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  • Tue, Feb 28 2012
  • 11:38 PM » Refi Plan Under Way, But Disagreement on Future Changes
    Published Tue, Feb 28 2012 11:38 PM by WSJ
    Two top U.S housing officials say the early results of a newly expanded refinancing program show it could indeed be a boost for the ailing housing market.
  • 11:37 PM » Wells Fargo, Goldman May Face Charges Over Mortgage Bonds
    Published Tue, Feb 28 2012 11:37 PM by CNBC
    Wells Fargo, Goldman May Face Charges Over Mortgage Bonds<br/>http://www.cnbc.com//id/46564927
  • 11:36 PM » HUD: Daily Housing News Round-Up
    Published Tue, Feb 28 2012 11:36 PM by blog.hud.gov
    The American Banker reported details of Secretary Donovan's Senate Banking Committee hearing statements (Kevin Wack). FHA Acting Commissioner Carol Galante wrote a Washington Post LTE - The FHA is part of the solution to the housing meltdown. HUD officials advised that the foreclosure-to-rental program can help reduce credit losses and stabilize home values (Associated Press). The Wall [...]
  • 6:42 PM » Toll Brothers CEO Sees 'Improvement Everywhere'
    Published Tue, Feb 28 2012 6:42 PM by CNBC
    Despite declining U.S. home prices reported Tuesday, Toll Brothers spacer CEO Douglas Yearly sounded optimistic on what's ahead.
  • 5:24 PM » Exclusive: Justice Department conducting criminal Libor probe
    Published Tue, Feb 28 2012 5:24 PM by Reuters
    NEW YORK (Reuters) - The Justice Department is conducting a criminal probe into whether the world's biggest banks manipulated a global benchmark rate, according to a person familiar with the situation.
  • 5:14 PM » New York Fed Sells Remainder of Maiden Lane II LLC Securities; Approximately 2.8 Billion Net Gain Generated for U.S. Public from the Portfolio
    Published Tue, Feb 28 2012 5:14 PM by wcapps.ny.frb.org
    The New York Fed today announced the sale of the remaining securities in the Maiden Lane II LLC portfolio. The New York Fed's management of the ML II portfolio will result in full repayment of the $19.5 billion loan extended by the New York Fed to ML II and generate a net gain for the benefit of the public of approximately $2.8 billion, including $580 million in accrued interest on the loan.
    Click Here to Read the Full Article

    Source: wcapps.ny.frb.org
  • 5:14 PM » Bernanke Testifies Wednesday: More on Operation Twist?
    Published Tue, Feb 28 2012 5:14 PM by CNBC
    I know, I know, you're all obsessed with the ECB and the 3-year LTRO that they are going to announce tomorrow. Lots of cheap money for European banks. Let me change the topic. Bernanke's testimony in the House tomorrow.
  • 4:20 PM » Housing settlement details due out this week
    Published Tue, Feb 28 2012 4:20 PM by CNN
    Final details are due out this week in the $26 billion settlement to help struggling homeowners and settle charges of abusive and negligent foreclosure practices, according to President Obama's housing chief.
  • 4:18 PM » Wells Fargo Says SEC May Bring Claims Over Mortgage Securities
    Published Tue, Feb 28 2012 4:18 PM by Business Week
    Wells Fargo & Co., the biggest U.S. home lender, was warned by federal regulators that it may face civil claims tied to the sale of mortgage-backed securities.
    Click Here to Read the Full Article

    Source: Business Week
  • 4:18 PM » Wells Fargo Says Mortgage Buybacks Could Cost Extra $2.1 Billion
    Published Tue, Feb 28 2012 4:18 PM by Business Week
    Wells Fargo & Co., the biggest U.S. home lender, boosted its estimate for the possible additional cost of buying back soured mortgages to as much as $2.1 billion.
