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  • Thu, Mar 1 2012
  • 4:55 PM » Home Appraisal Process Flawed, Government Report Finds
    Published Thu, Mar 01 2012 4:55 PM by
    A Government Accounting Office study has raised concerns over the quality and oversight of the appraisal industry.
    Click Here to Read the Full Article

  • 4:54 PM » Negative Equity Traps One Third of American Borrowers
    Published Thu, Mar 01 2012 4:54 PM by CNBC
    As home sales begin a slow recovery and potential buyers dip their toes back in real estate's still-troubled waters, many of them face a huge barrier to entry: Negative equity.
  • 4:36 PM » Harmful Reach of Volcker Rule Extends Far Beyond Wall Street
    Published Thu, Mar 01 2012 4:36 PM by House Financial Services
    An electric utility in Texas. A housing authority in Connecticut. A water treatment project on the banks of the Potomac River. What do all three have in common? They all could be harmed by the Volcker Rule.  While the Volcker Rule is touted as a central part of Washington's effort to get "tough" on Wall Street, it's become the latest example of how the Dodd-Frank Act and its 400+ regulations have spawned a multitude of unintended consequences. What kind of unintended consequences? "State and local officials say the new regulation, known as the Volcker Rule, could make it more expensive for them to raise money from investors to pay, for instance, for environmental cleanup and housing assistance," reports the Washington Post . And when state and local governments say the Volcker Rule could make it more expensive "for them" to raise money, what they mean is it will be more expensive for the taxpayers. How does a measure promoted as "Wall Street reform" end up making it harder for cities and states to afford thing like environmental cleanup projects? The complex Volcker Rule "creates these bifurcations now in the municipal markets where you're going to have authorities, enterprise funds, and water utilities paying more to issue their bonds simply because of how they're structured," says Timothy L. Firestine, the vice chairman of the D.C. Water and Sewer Authority. It's not only governments here in the United States that have come out against the Volcker Rule.  Foreign government have "unleashed a torrent of criticism" against it on the grounds it could make Europe's debt problems even worse. "European governments warn that the regulation could further aggravate their debt crisis, which is already roiling global financial markets." This is the same European debt crisis that poses a threat to America's economic recovery, Federal Reserve Chairman Ben Bernanke...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 12:15 PM » How Debt-Ridden Housing Holds Back Recovery
    Published Thu, Mar 01 2012 12:15 PM by Bloomberg
    Bloomberg How Debt-Ridden Housing Holds Back Recovery: Mian and Sufi Bloomberg There is an emerging consensus that housing is weighing down the US economy. The Federal Reserve's housing white paper in January declared that "ongoing problems in the US market continue to impede the economic recovery." The 2012 Economic Report of ...
  • 12:14 PM » Credit unions hit a record number of members
    Published Thu, Mar 01 2012 12:14 PM by CNN
    Credit unions hit a record number of members last year, as a growing number of consumers grew fed up with the fees at the nation's biggest banks and took their money elsewhere.
  • 11:17 AM » Fannie Mae Challenges BofA on Rift
    Published Thu, Mar 01 2012 11:17 AM by WSJ
    Fannie Mae challenged Bank of America Corp.'s assertion that the two decided by mutual consent in January not to renew their loan-purchase agreement in the middle of a battle over who should pick up the multibillion-dollar tab for bad mortgages
  • 11:16 AM » Construction Spending Slips, But Homebuilding Up
    Published Thu, Mar 01 2012 11:16 AM by
    A sharp drop in commercial building projects caused a 0.1 percent decline in construction spending in January. But the dip comes after previous figures were revised much higher. Spending on residential construction rose 1.8 percent, driven by a big gain in single-family home building.
  • 11:15 AM » OCC Releases CRA Evaluations for 36 National Banks and Federal Savings Associations
    Published Thu, Mar 01 2012 11:15 AM by OCC
    The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 15, 2011 through August 14, 2011.
  • 11:15 AM » Decision on Greek Default Insurance Sets Bad Precedent: Gross
    Published Thu, Mar 01 2012 11:15 AM by CNBC
    The decision by a major derivatives agency not to declare a credit event on the writedown of Greek sovereign debt sets a bad precedent, Pimco co-founder Bill Gross told CNBC Thursday.
  • 10:23 AM » Property Pulse: Banks Cut Exposure to Troubled Loans
    Published Thu, Mar 01 2012 10:23 AM by WSJ
    In all, 3.76% of the $1.1 trillion in commercial mortgages held by banks were at least 90 days past due, or non-accruing in the fourth quarter of 2011, down from 3.93% in the prior quarter.
  • 10:20 AM » What Does Ed DeMarco Really Think About Principal Write-Downs?
