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  • Mon, Apr 30 2012
  • 11:08 PM » Bidding Wars Reflect Housing Market's Confused State
    Published Mon, Apr 30 2012 11:08 PM by WSJ
    Today the Journal writes about a surprising phenomenon happening in a growing number of neighborhoods across the country: the return of competitive bids for houses.
  • 11:08 PM » Flagstar Reports First Quarter 2012 Results and Reaffirms Expected Return to Profitability in 2012
    Published Mon, Apr 30 2012 11:08 PM by Flagstar
    Pre-tax, pre-credit-cost revenue of $206.3 million, up 109.8 percent over prior quarter and 229.9 percent over prior year; Strong mortgage banking revenues, stable net interest margin and solid growth in core deposits; Significant improvement in delinquent loan trends TROY, Michigan, April 30, 2012 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE:FBC) (the "Company"), the holding company for Flagstar Bank, FSB (the "Bank"), today reported a first quarter 2012 net loss applicable to common stockholders of $(8.7) million, an improvement from fourth quarter 2011 net loss of $(78.2) million and first quarter 2011 net loss of $(31.7) million. During the quart...
  • 11:07 PM » The Lehman Bankruptcy Docs
    Published Mon, Apr 30 2012 11:07 PM by The Big Picture
    How awesome is this treasure trove of emails, documents, files et. al placed on line by the NY Fed. My favorite may just be the Morgan Stanley June 30 2008 “Overweight Rating” on Lehman Brothers — “Bruised, Not Broken, Poised for Profitability“. (Hat tip Josh) Total awesomeness!   >   Index of /lehman/docs Name Last [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 11:03 PM » Ambac Withdraws From Litigation Over Countrywide Settlement - Bloomberg
    Published Mon, Apr 30 2012 11:03 PM by Bloomberg
    Ambac Withdraws From Litigation Over Countrywide Settlement Bloomberg Ambac Assurance Corp. is withdrawing from litigation over Bank of America Corp.'s proposed $8.5 billion mortgage bond settlement, according to a court filing. The bond insurer didn't give a reason for the withdrawal in a letter filed today in New York ...
  • 10:59 PM » Treasuries Snap Gain on Bets Fed to Refrain New Stimulus - Bloomberg
    Published Mon, Apr 30 2012 10:59 PM by Bloomberg
    Treasuries Snap Gain on Bets Fed to Refrain New Stimulus Bloomberg Treasuries snapped a gain, following the biggest monthly rally since September, on speculation reports this week will show the US economy is growing enough to keep the Federal Reserve from increasing its debt purchases. The difference between 10- and ...
  • 10:58 PM » Key Freddie Mac executive steps down: filing
    Published Mon, Apr 30 2012 10:58 PM by Reuters
    (Reuters) - A top executive at Freddie Mac is leaving the mortgage buyer a year after he was appointed to head its single-family business.
  • 10:58 PM » Fed officials, hawk and dove, agree: no more easing
    Published Mon, Apr 30 2012 10:58 PM by Reuters
    LOS ANGELES (Reuters) - Two top Federal Reserve officials - one with a dovish, employment-focused bent, and the other a self-avowed inflation hawk - on Monday both said they see no need for the central bank to ease monetary policy any further.
  • 5:16 PM » Pimco Planning for 'Lackluster Economy': El-Erian
    Published Mon, Apr 30 2012 5:16 PM by CNBC
    "Our strategy is based on a lackluster recovery. So we are assuming it will be a lackluster economy, Pimco CEO Mohamed El-Erian tells CNBC's Closing Bell.
  • 5:14 PM » Fannie Mae Releases March 2012 Monthly Summary
    Published Mon, Apr 30 2012 5:14 PM by Fannie Mae
    Fannie Mae Releases March Monthly Summary. PrintEmail. News Release. April 30, 2012. Fannie Mae Releases March 2012 Monthly Summary. ...
  • 5:14 PM » Justice Department Reaches Settlement with Nation's Largest Mortgage Insurance Provider to Resolve Allegations of Discrimination Against Women on Maternity Leave
    Published Mon, Apr 30 2012 5:14 PM by www.justice.gov
    The Department of Justice announced today that it has settled its lawsuit against the Mortgage Guaranty Insurance Corporation (MGIC) for discriminating against women on maternity leave in violation of the Fair Housing Act. This settlement is the department's first involving discrimination against women and families in mortgage insurance.
    Click Here to Read the Full Article

    Source: www.justice.gov
  • 3:41 PM » S&P Housing Views: Robert Shiller Interviews on WSJ and Fox Business
    Published Mon, Apr 30 2012 3:41 PM by S&P/Case Shiller
    Professor Robert Shiller, co-founder of the S&P/Case-Shiller Home Price Index, discusses the latest data results for the S&P/Case-Shiller Home Price Indices in these two video clips: Wall Street Journal Fox Business
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 3:14 PM » Despite High Affordability, Renter Nation Reigns
    Published Mon, Apr 30 2012 3:14 PM by CNBC
    More Americans are renting homes, and fewer are owning them; it's not as if this is news to anyone who follows the U.S. housing market, but a new report from the Census Bureau today really put an historical exclamation point on the trend.
