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  • Wed, Sep 19 2012
  • 11:58 PM » HUD paid over $1B in false claims
    Published Wed, Sep 19 2012 11:58 PM by Washington Post
    The U.S. government may have paid hundreds of millions of dollars in mortgage aid to struggling homeowners who did not qualify for that help, a new report found. The inspector general for the Department of Housing and Urban Development said the agency did not adequately enforce standards for its Preforeclosure Sale Program, which uses government aid to cover the shortfall for troubled homeowners who must sell their home for less than they owe on their mortgages. The program ran from September 2010 to August 2011, paying more than $1.7 billion in claims on nearly 20,000 homes. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 4:58 PM » MBIA Accuses Bear Stearns (JPM) Of Intentionally Concealing Mortgage Due Diligence Data
    Published Wed, Sep 19 2012 4:58 PM by The Big Picture
    2. Discovery Revealed Bear Stearns's Fraud 42. Unbeknownst to MBIA at the time the transaction closed, the due-diligence report that MBIA received from Bear Stearns was not a complete and accurate set of the loan-file due diligence results that Bear Stearns had obtained from MDMC. Discovery in a case against GMAC Mortgage filed by MBIA [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 4:56 PM » Fifth Circuit Court of Appeals Upholds Ruling in MERS' Favor
    Published Wed, Sep 19 2012 4:56 PM by MERS
    Three-Judge Panel Thwarts Borrower's Attempt at "winning a free house" FOR IMMEDIATE RELEASE Jason Lobo Phone: 703.652.1660 Email: jasonl@mersinc.org Reston, Virginia, September 19, 2012 -MERSCORP Holdings, Inc. today announced that a three-judge panel of the United States Court of Appeals for the Fifth Circuit affirmed the July 7, 2011, dismissal of a plaintiffs' wrongful foreclosure complaint against Mortgage Electronic Registration Systems, Inc. (MERS) and two other defendants. In Wigginton v. The Bank of New York Mellon , Senior U.S. District Judge A. Joe Fish dismissed the plaintiff's five-count complaint, which asserted claims of breach of contract, unreasonable collection efforts and defamation based on her belief that MERS' transfer of its interest in the plaintiff's deed of trust to the foreclosing lender Bank of New York Mellon (Mellon) and the subsequent foreclosure were unlawful. "Applying Texas law, courts in this circuit have consistently rejected claims based on an allegedly wrongful or illegal foreclosure where the deed of trust specifically grants the defendant a right to foreclose upon the plaintiff's default," Judge Fish held. "And the deed of trust, on its face, grants MERS a right to foreclose upon Wigginton's default, a right Mellon acquired vis-à-vis MERS' transfer of its interest." The Court of Appeals panel found that the District Court's analysis in dismissing all counts was correct.  "Winning a free house simply because the mortgage lenders sought to use normal means to recover it from a defaulted debtor would indeed be a lucky strike. But such windfalls are the province of the sweepstakes, not of the federal courts," the Court of Appeals panel wrote in its judgment. "Dr. Wigginton has apparently enjoyed years of free housing while pursuing this meritless litigation." Chief Judge Edith H. Jones and Circuit Judges Edward C. Prado and Jennifer Walker...
  • 3:05 PM » Regulator warns banking union could split Europe
    Published Wed, Sep 19 2012 3:05 PM by Reuters
    BRUSSELS (Reuters) - Plans to create a European banking union risks a supervisory split between countries in the euro zone and those outside, Europe's top bank regulator said on Wednesday, warning of his concerns about the latest plan to tackle the financial crisis.
  • 3:05 PM » FDIC's Hoenig Says Banks May Return to Pre-2008 Risky Behaviors
    Published Wed, Sep 19 2012 3:05 PM by Business Week
    FDIC's Hoenig Says Banks May Return to Pre-2008 Risky Behaviors Businessweek If big U.S. banks are not forced to sever their investment arms from traditional banking, they will return to behavior that led to the 2008 credit crisis, said Federal Deposit Insurance Corp. board member Thomas Hoenig. "The behavior and practices leading to ...
