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  • Tue, Mar 6 2012
  • 6:24 PM » Donovan does the Daily Show, highlights help for homeless vets
    Published Tue, Mar 06 2012 6:24 PM by National Housing Conference
    by Sarah Jawaid, National Housing Conference HUD Secretary Donovan made an appearance last night on Comedy Central's The Daily Show with Jon Stewart where he highlighted the administration's position in dealing with veteran homelessness and families facing foreclosure. In the segment, Donovan explained that getting an individual into housing is cheaper than government paying the costs of emergency services (like EMTs and police) incurred as a result of homelessness. He also brought up President Obama's goal of eradicating veteran homelessness by 2015. In the last year, HUD has helped 20% of homeless veterans find a stable home. This appearance coincides with the administration's plan released today to help homeless veterans. President Obama today announced a plan to help veterans and service members affected by the foreclosure crisis receive relief. This fits into the President's larger plan for housing recovery by helping responsible homeowners families refinance their homes and support communities that are the most impacted by foreclosures. The announcement also included a reduction of fees for FHA borrowers seeking to refinance. The plan to help veterans and service members includes: "compensating service members wrongfully foreclosed upon, compensating service members wrongfully charged higher interest rates, providing relief for service members forced to sell their home at a loss due to a permanent change in station, $10 million for the veterans housing benefit program, foreclosure protections for service members receiving hostile fire/imminent danger pay."
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 6:18 PM » Project Rebuild to Continue Revitalizing Neighborhoods and Creating Jobs
    Published Tue, Mar 06 2012 6:18 PM by
    A foreclosed home not only damages the family who lost their homeowner dream, but also directly affects neighborhoods by immediately decreasing their property value by an average of $5,000. Many homeowners who have struggled to make their payments on time have seen their property values decrease through no fault of their own because of the [...]
  • 6:17 PM » Why Apple Stock Is Better Investment Than a House
    Published Tue, Mar 06 2012 6:17 PM by CNBC
    If you had purchased Apple stock ten years ago instead of putting the same amount of money into a house, you'd have almost $10 million right now.
  • 5:59 PM » ABA Statement on the Administration's FHA Refinance Program
    Published Tue, Mar 06 2012 5:59 PM by American Bankers Assoc.
    Washington, March 6, 2012 -- The President's plan to remove cost impediments for borrowers that refinance FHA loans, broadening the accessibility of mortgage relief, is sensible.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 2:39 PM » Attorney General PeterKilmartin Warns Consumers to be Cautious of Scams Involving the National Mortgage Settlement
    Published Tue, Mar 06 2012 2:39 PM by
    Attorney General Peter F. Kilmartin is warning Rhode Island homeowners to be cautious of scams involving the recent national mortgage settlement. It has been reported that several homeowners across the country have been contacted by phone or by email by individuals claiming to have "a list" of...
  • 2:35 PM » Huge Spike in Repeat Foreclosures
    Published Tue, Mar 06 2012 2:35 PM by CNBC
    Thousands of foreclosures that were stuck in process due to delays over the so-called "Robo-signing" paperwork scandal are working their way through a revamped banking system and heading toward final bank repossession.
  • 12:04 PM » Did The Fed Help Banks While Ignoring The Risks?
    Published Tue, Mar 06 2012 12:04 PM by
    The Federal Reserve shrugged off warnings and let banks pay shareholders billions of dollars in dividends last year, despite warnings from the Federal Deposit Insurance Corp. ProPublica investigative reporter Jesse Eisinger says banks should have been forced to set aside the money as a rainy-day cushion.
