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  • Mon, Jan 14 2013
  • 9:53 PM » Debt, Gov't Dysfunction Rise to Top of Americans' Issue List
    Published Mon, Jan 14 2013 9:53 PM by www.gallup.com
    Americans' concerns about the federal budget deficit and government dysfunction rose high enough in January to knock unemployment out of the top two slots on Gallup's "most important problem" list for the first time since 2009.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 9:52 PM » 839 Laid Off At JPMorgan Chase In Fallout From Foreclosure Review Settlement
    Published Mon, Jan 14 2013 9:52 PM by The Huffington Post
    The layoffs came swiftly at JPMorgan Chase and Co. last week following the announcement that a much-maligned program meant to identify and compensate borrowers who were hurt by fraudulent foreclosures was being shut down . But the heads rolling were not those belonging to the bank executives, corporation counselors or operations managers who helped run the program into the ground . Instead, according to an announcement posted to the New York State Department of Labor website, the bank began firing 529 of the employees who had been poring over individual foreclosure files from within a suite in downtown Brooklyn. According to The Wall Street Journal, a further 310 employees were let go at a bank facility in Florence, S.C., due to the shuttering of the foreclosure review program. "Fewer homeowners are falling behind on their mortgages so we need fewer employees to assist those who are struggling. We will work with affected employees to find opening at Chase or other local companies," Amy Bonitatibus, a spokesperson for JPMorgan, told The Huffington Post. Last Monday, JPMorgan, the nation's largest bank, joined nine other financial institutions that had previously agreed to run an independent audit of foreclosures made in 2009 and 2010 in substituting that open-ended review for an $8.5 billion settlement . JPMorgan's portion of the settlement was nearly $2 billion, and $753 million of that amount will be cash payouts. In interviews conducted by The Huffington Post with insiders within the independent foreclosure review process at various banks, JPMorgan has been singled out as a bank where procedures set up by internal managers stifled outside auditors and sabotaged the review process . "It was like a badly-made ship designed to sink," an employee at independent auditor Deloitte , who reviewed JPMorgan Chase loans, said. A source inside JPMorgan itself who was involved in the process of going through mortgage documents described some of the auditor...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 9:50 PM » New ‘Ability to Repay' Rules Highlight Need for Affordable Housing
    Published Mon, Jan 14 2013 9:50 PM by Google News
    This week, the Consumer Financial Protection Bureau (CFPB) released long-awaited new mortgage rules aimed at protecting consumers from abusive loans. The new rules, when they...
  • 9:47 PM » Draghi's Bond Rally Masks Debt Doom Loop Trapping Spain
    Published Mon, Jan 14 2013 9:47 PM by Business Week
    Draghi's Bond Rally Masks Debt Doom Loop Trapping Spain Businessweek The bond rally that has sent Spanish borrowing costs to 10-month lows has distracted attention from the nation's growing debt pile. Spain's budget deficit probably exceeded 9 percent for a fourth year in 2012 as Europe's highest unemployment rate, a third ...
    Click Here to Read the Full Article

    Source: Business Week
  • 9:44 PM » Bernanke to Scrutinize QE Costs as Fed Assets Near Record
    Published Mon, Jan 14 2013 9:44 PM by Business Week
    Bernanke to Scrutinize QE Costs as Fed Assets Near Record Businessweek Federal Reserve Chairman Ben S. Bernanke indicated he will closely scrutinize the potential costs of asset purchases aimed at spurring economic growth as the Fed's balance sheet approaches $3 trillion. "So far, we think we are getting some effect, it is kind ...
    Click Here to Read the Full Article

    Source: Business Week
  • 4:54 PM » Bernanke: 'Not Out of the Woods' Despite Cliff Deal
    Published Mon, Jan 14 2013 4:54 PM by CNBC
    Although the "fiscal cliff" deal made "some progress" in resolving the nation's debt problem, "we're not out of the woods yet," Federal Reserve Chairman Ben Bernanke said Monday.
  • 4:08 PM » Federal Reserve Issues Two Consent Cease and Desist Orders Against JPMorgan Chase
    Published Mon, Jan 14 2013 4:08 PM by Federal Reserve
    Federal Reserve Board issues two consent cease and desist orders against JPMorgan Chase & Co.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:29 PM » Government won't dominate housing finance (as much) in 2013
    Published Mon, Jan 14 2013 2:29 PM by The Basis Point
    MBS Market Stats: 2013 YTD and 2005-2012
    Click Here to Read the Full Article

    Source: The Basis Point
  • 2:26 PM » S&P: 2013 Housing And Residential Mortgage Finance Outlook
    Published Mon, Jan 14 2013 2:26 PM by S&P/Case Shiller
    Buyers for newer homes returned to the single-family home market in 2012, resulting in better than expected operating results for most of the homebuilders we rate. Sales volumes and average selling price exceeded our initial expectations, and we currently expect that the homebuilders we rate will deliver on average 20% more homes in 2012 compared [...]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 2:11 PM » SIFMA Market Close Recommendations for the US Martin Luther King Day
    Published Mon, Jan 14 2013 2:11 PM by SIFMA
    SIFMA Market Close Recommendations for the US Martin Luther King Day<br/>http://www.sifma.org/news/news.aspx?id=8589941457
  • 2:10 PM » Home Prices Set to Jump in 2013: CoreLogic
    Published Mon, Jan 14 2013 2:10 PM by CNBC
    Home prices could extend last year's surge into this year, a key housing market researcher said on Monday.
  • 2:10 PM » Got questions for Ben Bernanke? Take them to Twitter this afternoon
    Published Mon, Jan 14 2013 2:10 PM by Washington Post
    In the past few years, Ben Bernanke has brought Federal Reserve communication into the 20th Century, with television interviews and regular news conferences. This afternoon, he'll try bringing it into the 21st. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:10 PM » Fitch: Foreclosure settlement is a boon for banks
    Published Mon, Jan 14 2013 2:10 PM by Business Week
    Fitch: Foreclosure settlement is a boon for banks Businessweek The national foreclosure settlement announced last week is sure to be a drag on fourth-quarter earnings. But Fitch Ratings says that in the end, the settlement will be a positive for the banks. Last week, 10 banks agreed to pay a combined $8.5 billion to settle ...
    Click Here to Read the Full Article