    Click Here to Read the Full Article

    Source: Business Week
  • 4:10 PM » House Financial Services hearing on HUD budget proposal
    Published Tue, Feb 28 2012 4:10 PM by National Housing Conference
    by Sarah Jawaid, National Housing Conference HUD's five assistant secretaries appeared before the Insurance, Housing and Community Opportunity subcommittee of the House Financial services committee today for a hearing, Oversight of the Department of Housing and Urban Development. Testimony included: Carol Galante , Acting Federal Housing Administration Commissioner and Assistant Secretary for Housing; Sandra B. Henriquez , Assistant Secretary, Office of Public and Indian Housing; Mercedes M. Márquez , Assistant Secretary, Community Planning and Development; Raphael Bostic , Assistant Secretary for Policy Development and Research; John Trasviña , Assistant Secretary for Fair Housing and Equal Opportunity. The five secretaries were asked to discuss the President's FY13 budget and answer questions. Questions from Rep. Miller (R-CA) and Rep. Dold (R-IL) focused on FHA's constrained regulations that make it difficult to finance condos. Galante said there would be a proposed rule coming out regarding this. Democrat members focused on the negative consequences of cuts to CDBG and HOME. Rep. Waters (D-CA) brought up project-based Section 8 cuts by asking why HUD is short-funding rental assistance contracts and shifting remaining contract renewal expenses to FY2014. Waters said the Bush administration tried similar strategies which led to "late payments for owners, increased costs, errors in forecasting expenditures, and still required $2 billion to fill in the back end of the contracts." She went on to say the administration's proposal says "the program in 2014 would still need the additional $1.1 billion so this program doesn't really save any money." Galante responded saying that this one of the more difficult decisions HUD had to make but made sure that owners will get paid during the fiscal year and tenants will not be negatively impacted. She added that this administration differs from the Bush administration's strategy of short...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 3:08 PM » New York Fed Acquires Maiden Lane Building
    Published Tue, Feb 28 2012 3:08 PM by NY Fed
    The Federal Reserve Bank of New York (New York Fed) today announced that it has acquired the building at 33 Maiden Lane for $207.5 million from Merit US Real Estate Fund III, L.P. and established a new, wholly owned limited liability company called Maiden and Nassau LLC to serve as owner of the building.
  • 1:18 PM » SunTrust's Mortgage Costs Pile Up from Lawsuit, Compliance
    Published Tue, Feb 28 2012 1:18 PM by www.americanbanker.com
    SunTrust Banks Inc., which has already lost hundreds of millions after repurchasing bad mortgages, could lose up to $150 million as it deals with the cost of mortgage-servicing problems.
    Click Here to Read the Full Article

    Source: www.americanbanker.com
  • 1:18 PM » Fed's Duke: Much Less Lending Would Occur if Fannie, Freddie Closed
    Published Tue, Feb 28 2012 1:18 PM by WSJ
    Fed's Duke: Much Less Lending Would Occur if Fannie, Freddie Closed<br/>http://feeds.wsjonline.com/~r/wsj/economics/feed/~3/8CjwqmwSt4s/
  • 1:17 PM » Sherman asks why Fannie, FHA lockouts differ
    Published Tue, Feb 28 2012 1:17 PM by NAFCU
    Federal Housing Administration Commissioner Carol Galante, answering a question from Rep. Brad Sherman, D-Calif., said there should be a conversation about bringing more consistency to policies at the FHA and Fannie Mae regarding lockouts of those who strategically default on their mortgage loans.
  • 12:24 PM » As Home Prices Fall Further, Is It Time to Buy?
    Published Tue, Feb 28 2012 12:24 PM by CNBC
    Housing appears to be rated a "buy" these days, especially among investors, who see a ripe and rising rental market and big potential for income. But is it the right time yet for so-called "organic" buyers to get in?
  • 11:45 AM » Housing secretary says FHA faces big risks
    Published Tue, Feb 28 2012 11:45 AM by Reuters
    WASHINGTON (Reuters) - The Federal Housing Administration faces "considerable risks" to its finances and the Obama administration will continue to scale back the agency's presence in the mortgage market, the top U.S. housing official said on Tuesday.
  • 11:43 AM » FHFA chief DeMarco on defensive over refinancing
    Published Tue, Feb 28 2012 11:43 AM by Market Watch
    The head of the Federal Housing Finance Agency tells lawmakers that in contrast to how it is often portrayed, the agency is already playing a leading role in helping homeowners avoid foreclosure.