  • 10:22 AM » FACT SHEET: President Obama Announces New Steps to Provide Housing Relief to Veterans and Servicemembers and Help More Responsible Homeowners Refinance
    Published Tue, Mar 06 2012 10:22 AM by
    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. Today, the President is announcing two steps the Administration is taking to support homeowners and their families – providing relief for servicemembers and veterans, including those wrongfully foreclosed upon or denied a lower interest rate on their mortgages, and reducing fees for FHA borrowers looking to refinance. Along with the President’s broader plan to help millions of Americans refinance and save thousands of dollars a year, support the communities hardest-hit by the housing crisis, and help families avoid foreclosure and stay in their homes, this is part of the President’s overall strategy to support responsible homeowners and the housing recovery. Providing Relief for Servicemembers and Veterans: On top of the historic settlement completed by the Federal government and 49 state Attorneys General last month, major servicers will be providing significant relief to thousands of servicemembers and veterans. Under the agreement, they will: • conduct a review of every servicemember foreclosed upon since 2006 and provide any who were wrongly foreclosed upon with compensation equal to a minimum of lost equity, plus interest and $116,785; • refund to servicemembers money lost because they were wrongfully denied the opportunity to reduce their mortgage payments through lower interest rates; • provide relief for servicemembers who are forced to sell their homes for less than the amount they owe on...
    Click Here to Read the Full Article

  • 9:52 AM » FHA to cut refinance fees under White House plan
    Published Tue, Mar 06 2012 9:52 AM by Market Watch
    WASHINGTON (MarketWatch) - The Federal Housing Administration will cut fees for homeowners with FHA-backed mortgages seeking to refinance under a new plan to expand the effectiveness of an existing refinance program, the White House announced Tuesday. An estimated 2-3 million FHA borrowers will be eligible to benefit from the revamped program, the statement said. At the same time, the Obama administration is launching an effort to examine whether veterans and members of the armed forces were hurt by mortgage abuse. Mortgage services will conduct a review overseen by the Justice Department of the mortgages of servicemen and veterans to see if their rights were violated through wrongful foreclosure, high interest rate charges or forced home sales. The two programs are part of an Obama administration effort to help spur recovery of the housing market. The steps do not need Congressional approval. President Barack Obama will announce the moves at an afternoon press conference, his first since last November.
  • 8:37 AM » Lehman bankruptcy's legal tab: $1.6 billion
    Published Tue, Mar 06 2012 8:37 AM by CNN
    Lehman Brothers' bankruptcy is the largest in history, and it's also been the most lucrative one for lawyers and consultants.
  • 8:35 AM » Treasurys gain as Greece worries resurface
    Published Tue, Mar 06 2012 8:35 AM by Market Watch
    NEW YORK (MarketWatch) -- Treasury prices rose on Tuesday, pushing yields down, as renewed worries that Greece won't garner enough participation for its bond swap weighed on stocks and commodities and increased the appeal of the relative safety of U.S. debt. Yields on 10-year notes , which move inversely to prices, fell 4 basis points to 1.97%. "Treasurys were higher on rumors that Greece may push back its PSI deadline from Thursday to next Wednesday -- rumors that have since been denied," said strategists at CRT Capital Group.
  • 8:33 AM » TFCU highlights effective mortgage strategies
    Published Tue, Mar 06 2012 8:33 AM by NAFCU
    NAFCU members should be on the lookout for the March/April issue of The Federal Credit Union magazine, which features strategies to boost mortgage lending, tips on how to leverage new member relationships and a look at challenges and opportunities facing defense credit unions.
  • 8:32 AM » Dallas Fed President Fisher Says Markets Hooked on Monetary Morphine
    Published Tue, Mar 06 2012 8:32 AM by CNBC
    Dallas Fed President Richard Fisher said the markets are hooked on "monetary morphine" and he sees no reason for further easing.
  • 8:31 AM » Stocks Seen Down Ahead of Super Tuesday Primaries
    Published Tue, Mar 06 2012 8:31 AM by CNBC
    U.S. stock index futures pointed to a lower open on Wall Street on Tuesday, ahead of the Super Tuesday primaries in which voters in 10 U.S. states will choose a Republican presidential candidate.
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Mortgage Rates:
  • 30 Yr FRM 4.61%
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  • 15 Yr FRM 3.99%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
  • 30YR FNMA 4.5 103-28 (0-01)
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  • 30YR FNMA 5.0 106-01 (-0-02)
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  • 30YR FNMA 5.5 108-02 (0-02)
Recent Housing Data:
  • Mortgage Apps -1.15%
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%