  • 2:33 PM » Fed Says Banks Eased Loan Terms as Demand Rose in First Quarter
    Published Mon, Apr 30 2012 2:33 PM by Bloomberg
    Bloomberg Fed Says Banks Eased Loan Terms as Demand Rose in First Quarter Bloomberg US banks saw increased demand for lending in the first quarter and made loans easier to get, according to a Federal Reserve survey. "Domestic banks generally reported having eased their lending standards and having experienced stronger demand over the ...
  • 2:26 PM » JOBS Act Delivers Needed Red Tape Relief to Small Banks
    Published Mon, Apr 30 2012 2:26 PM by House Financial Services
    The bipartisan JOBS Act arrives just in time to help small, community banks as they are "struggling to stay profitable in a period of low interest rates, stagnant lending and rising compliance costs from other new regulations," the Wall Street Journal reports. The JOBS (Jumpstart Our Business Startups) Act originated in the Financial Services Committee and is the culmination of an initiative started by Chairman Spencer Bachus last year to promote small business capital formation. The Wall Street Journal article takes particular note of one provision of the JOBS Act that raises the number of shareholders at which small banks must register with the SEC from 500 shareholders to 2,000. The change frees up small banks to raise capital by attracting new investors without taking on the red tape burdens that come with mandatory SEC registration and reporting.  Filing quarterly and annual financial reports alone with the SEC can cost small banks as much as $200,000 a year. This Wall Street Journal report follows: Small Banks Get a Freer Hand April 23, 2012 By ROBIN SIDEL Jim Stein no longer has to worry when one of his shareholders dies or gets divorced. As chief executive of Bank of Houston, Mr. Stein used to fret about tripping a regulation that required the community bank to register with the Securities and Exchange Commission if it has more than 500 shareholders. The bank, a unit of BOH Holdings Inc., carefully maintained its shareholder count at 350 because it wanted to avoid the cost and hassle of registering. But the level was always at risk of rising. "One shareholder could turn into four through unexpected consequences," Mr. Stein said. Now, Mr. Stein and other small-bank CEOs can stop counting shareholders as closely and turning potential investors away at the door. The JOBS Act signed into law this month includes a provision that raises the number of shareholders at which small banks must register with the SEC to 2,000. The JOBS Act aims...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 1:27 PM » More consumers nearing perfect FICO® Scores, but are scores improving?
    Published Mon, Apr 30 2012 1:27 PM by FICO
    My colleagues in FICO Labs monitor FICO® Scores and how they move over time. In our most recent review, we continue to see the effects of consumers' scores moving up AND down. At the high end of the score distribution, the number of consumers in the 800-850 range is at its highest level since October 2008. Some 18.3 percent of consumers have FICO® Scores in this range. Contrast that with the 15.5 percent of consumers between 700-749, which is the lowest percentage we've seen since we began tracking this information in 2005. And the percentage of consumers between 750-799 (19.4 percent) is the lowest we've seen since April 2009. We also found that 31.2 percent were in the 550-699 range. That is the most people with scores in that range since 2006. It's clear that there's been a shift at both ends of the score distribution. Many consumers have moved into the top tier of the FICO® Score range by redoubling their efforts to maintain an excellent credit profile. Others have fallen into lower tiers, most likely due to the financial stress felt by many households. Interestingly, the increase in the number of consumers in lower tiers doesn't hold true at the very bottom of the FICO® Score range. The percentage of consumers with scores from 300-549 is 14.9 percent, the lowest percentage since 2006. One possible explanation for this decrease is that lenders have written off a lot of bad debt and closed the riskiest credit accounts. So, at least some consumers who had multiple bad debts and delinquencies a few years ago are now able to move on, and their credit scores are starting to move into the 550-699 range. The 2011 data in the graphic above reflects a more recent credit bureau feed than in my last score distribution blog post. As I noted last time, overall score distribution between 2005 and 2011 was fairly stable. But we'll continue to keep our eye on even the slight changes, since these can have significant impact on portfolio...
  • 12:34 PM » Bank of America directors fight back over $20 million settlement
    Published Mon, Apr 30 2012 12:34 PM by Reuters
    (Reuters) - Bank of America Corp directors rejected allegations by unhappy shareholders that their proposed $20 million settlement of litigation over the purchase of Merrill Lynch & Co was made "on the cheap" and was the product of collusion.
  • 11:15 AM » End of FDIC program may hurt small firm lending
    Published Mon, Apr 30 2012 11:15 AM by CNN
    Small business lending could take a major hit if a federal program that insures small business accounts ends later this year.
  • 10:51 AM » Freddie Mac Announces Sixth $1 Billion Multifamily Securities Offering This Year, K-018
    Published Mon, Apr 30 2012 10:51 AM by Freddie Mac
    MCLEAN, Va., April 30, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates ("K Certificates"), which are multifamily mortgage-backed se...