  • 11:43 AM » ABA Statement on FDIC Bank Earning Report
    Published Tue, Feb 28 2012 11:43 AM by American Bankers Assoc.
    Washington, February 28, 2012 -- "Quarter after quarter, the banking industry continues to gain strength. Increasing loans, strong capital levels, sharply declining problem assets and an inflow of deposits mark a steady improvement in our industry's financial performance."
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 11:13 AM » NAR: Positive Outlook for Commercial Real Estate in First Quarter 2012
    Published Tue, Feb 28 2012 11:13 AM by National Association of Realtors
    Economic activity remained positive in the fourth quarter of 2011, driven by increased consumer and business spending. With employment showing signs of improvement, the outlook for commercial real estate points to a positive year. Economic Activity Based on the Bureau of Economic Analysis's second estimate, gross domestic product (GDP) rose 2.8 percent in the fourth [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 11:13 AM » U.S. bank industry in position to lend more: FDIC
    Published Tue, Feb 28 2012 11:13 AM by Reuters
    WASHINGTON (Reuters) - The U.S. banking industry continues to recover from the economic downturn and the 2007-2009 financial crisis, with profits rising over the past year, but the improvement can only continue if lending picks up, the Federal Deposit Insurance Corp said.
  • 11:13 AM » JPMorgan, BofA Strain for Qualified Help on Foreclosures
    Published Tue, Feb 28 2012 11:13 AM by Business Week
    JPMorgan Chase & Co. and Bank of America Corp. told regulators they were straining last year to hire and keep enough qualified people who could clear a backlog of foreclosure complaints.
    Click Here to Read the Full Article

    Source: Business Week
  • 10:47 AM » FDIC-Insured Institutions Earned $26.3 Billion in the Fourth Quarter of 2011
    Published Tue, Feb 28 2012 10:47 AM by content.govdelivery.com
    Press Release FDIC-Insured Institutions Earned $26.3 Billion in the Fourth Quarter of 2011 Full-Year Net Income of $119.5 Billion Is Highest Since 2006 FOR IMMEDIATE RELEASE February 28, 2012 Media Contact: Andrew Gray (202) 898-7192 Email: angray@fdic.gov     Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $26.3 billion in the fourth quarter of 2011, a $4.9 billion improvement from the $21.4 billion in net income the industry reported in the fourth quarter of 2010. This is the 10th consecutive quarter that earnings have registered a year-over-year increase. As has been the case in each of the past nine quarters, lower provisions for loan losses were responsible for most of the year-over-year improvement in earnings. FDIC Acting Chairman Martin J. Gruenberg said that "2011 represented the second full year of improving performance by the banking system. Banks reported higher positive aggregate earnings, the numbers of 'problem' banks and failures declined, and loan balances increased in the final three quarters of the year." He also noted that "insured institutions of all sizes continued to make substantial progress in improving their profitability." A majority of all institutions (63 percent) reported improvements in their quarterly net income from a year ago. Also, the share of institutions reporting net losses for the quarter fell to 18.9 percent from 27.1 percent a year earlier. The average return on assets (ROA), a basic yardstick of profitability, rose to 0.76 percent from 0.64 percent a year ago. Fourth-quarter loss provisions totaled $19.5 billion, about 40 percent less than the $32.7 billion that insured institutions set aside for losses in the fourth quarter of 2010. Net operating revenue (net interest income plus total noninterest income) was $3.8 billion (2.3 percent) lower than a year earlier, due to a $4.4 billion (7.4 percent...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:12 AM » NY Fed: Statement Regarding Reverse Repurchase Agreements
    Published Tue, Feb 28 2012 10:12 AM by NY Fed
    As noted in the October 19, 2009, Statement Regarding Reverse Repurchase Agreements, the Federal Reserve Bank of New York has been working internally and with market participants on operational aspects of triparty reverse repurchase agreements to ensure that this tool will be ready to support any reserve draining operations that the Federal Open Market Committee might direct. Beginning Wednesday, February 29, the New York Fed intends to conduct another series of small-scale reverse repurchase (repo) transactions using all eligible collateral types. The first operations will be conducted with the newest expanded reverse repo counterparties-the 8 banks announced on December 1, 2011-as well as the two new primary dealers announced on October 4, 2011. Subsequent operations will be open to all eligible reverse repo counterparties.