    Published Thu, Mar 01 2012 10:20 AM by WSJ
    Washington and Wall Street are anxious to learn whether Edward DeMarco, the acting director of the Federal Housing Finance Agency, will accept the Obama administration?s offer and allow Fannie Mae and Freddie Mac to reduce loan balances for troubled homeowners.
  • 10:19 AM » Mortgage Settlement Makes "Fraud a Business Expense"
    Published Thu, Mar 01 2012 10:19 AM by The Big Picture
    Feb. 29 (Bloomberg Law) — Barry Ritholtz, CEO for Fusion IQ and founder of The Big Picture blog, talks with Bloomberg Law’s Lee Pacchia about the recently announced settlement between 49 state attorneys general and a number of banks regarding improper foreclosure practices. Ritholtz contends that this settlement represents a choice by the Department of [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 10:14 AM » Interview: Bank of America CEO shows his other side — in Haiti
    Published Thu, Mar 01 2012 10:14 AM by Reuters
    CHARLOTTE, North Carolina (Reuters) – Some two decades ago, Brian Moynihan’s younger brother Patrick came to him for advice. Patrick who had been a trader wanted to move to Africa to work as a missionary. Moynihan, now the chief executive of Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), instead suggested moving to [...]
  • 10:13 AM » 30-year Fixed-rate Mortgage Averages 3.90 Percent
    Published Thu, Mar 01 2012 10:13 AM by Freddie Mac
    MCLEAN, Va., March 1, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly lower for ...
  • 10:12 AM » Bernanke starts second day of testimony on policy
    Published Thu, Mar 01 2012 10:12 AM by Market Watch
    WASHINGTON (MarketWatch) - Federal Reserve Chairman Ben Bernanke has begun his second day of testimony to Congress on Thursday on the economic outlook and the central bank's monetary policy stance. On Wednesday, Bernanke told the House Financial Services panel that the economy was sending "different signals," with a more rapid decline in the unemployment rate than might have been expected given the moderate growth rate. "It will be especially important to evaluate incoming information to assess the underlying pace of economic recovery," he said. Bernanke said that rising gasoline prices will move inflation up temporarily but will also reduce consumer purchasing power. The Fed chairman said little about the prospects for another round of asset purchases, or quantitative easing, causing some analysts to say it is less likely the central bank will conduct another round of purchases. Analysts said Bernanke will get a chance to refine his message when he testifies to the Senate Banking Committee.
  • 9:49 AM » Bond Report: Treasurys extend losses after U.S. data
    Published Thu, Mar 01 2012 9:49 AM by Market Watch
    Treasury prices fall more after a pair of reports show first-time jobless claims lower last week and consumer spending for January higher.
  • 9:15 AM » Fannie, Freddie Won't Write Down Mortgage Principal
    Published Thu, Mar 01 2012 9:15 AM by
    The nation's five largest mortgage lenders recently pledged to start writing down the principal on mortgages that are underwater. But mortgage giants Fannie Mae and Freddie Mac aren't part of the agreement and don't plan any big changes in the way they do loan modifications.
  • 9:14 AM » Bank of America considers checking account fee revamp: report
    Published Thu, Mar 01 2012 9:14 AM by Reuters
    (Reuters) - Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances,...
  • 9:14 AM » Foreclosures Rise to 24% of U.S. Home Purchases as Short Sales Increase - Bloomberg
    Published Thu, Mar 01 2012 9:14 AM by Bloomberg
    Bloomberg Foreclosures Rise to 24% of U.S. Home Purchases as Short Sales Increase Bloomberg US homes in or nearing foreclosure accounted for almost a fourth of residential purchases in the last three months of 2011 as lenders approved more short sales, where the price is less than the amount owed. Deals for bank-owned and distressed ... and more »
  • 9:13 AM » NAR: Low Housing Costs for Recent Buyers
    Published Thu, Mar 01 2012 9:13 AM by National Association of Realtors
    Everyone is aware that right now we’re seeing the lowest mortgage rates in a generation or two. Everyone is probably also mindful of the bargain prices. Due to inflation over time, people's income generally rises over time, though the average family income stopped growing in 2009. So how do these facts add up in relation [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 9:08 AM » Foreclosure Sales Ramp Up Post Robo Signing
    Published Thu, Mar 01 2012 9:08 AM by CNBC
    Foreclosure Sales Ramp Up Post Robo Signing<br/>
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.70%
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  • 15 Yr FRM 4.15%
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  • Jumbo 30 Year Fixed 4.73%
MBS Prices:
  • 30YR FNMA 4.5 103-32 (0-01)
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  • 30YR FNMA 5.0 105-24 (0-01)
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  • 30YR FNMA 5.5 106-27 (-0-10)
Recent Housing Data:
  • Mortgage Apps -2.60%
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  • Refinance Index -3.69%
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  • Purchase Index -1.98%