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  • Tue, Dec 20 2016
  • 8:43 AM » CoreLogic Introduces Housing Credit Index To Track Mortgage Credit Risk Trends
    Published Tue, Dec 20 2016 8:43 AM by www.corelogic.com
    —Q3 2016 LOANS ARE AMONG THE HIGHEST-QUALITY HOME LOANS ORIGINATED SINCE THE YEAR 2000— CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released a new quarterly report featuring the CoreLogic Housing Credit Index (HCI™)  that measures variations in home mortgage credit risk attributes over time—including borrower credit score, debt-to-income ratio (DTI) and loan-to-value ratio (LTV). A rising HCI indicates that new single-family loans have more credit risk than during the prior period, and a declining HCI means that new originations have less credit risk. The current HCI shows mortgage loans originated in Q3 2016 continued to exhibit low credit risk versus the previous quarter and Q3 2015. In terms of credit risk, Q3 2016 loans are among the highest-quality home loans originated since the year 2001. “Mortgage originations over the past 15 years have exhibited a huge swing in credit tolerance, as shown in our Housing Credit Index. The index incorporates six risk attributes, including the three C’s of underwriting—credit, collateral, and capacity. Using 2001 originations as a base year, the HCI shows the significant loosening of credit running up to 2006. This was followed by a dramatic tightening of credit in response to the real estate crash and a decline in high-credit-risk applicants beginning with the Great Recession,” said Dr. Frank Nothaft, chief economist of CoreLogic. “While low downpayment and high payment-to-income products are available today, borrowers generally need good credit scores to qualify. This may be a factor that has led to the drop-off in applications from those with lower credit scores during the last few years.” Nothaft also observed that one of the consequences of this prolonged trend is that many potential homebuyers appear to believe that they cannot get a...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • Mon, Dec 19 2016
  • 3:31 PM » Yellen: Wage growth and low layoff rate help drive strongest jobs market in nearly a decade
    Published Mon, Dec 19 2016 3:31 PM by CNBC
    Fed Chair Janet Yellen also cited steady job creation and increasing job openings.
  • 3:30 PM » CFPB enters into consent order with lender to settle claims alleging deceptive advertising and collection letters, unauthorized electronic transfers
    Published Mon, Dec 19 2016 3:30 PM by www.cfpbmonitor.com
    Barbara S. Mishkin The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written authorization for electronic repayments. The consent order requires the company to pay approximately $255,000 in consumer redress and a civil money... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 3:30 PM » CFPB announces 2017 fair lending priorities
    Published Mon, Dec 19 2016 3:30 PM by www.cfpbmonitor.com
    Barbara S. Mishkin In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will increase its focus in the following three areas: Redlining: The CFPB “will continue to evaluate whether lenders have intentionally avoided lending... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 3:29 PM » Yellen: "Strongest job market in nearly a decade"
    Published Mon, Dec 19 2016 3:29 PM by Calculated Risk Blog
    From Fed Chair Janet Yellen: Commencement Remarks The short version of what I have to say is that while I expect workers will continue to face some challenges in the coming years, I believe, for two reasons, that the job prospects and career opportunities for new graduates at this time are very good. First, after years of a slow economic recovery, you are entering the strongest job market in nearly a decade . The unemployment rate, at 4.6 percent, is near what it was before the recession. This is a level that has been associated with good job opportunities. Job creation is continuing at a steady pace; the layoff rate is low; and job openings are up over the past couple years , which is another sign of a healthy job market. There are also indications that wage growth is picking up , and weekly earnings for younger workers have made strong gains over the past couple of years. That is probably one reason why younger workers reported feeling significantly more optimistic about the job market compared with 2013, according to a survey published just today by the Federal Reserve. Challenges do remain. The economy is growing more slowly than in past recoveries, and productivity growth, which is a major influence on wages, has been disappointing. But it also looks like the economic gains of the past few years are finally raising living standards for most people. emphasis added
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:21 PM » Deutsche Bank could settle U.S. penalty this week: source
    Published Mon, Dec 19 2016 1:21 PM by Reuters
    FRANKFURT/NEW YORK (Reuters) - Deutsche Bank could agree this week to a penalty with the U.S. Department of Justice for allegedly misleading investors when selling mortgage-backed securities, one person with direct knowledge of the matter said on Monday.
