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  • Thu, Oct 11 2012
  • 4:37 PM » Banks Still Raising Fees-and Hiding Them: Study
    Published Thu, Oct 11 2012 4:37 PM by CNBC
    Many big banks still aren't being upfront about their checking-account fees and are even charging more for some basic functions, a new study says.
  • 1:40 PM » Housing Recovery in Perspective
    Published Thu, Oct 11 2012 1:40 PM by The Big Picture
    I loved the way this slide from Rosie’s presentation yesterday contextualized the Housing recovery:  
    Click Here to Read the Full Article

    Source: The Big Picture
  • 12:07 PM » MERS' Role as Beneficiary Consistently Upheld by Federal Courts in Idaho
    Published Thu, Oct 11 2012 12:07 PM by MERS
    Three Recent Decisions Cite Established Idaho Law Affirming MERS' Rights FOR IMMEDIATE RELEASE CONTACTS: Jason Lobo Phone: 703.652.1660 Email: jasonl@mersinc.org Reston, Virginia, October 11, 2012 -MERSCORP Holdings, Inc. today announced that the United States District Court for the District of Idaho recently ruled in favor of Mortgage Electronic Registrations Systems, Inc. (MERS) and other Defendants in three (3) different matters.  These rulings follow four similar decisions in September 2012. In each of the rulings below, the Court again rejected Plaintiffs' challenges to MERS' role as trust deed beneficiary and its authority to assign the deed of trust to the foreclosing lender.  The Courts also rejected Plaintiffs' claims that MERS caused the promissory note to become "split" from the trust deed or that Defendants must produce a copy of the Plaintiffs' original promissory note to foreclose non-judicially under Idaho law. In Van Kirk v. Bank of America Corporation , Chief Judge B. Lynn Winmill adopted Judge Ronald E. Bush's recommendation to grant the Defendants' motion to dismiss on all but one count.  Judge Winmill subsequently dismissed the final count himself finding that the Defendants complied with the non-judicial foreclosure statute.  "In reaching his recommendation, Judge Bush correctly rejected Plaintiff's argument..." Judge Winmill held.  "MERS is a valid beneficiary, as explained in section C2 of the Report and Recommendation from Judge Bush.  Any argument to the contrary has been rejected by multiple jurisdictions, including the District of Idaho and the Ninth Circuit." In Purdy v. Aegis Wholesale Corporation , Judge Bush recommended dismissal of all but one count of the Plaintiff's complaint; however in his order adopting Judge Bush's recommendation District Judge Edward J. Lodge ordered a dismissal of the one remaining...
  • 11:57 AM » Consumer Groups Ask CFPB to Scrap Mortgage Rules as Inadequate
    Published Thu, Oct 11 2012 11:57 AM by Business Week
    Consumer Groups Ask CFPB to Scrap Mortgage Rules as Inadequate Businessweek Consumer Groups Ask CFPB to Scrap Mortgage Servicing Proposal. On Aug. 10, Richard Cordray, the Consumer Financial Protection Bureau's director, proposed rules on mortgage servicing that he summed up with a slogan: "no surprises and no ...
    Click Here to Read the Full Article

    Source: Business Week
  • 11:55 AM » Big Banks Still Needed to Keep US Competitive: Bove
    Published Thu, Oct 11 2012 11:55 AM by CNBC
    Despite their status as perpetual whipping boy, one prominent analyst thinks the country needs too-big-to-fail banks to survive.
  • 10:42 AM » Fed's Stein Says Benefits of Mortgage Debt Buying Outweigh Risks
    Published Thu, Oct 11 2012 10:42 AM by Business Week
    Fed's Stein Says Benefits of Mortgage Debt Buying Outweigh Risks Businessweek Federal Reserve Governor Jeremy Stein said that diminishing returns from Fed purchases of Treasury securities indicate the central bank should instead buy mortgage-backed debt. "MBS purchases may offer a better cost-benefit profile than Treasury ...
    Click Here to Read the Full Article

