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  • Tue, Oct 9 2012
  • 5:25 PM » New York mortgage trial could have broad impact on Wall Street
    Published Tue, Oct 09 2012 5:25 PM by Reuters
    NEW YORK (Reuters) - A Michigan bank accused of misstating the quality of home loans it repackaged into mortgage-backed securities is set to go to trial on Wednesday, in a case that could affect pending lawsuits against some of Wall Street's biggest firms.
  • 4:28 PM » US Files Civil Mortgage Fraud Suit Against Wells Fargo
    Published Tue, Oct 09 2012 4:28 PM by Bloomberg
    Bloomberg US Files Civil Mortgage Fraud Suit Against Wells Fargo Bloomberg U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo. By Bob Van Voris and Chris Dolmetsch - 2012-10-09T19:28:39Z. Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, ...
  • 4:21 PM » U.S. sues Wells Fargo; shares down 1.8%
    Published Tue, Oct 09 2012 4:21 PM by Market Watch
    SAN FRANCISCO (MarketWatch) -- U.S. Attorney for the Southern District of New York Preet Bharara filed a civil lawsuit against Wells Fargo Bank NA for millions of dollars in damages for mortgage fraud. "As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance," said Bharara. The lawsuit also alleges that the bank's bonus program which rewarded employees based on the number of loans approved, contributed to the "fire already burning, as quality repeatedly took a back seat to quantity." Earlier this month, a similar suit was brought against J.P. Morgan Chase & Co. by New York Attorney General Eric Schneiderman. Shares of Wells Fargo, which traded in negative territory all session, slid more sharply on the news. The stock was last down 1.8% to $35.14.
  • 2:41 PM » ABA Survey: Popularity of Mobile Banking Jumps
    Published Tue, Oct 09 2012 2:41 PM by American Bankers Assoc.
    Washington, Oct. 9, 2012 -- A new survey by the American Bankers Association shows a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 2:23 PM » Fed: Minutes of the Board's discount rates meetings from August 13 through September 10, 2012
    Published Tue, Oct 09 2012 2:23 PM by Federal Reserve
    Minutes of the Board's discount rates meetings from August 13 through September 10, 2012
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 1:25 PM » Fannie Mae Supports the Multifamily Market with Consistent Issuance in the Third Quarter of 2012
    Published Tue, Oct 09 2012 1:25 PM by Fannie Mae
    Fannie Mae today announced that the company issued approximately $8.5 billion of multifamily MBS in the third quarter of 2012, backed by new multifamily ...
  • 11:17 AM » Financial Fraud Enforcement Task Force Members Reveal Results of Distressed Homeowner Initiative
    Published Tue, Oct 09 2012 11:17 AM by
    Attorney General Eric Holder, Housing and Urban Development Secretary Shaun Donovan, FBI Associate Deputy Director Kevin L. Perkins and Federal Trade Commission (FTC) Chairman Jon Leibowitz today announced the results of the Distressed Homeowner Initiative, the first-ever nationwide effort to target fraud schemes that prey upon suffering homeowners.
    Click Here to Read the Full Article

  • 10:44 AM » U.S. bank regulators to vote on final stress test rule
    Published Tue, Oct 09 2012 10:44 AM by Reuters
    (Reuters) - U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.
  • 10:43 AM » Is Housing Recovery As Robust as the Headlines?
    Published Tue, Oct 09 2012 10:43 AM by CNBC
    Real estate is and always will be local, and this recovery is becoming increasingly local. That is clear in the latest numbers on supplies of distressed homes.
  • 10:42 AM » OCC Releases Final Rule Regarding Large Bank Stress Tests
    Published Tue, Oct 09 2012 10:42 AM by OCC
    The Office of the Comptroller of the Currency (OCC) today announced publication of its final rule regarding company-run stress testing required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
  • 10:42 AM » FHFA Releases Strategic Plan for 2013-2017
    Published Tue, Oct 09 2012 10:42 AM by FHFA
    October 9, 2012: FHFA Releases Strategic Plan for 2013-2017
  • 9:53 AM » Banks last, best play on housing recovery: Goldman
    Published Tue, Oct 09 2012 9:53 AM by Market Watch
    NEW YORK (MarketWatch) -- Goldman Sachs analysts on Tuesday said the banking sector is an inexpensive and levered play on a recovering housing market. They said the market has failed to price into the shares how a small gain in the housing market delivers a big bang for the banks. Goldman said its top ideas to gain exposure to the opportunities they discuss is to own Citigroup Inc , Regions Financial , Wells Fargo and Co. and Everbank Financial . A better housing market would help banks on the revenue and expense side of the equation, translating into fewer charge-offs, lower credit expenses (and) better revenue as residential loan growth picks up," the analysts said. They concluded that, Despite the tear-to-date rally bank stocks have significantly underperformed since 2011, despite of a considerably better housing outlook. Banks have also underperformed other sectors with leverage to a better housing market (such as homebuilders) by around 50% since 2011, despite similar EPS upside under a better housing scenario. Given the material improvement in the housing market (housing prices have turned, supply has fallen, home sales are up and shadow inventory is down), we believe select bank stocks represent the last inexpensive way to play an improvement in the housing market."