  • 10:10 AM » FDIC: Bank profits at 5-yr high, but revenue fall
    Published Tue, Feb 28 2012 10:10 AM by Market Watch
    WASHINGTON(MarketWatch) - Bank profits rose in 2011 to five-year high while operating revenue declined for only the second time since 1938, according to the Federal Deposit Insurance Corp.'s quarterly banking report released Tuesday. Bank net income in 2011 was $119.5 billion, a hike of $34 billion from full-year 2010 earnings. The FDIC said that in 2011 bank net operating revenue dropped by $3.8 billion from 2010, a reduction that was caused by a $4.4 billion reduction in non-interest income. However, the number of banks on the FDIC's "problem list" fell to 813 from 844 during the fourth quarter of 2011 and the assets of "problem" institutions fell to $319 from from $339 billion. FDIC acting chief Martin Gruenberg said 2011 represented the second full year of improving performance by the banking system. "Banks reported higher positive aggregate earnings, the number of 'problem' banks and failures declined, and loan balances increased in the final three quarters of the year," he said. The FDIC said that lower provisions for loan losses "lifted fourth quarter net income."
  • 9:45 AM » REALTORS®' Confidence: Outlook is Up, Though Issues Remain
    Published Tue, Feb 28 2012 9:45 AM by National Association of Realtors
    Realtor® comments and replies this month to the January 2012 survey for the REALTORS® Confidence Index indicate favorable market developments but also continued concern with issues related to lending and appraisals: http://www.realtor.org/research/research/reps. REALTOR® confidence in the outlook for the housing markets over the next 6 months has increased significantly. Higher prices expected in the next [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 7:23 AM » It's the Houses, Stupid
    Published Tue, Feb 28 2012 7:23 AM by The Atlantic
    The big-government/anti-business recovery has been neither big-government nor anti-business. It's just been a total disaster for everything that has to do with housing.
  • 7:22 AM » Fed's Duke to Defend Focus on Housing
    Published Tue, Feb 28 2012 7:22 AM by WSJ
    A top Fed official is expected to defend the central bank's recent focus on the U.S. housing market on Tuesday in the face of Republican criticism.
  • 7:19 AM » Slower Foreclosures for Costliest Homes
    Published Tue, Feb 28 2012 7:19 AM by WSJ
    A Wall Street Journal analysis shows that delinquent homeowners with mortgages above $1 million are escaping foreclosure longer than those with smaller mortgages.
  • 7:11 AM » Your Jetsons home is almost here
    Published Tue, Feb 28 2012 7:11 AM by CNN
    In the classic 1960s animated sitcom The Jetsons, everything in the space-age family's home could be controlled by the press of a button on a remote control.
  • 7:06 AM » Thaler urges panel to act on strategic defaults
    Published Tue, Feb 28 2012 7:06 AM by NAFCU
    Today's hearing regarding oversight of the Housing and Urban Development Department should be used as an opportunity to further examine the rising tide of strategic defaults, Brad Thaler, NAFCU's vice president of legislative affairs, urged the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity on Monday.
  • 7:06 AM » NAFCU presses senators on CUs' access to secondary market
    Published Tue, Feb 28 2012 7:06 AM by NAFCU
    The Federal Housing Finance Agency's most recent strategic plan addressing the conserved Fannie Mae and Freddie Mac raises more questions than it answers, especially in regard to guarantees for residential mortgages and privatization, Brad Thaler, NAFCU's vice president of legislative affairs, told the Senate Banking Committee yesterday.
  • 7:05 AM » US Stocks to Open Higher on Europe Liquidity Hopes
    Published Tue, Feb 28 2012 7:05 AM by CNBC
    U.S. stock index futures pointed to a higher open on Wall Street on Tuesday, ahead of this week's liquidity injection by the European Central Bank, which market participants hope will alleviate tensions in the European banking sector.
  • 7:04 AM » Homebuilders Draw Bearish Option Trades
    Published Tue, Feb 28 2012 7:04 AM by CNBC
    At least one big investor is getting nervous about the homebuilders.
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