cannot enforce a nonexistent obligation" Reston, Virginia, January 15, 2013 - MERSCORP Holdings, Inc. today announced that U.S. District Senior Judge Ortrie D. Smith of the U.S. District Court for the Western District of Missouri, Western Division, ruled yesterday in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, dismissing a recording fee suit filed by Jackson County, Missouri.  In Jackson County...
  • 2:25 PM » Why The Debt Ceiling Is Far Scarier Than the Fiscal Cliff
    Published Tue, Jan 15 2013 2:25 PM by CNBC
    The fiscal cliff promised to shrink GDP by 4.5 percent. The debt ceiling will shrink GDP by 6 percent if allowed to continue through the year. That's a path from recession to depression.
  • 2:23 PM » FHFA Announces New Deputy Director's
    Published Tue, Jan 15 2013 2:23 PM by FHFA
    January 15, 2013: FHFA Announces Deputy Director of Housing Mission and Goals and Deputy Director of Division of Supervision Policy and Support
  • 1:55 PM » Freddie Mac: January 2013 U.S. Economic and Housing Market Outlook
    Published Tue, Jan 15 2013 1:55 PM by freddiemac.mwnewsroom.com
    January 2013 U.S. Economic and Housing Market Outlook
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 12:49 PM » Secrets of the crisis revealed: What to expect from transcripts of 2007 Fed meetings
    Published Tue, Jan 15 2013 12:49 PM by Washington Post
    For anybody who cares about how the country ended up in this precarious economic state, a very big day is coming soon, as information that has been under lock and key for the past five years will be shared with the world. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:17 AM » Appraisal Standards for Higher-Risk Mortgages Approved by FDIC
    Published Tue, Jan 15 2013 11:17 AM by Bloomberg
    Appraisal Standards for Higher-Risk Mortgages Approved by FDIC Bloomberg U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms. Creditors issuing loans at above-average interest ...
  • 9:55 AM » CoreLogic Home Price Index Rises 7.4 Percent Year Over Year in November
    Published Tue, Jan 15 2013 9:55 AM by www.corelogic.com
    --Almost All States Show Positive Growth-- CoreLogic ® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its November CoreLogic HPI ® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011 . This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012*. The HPI analysis shows that all but six states are experiencing year-over-year price gains. Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in November 2012 compared to November 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions. The CoreLogic Pending HPI indicates that December 2012 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown. Excluding distressed sales, December 2012 house prices are poised to rise 8.4 percent year-over-year from December 2011 and by 0.7 percent month-over-month from November 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. "As we close out 2012 the pending index suggests prices will remain strong," said Mark Fleming, chief economist for CoreLogic. "Given that the recently released Qualified Mortgage rules issued by the Consumer...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 9:52 AM » Lennar Profit Soars as Deliveries Jump
    Published Tue, Jan 15 2013 9:52 AM by CNBC
    Lennar's quarterly profit handily beat Wall Street expectations and the homebuilder reported a seventh straight jump in new home orders, indicating that a U.S. housing recovery is well on track.
  • 9:51 AM » Stocks Open Lower on Debt Ceiling, Earnings Worries
    Published Tue, Jan 15 2013 9:51 AM by CNBC
    Stocks fell at the open Tuesday as investors worried over the ongoing debate in Washington over raising the debt ceiling and ahead of what is expected to be a lackluster earnings season.
  • 9:51 AM » Fed's Rosengren: The Economic Outlook
    Published Tue, Jan 15 2013 9:51 AM by Boston Fed
    Remarks at the Greater Providence Chamber of Commerce Policy Forum
  • 9:02 AM » Fed's Kocherlakota says policy not easy enough
    Published Tue, Jan 15 2013 9:02 AM by Market Watch
    WASHINGTON (MarketWatch) -- The Federal Reserve's monetary policy is currently not loose enough, said Narayana Kocherlakota, the president of the Minneapolis Federal Reserve Bank, on Tuesday. In a speech to the Financial Planning Association of Minnesota, Kocherlakota said the Fed should ease policy by telling financial markets that it won't lift off the easy policy setting until the unemployment rate falls to 5.5%. At its December meeting, the Fed told markets that it would likely hold short-term interest rates close to zero unless inflation forecasts spike. If the public believes the Fed will not begin raising the federal funds rate until the unemployment rate falls to 5.5%, they will spend more and save less, he said. Kocherlakota said the Fed's forward guidance has a strong protection against undue inflation because if the inflation outlook ever rose above 2.5% then a commitment to low short-term interest rates is off the table.
