Treasury May Let Investors Pay to Lend to US<br/>http://www.cnbc.com//id/46224487

Press Release

WASHINGTON (Reuters) – President Barack Obama on Wednesday called on Congress to approve a $5 billion to $10 billion effort to help U.S. homeowners refinance as part of a wider package of proposals to shore up the depressed housing market. Obama had sketched out the proposals in his State of the Union address last week, [...]

Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.’s presence almost doubled, FBR Capital Markets said.

Tyler Wiggers and Adam B. Ashcraft. Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era. Federal Reserve Bank of New York Staff Reports Staff Report Number 544, January 2012.

Washington, February 1, 2012 -- The American Bankers Association testified today before the House Subcommittee on Financial Institutions and Consumer Credit, expressing strong support for bipartisan legislation that would provide critical balance and transparency to the bank examination process.

Attorney General John Kroger issued a statement today announcing that Oregon will join the multi-state agreement with five major financial institutions: "The Oregon Department of Justice is deeply committed to protecting consumers. In assessing any potential consumer protection settlement, I compare the benefits of the settlement with potential benefits that might accrue in the future if we chose to litigate rather than settle. I have made that assessment in this case, and I am confident that signing this agreement is in the best interest of Oregon consumers. "This agreement penalizes banks that engaged in wrongful foreclosure practices and brings badly needed relief for distressed homeowners. Oregon is also very interested in pursuing multi-state and independent investigations of illegal mortgage securitization and other practices in the mortgage industry that led to the housing crisis. Because the release in this agreement is narrowly drafted, it will allow Oregon to pursue these matters aggressively. Simply put, I am not confident we could get a better agreement on this limited set of issues if we litigated for several more years. I want to thank the Obama Administration and Iowa Attorney General Tom Miller for their excellent work on this agreement." Further details will be released next week when they are final, but highlights of the agreement include: An estimated $30 million to the State of Oregon. An estimated $100 to $200 million in relief to distressed Oregon homeowners including "underwater" borrowers and homeowners facing foreclosure. Tough new servicing standards that protect all homeowners from unfair and unscrupulous servicing practices. The agreement is not final. It must be submitted to a federal judge for final approval. If you are a homeowner facing foreclosure you may be entitled to additional assistance. To receive updates as more information becomes available please sign up at www.oregonattorneygeneral.gov/homeowners. Frequently...

Fed's Low Rates Killing Credit, Slowing Recovery: Gross<br/>http://www.cnbc.com//id/46220487

Construction spending in the U.S. rose in December at the fastest pace in four months, reflecting broad- based gains that signal the industry is stabilizing.

WASHINGTON (Reuters) – President Barack Obama on Wednesday called on Congress to approve a $5 billion to $10 billion effort to help U.S. homeowners refinance as part of a wider package of proposals to shore up the depressed housing market. Obama had sketched out the proposals in his State of the Union address last week, [...]

Release Time:  For Immediate Release In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last , calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today’s low interest rates. That’s why the President is putting forward a plan that uses the broad range of tools to help homeowners, supporting middle-class families and the economy. Key Aspects of the President’s Plan • Broad Based Refinancing to Help Responsible Borrowers Save an Average of $3,000 per Year: The President’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates, cutting through the red tape that prevents these borrowers from saving hundreds of dollars a month and thousands of dollars a year. This plan, which is paid for by a financial fee so that it does not add a dime to the deficit, will:  o Provide access to refinancing for all non-GSE borrowers who are current on their payments and meet a set of simple criteria. o Streamline the refinancing process for all GSE borrowers who are current on their loans. o Give borrowers the chance to rebuild equity through refinancing. • Homeowner Bill of Rights: The President is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: o Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out. o Full disclosure of fees and penalties...

MT. LAUREL, N.J.--(BUSINESS WIRE)--Jan. 31, 2012-- PHH Corporation (NYSE:PHH) today announced plans to release its fourth quarter 2011 results on Monday, February 6, 2012, after the market closes. The Company will host a conference call at 10:00 a.m. (Eastern Time) on Tuesday, February 7, 2012, to discuss its fourth quarter 2011 results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 510-1762 or (719) 457-2634 and using the conference ID 4120134 approximately 10 minutes prior to the call. The conference call will also be webcast, which can be accessed at www.phh....

February 1, 2012: FHFA Announces Interested Investors May Pre-Qualify For REO Initiative

US Mortgage Applications Dipped Last Week: MBA<br/>http://www.cnbc.com//id/46216767

The housing market may be poised to begin its turnaround in the months to come, according to S&P/Case-Shiller’s Karl Case.

Be sure to join your fellow mortgage professionals at this years Legislative Conference on March 18-20....Influential decision makers need to hear from you how these rules will impact consumers, small business, and the overall economy. Visit www.namb.org to register today! Cordray mum on qualified mortgage rule due by this summer « HousingWire www.housingwire.comThe Consumer Financial Protection Bureau will spend the first half of 2012 finalizing the wide-reaching qualified mortgage standard, its new director told Congress Tuesday.

The Department of Justice today filed a lawsuit against St. Bernard Parish, La., alleging that the parish violated the Fair Housing Act by engaging in a multi-year campaign to limit rental housing opportunities for African-Americans in the parish.