    Click Here to Read the Full Article

    Source: Business Week
  • 3:05 PM » Goldman Sachs's Blankfein Would 'Go Long' on Real Estate
    Published Wed, Sep 19 2012 3:05 PM by Bloomberg
    Bloomberg Goldman Sachs's Blankfein Would 'Go Long' on Real Estate Bloomberg Lloyd C. Blankfein, chief executive officer of Goldman Sachs Group Inc. (GS), said he would invest in real estate as central banks around the world focus on avoiding deflation. "I accept that invitation to have higher asset prices, and so I would go long more the ...
  • 3:05 PM » What Has Ben Bernanke Done to the Mortgage Market?
    Published Wed, Sep 19 2012 3:05 PM by The Big Picture
    Jonathan Miller, president of Miller Samuel Inc., talks about the impact of Federal Reserve monetary policy on the housing market. Miller speaks with Tom Keene and Scarlet Fu on Bloomberg Television’s “Surveillance.” Source: Bloomberg, Sept. 18
    Click Here to Read the Full Article

    Source: The Big Picture
  • 3:05 PM » Housing: Finally on the Path to Recovery
    Published Wed, Sep 19 2012 3:05 PM by WSJ
    The housing market overcame a listless economy this summer, and several data points on Wednesday show the housing market is finally beginning a long climb out of a deep hole.
  • 3:03 PM » Fed's Fisher Says Housing Market Leading US Economic Recovery
    Published Wed, Sep 19 2012 3:03 PM by Business Week
    Fed's Fisher Says Housing Market Leading US Economic Recovery Businessweek Federal Reserve Bank of Dallas President Richard Fisher said the housing market is leading the U.S. economic recovery, which he said hasn't been assisted much by the Fed's purchases of bonds. "The housing market is on the move," Fisher said today on ...
    Click Here to Read the Full Article

    Source: Business Week
  • 3:02 PM » BofA Seeks to Dismiss FHFA Suit Over Mortgage Securities
    Published Wed, Sep 19 2012 3:02 PM by Business Week
    BofA Seeks to Dismiss FHFA Suit Over Mortgage Securities Businessweek Bank of America Corp. (BAC)'s Countrywide Financial unit is asking a judge to throw out claims for "billions of dollars" in damages by the Federal Housing Finance Agency for mortgage-backed securities bought by Freddie Mac and Fannie Mae. The agency's ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 11:03 AM » Kansas City Fed's George Opposes Bond Buying
    Published Wed, Sep 19 2012 11:03 AM by WSJ
    Kansas City Fed President Esther George said she opposed the central bank's latest bond-buying effort, saying it risks higher inflation and distortions in the market, the Daily Oklahoman reported Wednesday on its website.
  • 11:00 AM » NAR: August Existing-Home Sales and Prices Rise
    Published Wed, Sep 19 2012 11:00 AM by Google News
    WASHINGTON (September 19, 2012) - Existing-home sales continued to improve in August and the national median price rose on a year-over-year basis for the sixth straight month, according to the National Association of Realtors ® . Total existing-home sales 1 , which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent... Read More
  • 10:59 AM » Is Fed Making Life Tougher for High-Speed Traders?
    Published Wed, Sep 19 2012 10:59 AM by CNBC
    The Federal Reserve's aggressive easing policies have had plenty of critics, but now there could be a new enemy - Wall Street's high frequency traders.
  • 10:31 AM » Samsung, LG, Philips Sued by Illinois for Price Fixing - Bloomberg
    Published Wed, Sep 19 2012 10:31 AM by Bloomberg
    Samsung, LG, Philips Sued by Illinois for Price Fixing Bloomberg Samsung Electronics Co. (005930), LG Electronics Inc. (066570) and Philips Electronics North American Corp. were sued by Illinois over alleged price fixing, based on claims the companies inflated costs for computer monitors and televisions. Illinois Attorney ...