  • 8:37 AM » Fed's Rosengren backs aggressive policy stance
    Published Tue, Jan 15 2013 8:37 AM by Market Watch
    WASHINGTON (MarketWatch) -- The Federal Reserve's loose monetary policy is "absolutely appropriate" given high unemployment and low inflation, said Eric Rosengren, the president of the Boston Federal Reserve Bank, on Tuesday. "Current inflation is somewhat below our 2% target, and unemployment is well above a longer-run sustainable rate," Rosengren said in a speech to the Greater Providence Chamber of Commerce Policy Forum. Rosengren did not provide an estimate for when the Fed would terminate its bond-buying program. "Monetary policy should be guided by current and future economic outcomes, not calendar dates," he said. Rosengren will be a voting member of the Fed's interest-rate setting committee in 2013.
  • 7:51 AM » Fitch Warns of Downgrade for US Over Debt Fight
    Published Tue, Jan 15 2013 7:51 AM by CNBC
    Failure to raise the debt ceiling within a "timely" manner would see the United States' sovereign ratings put under formal review with "highly uncertain" consequences, rating agency Fitch warned U.S. policymakers Tuesday.
  • 7:51 AM » US Stocks Seen Lower on Earnings Caution
    Published Tue, Jan 15 2013 7:51 AM by CNBC
    U.S. stock index futures signaled a slightly lower open on Wall Street on Tuesday, with investors hesitant about the nascent fourth quarter earnings season.
  • 7:51 AM » US Default Should Be 'Unthinkable': Larry Summers
    Published Tue, Jan 15 2013 7:51 AM by CNBC
    It should be inconceivable for the United States to default on its debt , Larry Summers told CNBC on Tuesday, stressing that the country's creditworthiness must not be held hostage by budgetary wrangling.
  • Mon, Jan 14 2013
  • 9:53 PM » Debt, Gov't Dysfunction Rise to Top of Americans' Issue List
    Published Mon, Jan 14 2013 9:53 PM by www.gallup.com
    Americans' concerns about the federal budget deficit and government dysfunction rose high enough in January to knock unemployment out of the top two slots on Gallup's "most important problem" list for the first time since 2009.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 9:52 PM » 839 Laid Off At JPMorgan Chase In Fallout From Foreclosure Review Settlement
    Published Mon, Jan 14 2013 9:52 PM by The Huffington Post
    The layoffs came swiftly at JPMorgan Chase and Co. last week following the announcement that a much-maligned program meant to identify and compensate borrowers who were hurt by fraudulent foreclosures was being shut down . But the heads rolling were not those belonging to the bank executives, corporation counselors or operations managers who helped run the program into the ground . Instead, according to an announcement posted to the New York State Department of Labor website, the bank began firing 529 of the employees who had been poring over individual foreclosure files from within a suite in downtown Brooklyn. According to The Wall Street Journal, a further 310 employees were let go at a bank facility in Florence, S.C., due to the shuttering of the foreclosure review program. "Fewer homeowners are falling behind on their mortgages so we need fewer employees to assist those who are struggling. We will work with affected employees to find opening at Chase or other local companies," Amy Bonitatibus, a spokesperson for JPMorgan, told The Huffington Post. Last Monday, JPMorgan, the nation's largest bank, joined nine other financial institutions that had previously agreed to run an independent audit of foreclosures made in 2009 and 2010 in substituting that open-ended review for an $8.5 billion settlement . JPMorgan's portion of the settlement was nearly $2 billion, and $753 million of that amount will be cash payouts. In interviews conducted by The Huffington Post with insiders within the independent foreclosure review process at various banks, JPMorgan has been singled out as a bank where procedures set up by internal managers stifled outside auditors and sabotaged the review process . "It was like a badly-made ship designed to sink," an employee at independent auditor Deloitte , who reviewed JPMorgan Chase loans, said. A source inside JPMorgan itself who was involved in the process of going through mortgage documents described some of the auditor...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 9:50 PM » New ‘Ability to Repay' Rules Highlight Need for Affordable Housing
    Published Mon, Jan 14 2013 9:50 PM by Google News
    This week, the Consumer Financial Protection Bureau (CFPB) released long-awaited new mortgage rules aimed at protecting consumers from abusive loans. The new rules, when they...