    Source: Business Week
  • 10:29 AM » Fed Gov. Stein, Evaluating Large-Scale Asset Purchases
    Published Thu, Oct 11 2012 10:29 AM by Federal Reserve
    Speech at the Brookings Institution, Washington, D.C.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 10:04 AM » Freddie Mac: Mortgage Rates Change Little Following Employment Report
    Published Thu, Oct 11 2012 10:04 AM by Freddie Mac
    MCLEAN, Va., Oct. 11, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging sli...
  • 9:36 AM » EU Said to Weigh Delaying Basel Bank Rules for Up to a Year
    Published Thu, Oct 11 2012 9:36 AM by Bloomberg
    EU Said to Weigh Delaying Basel Bank Rules for Up to a Year Bloomberg The European Union may push back the deadline for applying tougher Basel bank-capital rules for as long as a year after warnings from lenders that pressing ahead with the original timetable may drive up their costs, according to three people familiar with ...
  • 9:11 AM » Challenge to use of mortgage settlement rejected
    Published Thu, Oct 11 2012 9:11 AM by Business Week
    Challenge to use of mortgage settlement rejected Businessweek PHOENIX (AP) - A lawyer for housing advocates say they'll probably appeal a judge's rejection of a challenge to Arizona's use $50 million from a multistate foreclosure settlement to help balance the state budget. The ruling by Judge Mark Brain of Maricopa ...
    Click Here to Read the Full Article

    Source: Business Week
  • 9:10 AM » Foreclosures Plunge, But New States Now Suffer
    Published Thu, Oct 11 2012 9:10 AM by CNBC
    In another sign that the still shaky housing recovery might be finding its footing, foreclosure filings in some of the hardest hit states of the housing crash have plummeted dramatically, and overall the nation is seeing the lowest level of foreclosure activity since 2007.
  • 8:23 AM » Why Have Obama And Romney Ignored the Housing and Real Estate Market?
    Published Thu, Oct 11 2012 8:23 AM by The Big Picture
    by Rich Vetstein   All Politics Aside, It's Time To Bring Housing & Real Estate Back To the Forefront In the most tweeted, Facebook-ed and instant polled Presidential Campaign ever, there is one topic which has been met with surprisingly deafening silence: the U.S. Housing and Real Estate Market. During last week's debate, we heard [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:20 AM » California Leading US Out of Housing Bust
    Published Thu, Oct 11 2012 8:20 AM by Business Week
    California Leading US Out of Housing Bust: Mortgages Businessweek California, the state that led the U.S. into the housing boom and bust with some of the most reckless subprime mortgage lending, is now leading the way out. A plunge in new defaults in California helped push U.S. foreclosure filings to the lowest level in almost ...
    Click Here to Read the Full Article

    Source: Business Week
  • 8:20 AM » BofA mortgage workforce swells even as it tightens belt
    Published Thu, Oct 11 2012 8:20 AM by Reuters
    (Reuters) - The Bank of America Corp unit that handles troubled home loans has grown more than tenfold since the bank bought ailing mortgage lender Countrywide Financial in 2008, documents obtained by Reuters show, shining new light on the scale of the clean-up the purchase entailed.
  • 8:19 AM » FSB to Bolster Defenses Against Too-Big-to-Fail Financial Firms
    Published Thu, Oct 11 2012 8:19 AM by Business Week
    FSB to Bolster Defenses Against Too-Big-to-Fail Financial Firms Businessweek International regulators backed tougher rules for banks whose collapse might roil national economies and for globally systemic insurers as they agreed to bolster defenses against too-big-to-fail financial institutions. Authorities are committed to boosting the ...
    Click Here to Read the Full Article

    Source: Business Week
  • 8:18 AM » BofA's Moynihan Sees Further Job Losses as Economy Sputters
    Published Thu, Oct 11 2012 8:18 AM by Business Week
    BofA's Moynihan Sees Further Job Losses as Economy Sputters Businessweek Bank of America Corp. (BAC) Chief Executive Officer Brian Moynihan will cut more jobs as the U.S.'s second-largest lender works through mortgage losses and global economic growth sputters. "I think we continue to reduce our headcount, you can see it in ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 8:11 AM » Futures Pointed Higher as Growth Worries Ease
    Published Thu, Oct 11 2012 8:11 AM by CNBC
    U.S stock index futures pointed to a higher open on Wall Street on Thursday after cuts by two central banks helped ease investor worries about growth and after the IMF said Greece should be granted more time to implement austerity and reforms.
  • 8:11 AM » Spain Faces Uphill Battle to Resolve Crisis: Standard & Poor's
    Published Thu, Oct 11 2012 8:11 AM by CNBC
    Spain's credit rating downgrade was necessary because of a deepening recession and the uphill battle the country faces in pushing through an unpopular reform program, Moritz Kraemar, managing director for European Sovereign Ratings at Standard & Poor's told CNBC Thursday.
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More From MND

Mortgage Rates:
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  • 15 Yr FRM 3.30%
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  • Jumbo 30 Year Fixed 4.00%
MBS Prices:
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  • 30YR FNMA 5.0 110-10 (0-00)
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  • 30YR FNMA 5.5 111-04 (-0-02)
Recent Housing Data:
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  • Refinance Index 0.38%
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  • FHFA Home Price Index 0.67%