  • 10:18 AM » FHA Watch: FHA's Financial Condition Continues to Decline; Denial Dial Once Again Reset to Lowest Level Ever
    Published Wed, Sep 19 2012 10:18 AM by www.aei.org
    One in six Federal Housing Administration (FHA) loans continued to be delinquent in August as the total delinquency rate eased slightly to 16.35 percent. This was due to modest declines across all delinquency categories.
  • 9:45 AM » Housing starts rise, multifamily projects weak
    Published Wed, Sep 19 2012 9:45 AM by Reuters
    WASHINGTON (Reuters) - Housing starts rose less than expected in August as groundbreaking on multifamily home projects fell, but the trend continued to point to a turnaround in the housing market.
  • 9:45 AM » Morgan Stanley, Wells Fargo Challenged on $73 Billion in RMBS
    Published Wed, Sep 19 2012 9:45 AM by Bloomberg
    Morgan Stanley, Wells Fargo Challenged on $73 Billion in RMBS Bloomberg Holders of $73 billion in residential mortgage securities issued by Morgan Stanley (MS) and Wells Fargo (WFC) & Co. say the two firms failed to perform their duties as servicers, creating a default. A notice to the banks covers more than $5 billion of Morgan ... and more »
  • 8:05 AM » Housing Starts in US Probably Climbed to Almost Four-Year High
    Published Wed, Sep 19 2012 8:05 AM by Bloomberg
    Housing Starts in US Probably Climbed to Almost Four-Year High Bloomberg New-home construction in the U.S. probably rose in August to the highest level in almost four years, showing residential real estate is sustaining a recovery even as the broader economy sputters, economists said before a report today. Builders broke ground ...
  • 8:05 AM » Should Mortgage Rates Already Be at 2.8 Percent?
    Published Wed, Sep 19 2012 8:05 AM by CNBC
    Should Mortgage Rates Already Be at 2.8 Percent?<br/>http://www.cnbc.com//id/49084117
  • 8:01 AM » Silence on US Housing Doldrums Makes Obama, Romney Sound Alike
    Published Wed, Sep 19 2012 8:01 AM by Business Week
    Silence on US Housing Doldrums Makes Obama, Romney Sound Alike Businessweek Jerry Howard, chief executive officer of the National Association of Homebuilders, says he wants to know when President Barack Obama and Republican challenger Mitt Romney are going to outline plans for reviving the U.S. residential property market.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:01 AM » U.S. mortgage refinancing applications rise as rates hit record low: MBA
    Published Wed, Sep 19 2012 8:01 AM by Reuters
    NEW YORK (Reuters) - Applications for home mortgages dipped last week, though demand for refinancings rose as mortgage rates fell to a record low, an industry group said on Wednesday.
  • 7:54 AM » ABI Inches Back into Positive Territory
    Published Wed, Sep 19 2012 7:54 AM by The American Institute of Architects
    ABI Inches Back into Positive Territory<br/>http://www.aia.org/press/releases/AIAB096012
    Click Here to Read the Full Article

    Source: The American Institute of Architects
  • 7:53 AM » Only Real Crisis Solution Is 'United States of Europe'
    Published Wed, Sep 19 2012 7:53 AM by CNBC
    Europe must aim for full-blown unity which would see monetary and political union entwined with a currency union rivaling the United States, the U.K. and Japan, analysts told CNBC Wednesday.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.36%
  • |
  • 15 Yr FRM 3.40%
  • |
  • Jumbo 30 Year Fixed 4.14%
MBS Prices:
  • 30YR FNMA 4.5 107-02 (0-01)
  • |
  • 30YR FNMA 5.0 109-08 (0-00)
  • |
  • 30YR FNMA 5.5 110-14 (0-00)
Recent Housing Data:
  • Mortgage Apps -1.60%
  • |
  • Refinance Index -4.92%
  • |
  • FHFA Home Price Index 0.67%