  • 10:30 AM » New York Fed releases expanded reverse repo counterparties list
    Published Mon, Apr 30 2012 10:30 AM by NY Fed
    Effective April 30, 2012, the New York Fed has expanded its list of reverse repo counterparties.
  • 10:20 AM » New ABA Study Focuses On Ways To Improve Bank Examination Process
    Published Mon, Apr 30 2012 10:20 AM by American Bankers Assoc.
    Washington, April 30, 2012 -- Efforts to divide the banking industry between 'big' and 'small' won't solve the bad fit of regulations for a banking system far more diverse than a simplified division in two, according to new study released today by the American Bankers Association. 
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 9:47 AM » Ally May Lose $1.25 Billion if ResCap Unit Goes Bankrupt - Bloomberg
    Published Mon, Apr 30 2012 9:47 AM by Bloomberg
    Ally May Lose $1.25 Billion if ResCap Unit Goes Bankrupt Bloomberg Ally Financial Inc. (ALLY), the bailed-out auto and home lender, confirmed that its Residential Capital unit is considering bankruptcy and estimated its own loss from the filing could range from $400 million to $1.25 billion. and more »
  • 9:46 AM » Ally Says Unit's Bankruptcy Could Cost $1.25 Billion
    Published Mon, Apr 30 2012 9:46 AM by CNBC
    Ally Says Unit's Bankruptcy Could Cost $1.25 Billion<br/>http://www.cnbc.com//id/47211677
  • 9:44 AM » Fannie Mae's Former Chief Fights to Clear His Name
    Published Mon, Apr 30 2012 9:44 AM by Business Week
    Dan Mudd faces an SEC suit over disclosures
    Click Here to Read the Full Article

    Source: Business Week
  • 9:43 AM » Analysis: U.S. mortgage funds emerge even as housing stays weak
    Published Mon, Apr 30 2012 9:43 AM by Reuters
    NEW YORK (Reuters) - The U.S. housing market may still be in the doldrums, but funds that are betting on big gains in mortgage-related investments are a hot ticket this year on Wall Street.
  • 9:41 AM » Bank CEOs to Meet With Fed's Tarullo on Credit-Limit Plan - Bloomberg
    Published Mon, Apr 30 2012 9:41 AM by Bloomberg
    Bank CEOs to Meet With Fed's Tarullo on Credit-Limit Plan Bloomberg Chief executive officers of the largest US banks, including JPMorgan Chase & Co. (JPM), will meet with Federal Reserve Governor Daniel Tarullo to discuss the Fed's stress tests and a proposal to limit credit exposure, according to four people familiar ...
  • 9:38 AM » Financial Services Committee Releases May Hearing Schedule
    Published Mon, Apr 30 2012 9:38 AM by House Financial Services
    The Financial Services Committee released its hearing schedule for the month of May on Friday. The Committee's schedule remains tentative and will depend upon witness availability and other factors that may require changes.  Therefore, each meeting will become final only when the official notice is distributed.  Additional information about each hearing, as well as a list of witnesses, will be announced at later dates. Unless otherwise noted, all hearings will take place in 2128 Rayburn House Office Building. May 7 at 9 a.m .   The Capital Markets and Government Sponsored Enterprises Subcommittee will hold a field hearing in Chicago at 9 a.m. local time to review real-estate-owned properties held by GSEs and the Federal Housing Finance Agency's pilot program to rent these properties.  The hearing will take place at the Dirksen Federal Building - Room 1903, 219 South Dearborn Street in Chicago. May 8 at 10 a.m.   The Domestic Monetary Policy and Technology Subcommittee will examine legislative proposals to reform the Federal Reserve System. May 9 at 10 a.m.   The Financial Institutions and Consumer Credit Subcommittee will examine the impact Dodd-Frank Act regulations are having on small banks' lending and investment activities. May 9 at 2 p.m.   The Insurance, Housing and Community Opportunity Subcommittee will examine the Home Equity Conversion Mortgage program, the Federal Housing Administration's reverse mortgage insurance program that allows borrowers 62 or older to convert home equity into a monthly income stream, lump sum payment, or line of credit.  May 10 at 10 a.m.   The International Monetary Policy and Trade Subcommittee will hold a hearing on the consequences of requiring Securities and Exchange Commission (SEC) registrants to provide disclosures about the use of minerals from the Congo region. May 16 at 10 a.m.   The Financial Institutions and Consumer...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 9:38 AM » ABA: Safe Harbor Essential for CFPB's Qualified Mortgage Rule
    Published Mon, Apr 30 2012 9:38 AM by American Bankers Assoc.
    Washington, April 27, 2012 -- In a letter today, ABA along with the entire industry of mortgage lenders and real estate service providers reiterated our unified position that the CFPB's Qualified Mortgage rule must include a legal safe harbor with clear standards in order to preserve sustainable mortgage credit.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
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Mortgage Rates:
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  • 15 Yr FRM 3.43%
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  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
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  • 30YR FNMA 5.0 106-29 (0-05)
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Recent Housing Data:
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  • Refinance Index -7.75%
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  • Purchase Index 0%