  • 9:52 AM » Fannie Mae: Consumer Attitudes on Housing Continue Summer Season's Gradual Upward Trend
    Published Tue, Oct 09 2012 9:52 AM by Fannie Mae
    Results from Fannie Mae's September 2012 National Housing Survey show Americans' optimism about the recovery of the housing market.
  • 9:52 AM » Nevada Supreme Court Concludes MERS is “Proper Beneficiary”
    Published Tue, Oct 09 2012 9:52 AM by MERS
    Unanimous Ruling Affirms MERS' Role as a Beneficiary and Agent for the Lender and its Successors and Assigns FOR IMMEDIATE RELEASE CONTACT: Jason Lobo Phone: 703.652.1660 Email: Reston, Virginia, October 1, 2012 -MERSCORP Holdings, Inc. today announced that the seven members of the Nevada Supreme Court recently issued a unanimous opinion that affirms MERS' role in mortgage finance. In Edelstein v. Bank of New York Mellon , Justice James W. Hardesty wrote a detailed decision on behalf of the Court explaining that when MERS serves as the beneficiary of the deed of trust and a different entity holds the promissory note, this does not render either instrument void, and that once the foreclosing lender obtains an assignment from MERS and is the holder of the promissory note, the lender can proceed through the state's Foreclosure Mediation Program. According to the opinion, the language in the deed of trust, indicating that MERS was the beneficiary, was "an express part of the contract that we are not at liberty to disregard." "MERS is capable of being a valid beneficiary of a deed of trust, separate from its role as an agent (nominee) for the lender [ ] such separation is not irreparable or fatal to either the promissory note or the deed of trust, but it does prevent enforcement of the deed of trust through foreclosure unless the two documents are ultimately held by the same party," the Court wrote. "MERS, as a valid beneficiary, may assign its beneficial interest in the deed of trust to the holder of the note, at which time the documents are reunified." Here, because MERS had assigned the deed of trust to Bank of New York Mellon in its role as trustee for Countrywide - which held the promissory note - the Court held that the trust had proper standing to foreclose. "There is no stronger affirmation of MERS' role in housing than a unanimous decision concluding that MERS is the proper beneficiary...
  • 9:52 AM » REALTORS® Report Constant or Higher Prices on Recent Transactions
    Published Tue, Oct 09 2012 9:52 AM by National Association of Realtors
    Home prices continue to firm up as demand is reported to be increasing faster than supply. From the current survey, 69 percent of respondents to the REALTORS® Confidence Index reported constant prices, higher than July's figure of 64 percent. About 30 percent reported constant prices while 39 percent reported rising prices. About five percent reported [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 7:04 AM » Draghi says Greece must do more on reforms
    Published Tue, Oct 09 2012 7:04 AM by Reuters
    BRUSSELS (Reuters) - Greece has made progress on reforming its economy but has more work to do, European Central Bank President Mario Draghi said on Tuesday.
  • 7:03 AM » Ben Bernanke's Mortgage-Refi Nation
    Published Tue, Oct 09 2012 7:03 AM by Business Week
    Ben Bernanke's Mortgage-Refi Nation Businessweek Well, that didn't take long. It's been less than a month since the Federal Reserve announced plans to buy $40 billion of mortgage-backed securities a month for as long as necessary to spur lending and boost employment. Since then, mortgage interest rates ...
    Click Here to Read the Full Article

    Source: Business Week
  • 7:00 AM » Braving Protests, Merkel to Offer Encouragement in Athens
    Published Tue, Oct 09 2012 7:00 AM by CNBC
    German Chancellor Angela Merkel flies into the heart of Europe's debt crisis on Tuesday, facing protests by angry Greeks to bring a message of support to a near-bankrupt nation fighting to stay in the euro.
  • 6:59 AM » US Stocks Seen Lower; Earnings Season Eyed
    Published Tue, Oct 09 2012 6:59 AM by CNBC
    U.S stock index futures signaled a lower open on Wall Street on Tuesday, with investors concerned about slowing global growth, plus the prospect of a weak third quarter earnings season.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.61%
  • |
  • 15 Yr FRM 3.99%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps -1.15%
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%