  • 1:20 PM » How this 'villain' of the housing crash could be right for you now
    Published Mon, Dec 19 2016 1:20 PM by CNBC
    Adjustable rate mortgages used to carry a stigma, but here's why they may be low-risk for borrowers now.
  • 8:03 AM » Lennar revenue rises 14.6 percent
    Published Mon, Dec 19 2016 8:03 AM by Reuters
    (Reuters) - U.S. Homebuilder Lennar Corp reported a 14.6 percent increase in quarterly revenue, boosted by a rise in home sales and higher prices.
  • 8:03 AM » US Treasurys edge higher as traders eye Yellen speech
    Published Mon, Dec 19 2016 8:03 AM by CNBC
    U.S. government debt prices were higher on Monday morning as investors await Fed Chair Janet Yellen's forthcoming speech on the jobs market.
  • 8:02 AM » Trump's Wealthy Team Spurs D.C. Real Estate Agents to Think Big
    Published Mon, Dec 19 2016 8:02 AM by Bloomberg
    Bloomberg Trump's Wealthy Team Spurs D.C. Real Estate Agents to Think Big Bloomberg A $2.1 million home just outside of Washington has been sitting on the market since May. For its new real estate agent, therein lies an opportunity. In any other year, broker Allison Goodhart DuShuttle would have "rested" the listing during the ... and more »
  • Fri, Dec 16 2016
  • 4:31 PM » Lawler: Early Look at Existing Home Sales in November
    Published Fri, Dec 16 2016 4:31 PM by Calculated Risk Blog
    From housing economist Tom Lawler: Early Look at Existing Home Sales in November Based on publicly-available local realtor/MLS reports from across the country released through today, I project that US existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.60 million in November, unchanged from October's preliminary pace and up 15.2% from last November's surprisingly low seasonally adjusted pace. Unadjusted sales should show a higher YOY gain, reflecting the higher business-day count this November compared to last November. If my projection is correct, this November would break a string of "unusually" large monthly changes in November home sales, as shown in the table below. Monthly % Change in Existing Home Sales (SAAR)   Nov. 2012 Nov. 2013 Nov. 2014 Nov. 2015 Preliminary 5.9% -4.3% -6.1% -10.5% 0.0% First Revision 4.8% -5.9% -6.3% -10.5% Latest* 3.5% -2.4% -4.1% -8.1% *Changes from "First Revision" to "Latest" reflect seasonal factor revisions **LEHC estimate (Some analysts blamed the steep drop in seasonally-adjusted sales last November to the October implementation of the new "TRID" rules in October, which may have delayed some November closings. For November 2013, some analysts attributed the weak sales to the 16-day government shutdown in October of that year. I never saw an explanation for the November 2014 dip in home sales in November, though it was fully captured in my regional tracking.) On the inventory front, both local realtor/MLS data and data from other listings trackers suggest that existing home listings fell by slightly more than the seasonal norm last month, and that the YOY decline in listings was greater in November than in October. How that will translate into NAR estimates, however, is not clear, as NAR inventory swings over the last few months have not synched up with publicly-available realtor data. For example, the NAR's...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:52 AM » Homebuilders super happy but not building more homes: Here's what's up with that
    Published Fri, Dec 16 2016 11:52 AM by CNBC
    Builders are super confident, but they're not building more homes. There are several reasons for this.
  • 11:50 AM » Post-Election Surge in Mortgage Rates Paints Gloomy Picture ...
    Published Fri, Dec 16 2016 11:50 AM by Fannie Mae
    News Release. Share This: December 16, 2016. Post-Election Surge in Mortgage Rates Paints Gloomy Picture for Lenders. Katie Penote. ...