  • 9:47 PM » Draghi's Bond Rally Masks Debt Doom Loop Trapping Spain
    Published Mon, Jan 14 2013 9:47 PM by Business Week
    Draghi's Bond Rally Masks Debt Doom Loop Trapping Spain Businessweek The bond rally that has sent Spanish borrowing costs to 10-month lows has distracted attention from the nation's growing debt pile. Spain's budget deficit probably exceeded 9 percent for a fourth year in 2012 as Europe's highest unemployment rate, a third ...
    Click Here to Read the Full Article

    Source: Business Week
  • 9:44 PM » Bernanke to Scrutinize QE Costs as Fed Assets Near Record
    Published Mon, Jan 14 2013 9:44 PM by Business Week
    Bernanke to Scrutinize QE Costs as Fed Assets Near Record Businessweek Federal Reserve Chairman Ben S. Bernanke indicated he will closely scrutinize the potential costs of asset purchases aimed at spurring economic growth as the Fed's balance sheet approaches $3 trillion. "So far, we think we are getting some effect, it is kind ...
    Click Here to Read the Full Article

    Source: Business Week
  • 4:54 PM » Bernanke: 'Not Out of the Woods' Despite Cliff Deal
    Published Mon, Jan 14 2013 4:54 PM by CNBC
    Although the "fiscal cliff" deal made "some progress" in resolving the nation's debt problem, "we're not out of the woods yet," Federal Reserve Chairman Ben Bernanke said Monday.
  • 4:08 PM » Federal Reserve Issues Two Consent Cease and Desist Orders Against JPMorgan Chase
    Published Mon, Jan 14 2013 4:08 PM by Federal Reserve
    Federal Reserve Board issues two consent cease and desist orders against JPMorgan Chase & Co.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:29 PM » Government won't dominate housing finance (as much) in 2013
    Published Mon, Jan 14 2013 2:29 PM by The Basis Point
    MBS Market Stats: 2013 YTD and 2005-2012
    Click Here to Read the Full Article

    Source: The Basis Point
  • 2:26 PM » S&P: 2013 Housing And Residential Mortgage Finance Outlook
    Published Mon, Jan 14 2013 2:26 PM by S&P/Case Shiller
    Buyers for newer homes returned to the single-family home market in 2012, resulting in better than expected operating results for most of the homebuilders we rate. Sales volumes and average selling price exceeded our initial expectations, and we currently expect that the homebuilders we rate will deliver on average 20% more homes in 2012 compared [...]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 2:11 PM » SIFMA Market Close Recommendations for the US Martin Luther King Day
    Published Mon, Jan 14 2013 2:11 PM by SIFMA
    SIFMA Market Close Recommendations for the US Martin Luther King Day<br/>http://www.sifma.org/news/news.aspx?id=8589941457
  • 2:10 PM » Home Prices Set to Jump in 2013: CoreLogic
    Published Mon, Jan 14 2013 2:10 PM by CNBC
    Home prices could extend last year's surge into this year, a key housing market researcher said on Monday.
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Mortgage Rates:
  • 30 Yr FRM 3.98%
  • |
  • 15 Yr FRM 3.28%
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  • Jumbo 30 Year Fixed 4.17%
MBS Prices:
  • 30YR FNMA 4.5 106-29 (-0-05)
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  • 30YR FNMA 5.0 108-19 (-0-03)
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  • 30YR FNMA 5.5 110-15 (-0-03)
Recent Housing Data:
  • Mortgage Apps 3.27%
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  • Refinance Index 5.05%
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  • Purchase Index 1.43%