  • 9:07 AM » How to Negotiate for Construction Loan Financing
    Published Fri, Dec 16 2016 9:07 AM by www.builderonline.com
    These tips from the NAHB can hopefully make approaching lenders less stressful.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 9:07 AM » Housing starts tumble from nine-year high
    Published Fri, Dec 16 2016 9:07 AM by CNBC
    U.S. homebuilding fell more than expected in November, tumbling from a nine-year high as construction activity declined.
  • 9:03 AM » Draghi Said to Warn EU That Rising Global Rates Pose Crisis Risk
    Published Fri, Dec 16 2016 9:03 AM by Bloomberg
    Bloomberg Draghi Said to Warn EU That Rising Global Rates Pose Crisis Risk Bloomberg Mario Draghi warned European leaders that the combination of rising global interest rates and explosive politics could expose the euro area's underlying weaknesses, even as he painted an upbeat picture of the region's recovery. The European Central ...
  • 8:20 AM » Dollar near 14-year peak as Fed targets more hikes, Treasury yields jump
    Published Fri, Dec 16 2016 8:20 AM by Reuters
    TOKYO (Reuters) - The dollar held hefty gains against major currencies on Friday, after scaling 14-year highs against the euro and a broader basket of currencies as markets repositioned for a faster pace of rate rises by the Federal Reserve over the next year.
  • 8:19 AM » Send Everyone Home for Christmas. Nobody's Working, Anyway - Bloomberg
    Published Fri, Dec 16 2016 8:19 AM by Bloomberg
    Bloomberg Send Everyone Home for Christmas. Nobody's Working, Anyway Bloomberg If you're running a business, you might as well shut up shop for Christmas now. More than half your employees might be there, but they're not putting their heart into it. "Christmas seems to be starting earlier every year," said Dan Rogers, co-founder ... and more »
  • 8:18 AM » CFPB unveils Consumer Credit Trends web-based tool
    Published Fri, Dec 16 2016 8:18 AM by www.cfpbmonitor.com
    Barbara S. Mishkin The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.” The tool, which was released in beta version, tracks originations for mortgages, credit cards, auto loans, and student loans. For each category, the tool shows loan volume... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • Thu, Dec 15 2016
  • 5:52 PM » Calculated Risk on Kudlow
    Published Thu, Dec 15 2016 5:52 PM by Calculated Risk Blog
    Larry Kudlow is usually wrong and frequently absurd, as an example, in June 2005 Kudlow wrote " The Housing Bears are Wrong Again " and called me (or people like me) "bubbleheads". Homebuilders led the stock parade this week with a fantastic 11 percent gain. This is a group that hedge funds and bubbleheads love to hate. All the bond bears have been dead wrong in predicting sky-high mortgage rates. So have all the bubbleheads who expect housing-price crashes in Las Vegas or Naples, Florida, to bring down the consumer, the rest of the economy, and the entire stock market. I guess I was one of those "bubbleheads"! In December 2007, he wrote: Bush Boom Continues There's no recession coming. The pessimistas were wrong. It's not going to happen. At a bare minimum, we are looking at Goldilocks 2.0. (And that's a minimum). Goldilocks is alive and well. The Bush boom is alive and well. It's finishing up its sixth consecutive year with more to come. Yes, it's still the greatest story never told. Note the date of the article. The recession started in December 2007! Note: At the beginning of 2007 I predicted a recession would start that year - made it by one month.  It seems I'm always on the opposite side from Kudlow of each forecast - and one of us has been consistently wrong. In 2014, Kudlow claimed : "I've always believed the 1990s were Ronald Reagan's third term." In that piece, Kudlow was rewriting his own history.  Near the beginning of Clinton's first term, Kudlow was arguing Clinton's policies would take the economy into a deep recession or even depression.  Kudlow was wrong then (I remember because I was on the other side of that debate), so he can't claim he "always believed" now.  Nonsense. Also in 2007, Kudlow wrote: A Stock Market Vote of Confidence for Bush : "I have long believed that stock markets are the best barometer of the health...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:46 PM » Kudlow Close to Being Named Trump Chief Economist, Paper Says
    Published Thu, Dec 15 2016 5:46 PM by Bloomberg
    President-elect Donald Trump's transition team is close to picking economic commentator Larry Kudlow to be chairman of the White House Council of Economic Advisers, according to a report in the Detroit News.
  • 4:27 PM » All Types of Loans Cost More Just One Day After Fed's Rate Hike - Bloomberg
    Published Thu, Dec 15 2016 4:27 PM by Bloomberg
    Bloomberg All Types of Loans Cost More Just One Day After Fed's Rate Hike Bloomberg It's been less than 24 hours since the Federal Reserve raised interest rates and already bank customers are paying more for loans. JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. and other big lenders raised their prime lending rate ... and more »
  • 4:12 PM » Here's what you need to do to buy a home
    Published Thu, Dec 15 2016 4:12 PM by CNBC
    New Pew data finds most renters want to buy, but see financial obstacles to doing so. Here's how to get ready.
  • 8:53 AM » Higher rents push up US consumer inflation
    Published Thu, Dec 15 2016 8:53 AM by CNBC
    U.S. consumer prices moderated in November, but the underlying trend continued to point to firming inflation pressures.
  • 8:53 AM » No Holiday for the November Housing Market as Home Prices Climbed Nearly 8 Percent
    Published Thu, Dec 15 2016 8:53 AM by www.redfin.com
    Home prices posted the largest gain in 14 months. The post No Holiday for the November Housing Market as Home Prices Climbed Nearly 8 Percent appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 8:27 AM » Exclusive: Inside the BOJ, rate hikes are back on the radar. Really
    Published Thu, Dec 15 2016 8:27 AM by Reuters
    TOKYO (Reuters) - Interest rate hikes are back on the radar at the Bank of Japan, for the first time in a decade, as the U.S. Federal Reserve's tightening cycle pushes global bond yields higher, heralding a new era for central banks retreating from post-crisis stimulus.
  • 8:26 AM » R.I.P. Bond Bull Market as Charts Say Last Gasps Have Been Taken - Bloomberg
    Published Thu, Dec 15 2016 8:26 AM by Bloomberg
    Bloomberg R.I.P. Bond Bull Market as Charts Say Last Gasps Have Been Taken Bloomberg One of the biggest questions being pondered by investors now is whether the record rally in U.S. bonds that began in 1981 has reached its end. For Louise Yamada, who has been advising clients on how to invest based on what she sees in historical price ...
  • 8:25 AM » Fannie-Freddie Regulator Said to Plan to Stay On Under Trump - Bloomberg
    Published Thu, Dec 15 2016 8:25 AM by Bloomberg
    Bloomberg Fannie-Freddie Regulator Said to Plan to Stay On Under Trump Bloomberg When Barack Obama leaves office on Jan. 20, Democratic appointees across the government are expected to follow him out the door, to be replaced by officials chosen by Donald Trump. Not Mel Watt -- he isn't planning to go anywhere. As head of the ...
  • 8:24 AM » 10 Rising U.S. cities Where Homeownership is Affordable
    Published Thu, Dec 15 2016 8:24 AM by www.builderonline.com
    From Providence to Provo, these exciting, overlooked metros offer alternatives for urbanites sick of coastal real estate prices.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 8:24 AM » Despite campaign attacks, Trump could turn out to be Yellen's 'best friend,' strategist argues
    Published Thu, Dec 15 2016 8:24 AM by CNBC
    Donald Trump's spending plans may give the Fed the help it's needed for years, Strategas' Jason Trennert tells CNBC.
  • Wed, Dec 14 2016
  • 4:38 PM » Op-Ed: The Fed must hike rates more aggressively in 2017 or the bond market will 'run them over'
    Published Wed, Dec 14 2016 4:38 PM by CNBC
    The Fed is in many corners behind the curve. It must follow through on its promise to keep hiking in 2017, says Peter Boockvar.
  • 4:37 PM » Freddie Mac Announces New Foreclosure Prevention Program
    Published Wed, Dec 14 2016 4:37 PM by www.freddiemac.mwnewsroom.com
    Freddie Mac Announces New Foreclosure Prevention Program
    Click Here to Read the Full Article

    Source: www.freddiemac.mwnewsroom.com
  • 4:37 PM » Bond Traders Signal Two Rate Hikes in 2017, While Fed Sees Three
    Published Wed, Dec 14 2016 4:37 PM by Bloomberg
    Bloomberg Bond Traders Signal Two Rate Hikes in 2017, While Fed Sees Three Bloomberg Bond traders are signaling they agree with the Federal Reserve's decision to project a steeper path of interest-rate increases. They're just not sold on the frequency. Officials lifted their target for overnight borrowing costs by a quarter-point to a ... and more »
  • 3:00 PM » Fed Chair Yellen details plans to hike rates 3 times in 2017
    Published Wed, Dec 14 2016 3:00 PM by CNBC
    This is a breaking news story.
  • 2:22 PM » Federal Reserve Board and Federal Open Market Committee release economic projections from the December 13-14 FOMC meeting
    Published Wed, Dec 14 2016 2:22 PM by Federal Reserve
    Federal Reserve Board and Federal Open Market Committee release economic projections from the December 13-14 FOMC meeting
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:22 PM » FED HIKES, FORESEES 3 MORE HIKES IN 2017
    Published Wed, Dec 14 2016 2:22 PM by CNBC
    Federal Reserve officials, amid signs that the economy soon could shed its long period of stagnation, approved the first interest rate hike in just about a year Wednesday.
  • 1:37 PM » Economists chop their growth forecasts, and American shoppers are to blame
    Published Wed, Dec 14 2016 1:37 PM by CNBC
    Retail sales, an important measure of the consumer economy, grew by just 0.1 percent in November.
  • 1:31 PM » Expected rate hike could start a 'nose to nose' between Trump and the Fed: Art Cashin
    Published Wed, Dec 14 2016 1:31 PM by CNBC
    If Donald Trump issues a response to the Federal Reserve's expected rate hike, things could get heated, UBS' Art Cashin says.
  • 12:45 PM » Sacramento Housing in November: Sales up 19%, Active Inventory down 4.8% YoY
    Published Wed, Dec 14 2016 12:45 PM by Calculated Risk Blog
    Important note: In November 2015, sales were impacted by a regulation change , TILA-RESPA Integrated Disclosure (TRID), so the strong year-over-year increase in many markets last month is because of the weak sales last November. During the recession, I started following the Sacramento market to look for changes in the mix of houses sold (equity, REOs, and short sales). For a few years, not much changed. But in 2012 and 2013, we saw some significant changes with a dramatic shift from distressed sales to more normal equity sales. This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement.  Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009. In November, total sales were up 19.0% from November 2015, and conventional equity sales were up 22.9% compared to the same month last year. In November, 4.4% of all resales were distressed sales. This was up from 4.4% last month, and down from 8.3% in November 2015. The percentage of REOs was at 2.4%, and the percentage of short sales was 2.6%. Here are the statistics . Click on graph for larger image. This graph shows the percent of REO sales, short sales and conventional sales. There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply. Active Listing Inventory for single family homes decreased 4.8% year-over-year (YoY) in October.  This was the nineteenth consecutive monthly YoY decrease in inventory in Sacramento. Cash buyers accounted for 11.1% of all sales - this has been steadily declining (frequently investors). Summary: This data suggests a normal market with few distressed sales, and less investor buying - but with limited inventory.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:42 PM » CFPB issues brief on consumers without credit histories or credit scores
    Published Wed, Dec 14 2016 12:42 PM by www.cfpbmonitor.com
    Barbara S. Mishkin In May 2015, the CFPB issued a report, “Data Point: Credit Invisibles,” that documented the results of a research project undertaken by the CFPB to better understand the demographic characteristics of consumers without traditional credit reports or credit scores. The report concluded that the current credit reporting system is precluding certain populations from accessing credit... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
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