    Source: Business Week
  • 1:45 PM » When Banks Walk Away, Homeowners Don't Always Win
    Published Mon, Jan 14 2013 1:45 PM by CNBC
    There are still glaring reminders of the housing crash that was. Thousands of empty, foreclosed properties dot streets. A growing number of these homes, however, are not actually foreclosures. The borrowers still own them, whether they know it or not.
  • 1:45 PM » Obama: US Making Progress Toward Closing Deficit
    Published Mon, Jan 14 2013 1:45 PM by CNBC
    President Barack Obama said Monday the country is making progress toward reducing its deficit, but it can't be done "by spending cuts alone."
  • 11:29 AM » Mortgage Delinquencies Jump in Areas Hit Hard by Sandy
    Published Mon, Jan 14 2013 11:29 AM by Bloomberg
    Mortgage Delinquencies Jump in Areas Hit Hard by Sandy Bloomberg Mortgage delinquencies have jumped about about four times the U.S. average in areas of New York, New Jersey and Connecticut that were damaged by Hurricane Sandy, according to Lender Processing Services Inc. (LPS). The share of loans with late ...
  • 11:29 AM » Home sales up 6% in 2012, first gain since 2005
    Published Mon, Jan 14 2013 11:29 AM by Market Watch
    WASHINGTON (MarketWatch) - Home sales in the U.S. increased 6% in 2012, the first annual increase since 2005, CoreLogic said in a report Monday. The report said that 4.2 million homes were sold in 2012, up from 3.9 million in 2011. The report added that non-distressed home sales increased 11% to 3.2 million and serious delinquencies declined by nearly 300,000 loans in 2012, which drove the seriously delinquent rate down to 6.9% from 7.4% in 2011. Short-sales, the sale of real estate where proceeds fall short of the balance owed on the property's loan, rose 23% to 370,000 units in 2012, the highest level since the real estate downturn began. The report added that there were 302,000 short-sales in 2011 and 274,000 in 2010. In 2013, CoreLogic projects another 6% rise in home prices "due to greater affordability fueling steady demand."
  • 11:28 AM » Barclays, Deutsche Bank to Cut Pay Up to 20%: Sources
    Published Mon, Jan 14 2013 11:28 AM by CNBC
    Barclays and Deutsche Bank will take a knife to bonuses as they seek to tackle high costs, people familiar with the matter said.
  • 11:27 AM » Brockton, Massachusetts, Considers Eminent Domain To Address Foreclosures
    Published Mon, Jan 14 2013 11:27 AM by The Huffington Post
    In a move that's pitting grassroots housing activists against Wall Street interests, the City Council of Brockton, Mass., decided this week to commission a study into the feasibility of using eminent domain powers to seize the mortgages of local residents struggling to pay off their loans. The plan being studied would essentially use municipal government's prerogative of eminent domain to take possession of foreclosed residential mortgage notes, selling them back to residents, as the City Council resolution put it , "for the purpose of removing blight and restoring family home-ownership within the city." The city would also focus on seizing the mortgages of "underwater" homeowners, those who owe more on their homes than their current appraised worth and would greatly benefit from a new loan that resets the value of their property. Such a framework would amount to "using government power to do social good," Steve Meacham, an organizer with non-profit advocacy group City Life/Vida Urbana said, adding that such "social good is something the banks should have been doing in the first place anyway." Brockton's move is the latest revival of an idea that has been unevenly embraced by some of the communities worst hit by the collapse of the housing bubble in 2007. Fittingly enough, using eminent domain did not have its genesis with the community organizers now pushing it forward in places like Brockton, San Bernandino, Calif., or Detroit, but in high finance, where a firm called Mortgage Resolution Partners -- which hopes to make a tidy profit providing financing for the schema -- first suggested the plan. The idea, that company says , is "to stabilize local housing markets and economies" by engaging in de-facto re-financings that offer more generous terms to financially strapped homeowners. Not everyone, of course, believes that's such a great plan. Among the various finance industry groups that sent letters to...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 11:22 AM » Inside The Twisted, Doomed-From-The-Start World Of 'Independent' Foreclosure Review
    Published Mon, Jan 14 2013 11:22 AM by The Huffington Post
    Last January, dozens of independent contractors showed up for their first day of work at a large, single-story Bank of America building in Tampa to ri... Read more: Foreclosure Crisis , Independent Foreclosure Review , Office of the Comptroller of the Currency , Financial Crisis , Federal Reserve , Foreclosure , Foreclosure Review , Foreclosure Settlement , Business News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 11:21 AM » CFPB's mortgage regulations grandfathers FHA's risky loan practices
    Published Mon, Jan 14 2013 11:21 AM by www.aei.org
    CFPB's mortgage regulations grandfathers FHA's risky loan practices<br/>http://www.aei.org/article/cfpbs-mortgage-regulations-grandfathers-fhas-risky-loan-practices/
  • 11:21 AM » Pinto: The true impact of new mortgage rules
    Published Mon, Jan 14 2013 11:21 AM by www.aei.org
    Pinto: The true impact of new mortgage rules<br/>http://www.aei.org/article/pinto-the-true-impact-of-new-mortgage-rules/
  • 11:19 AM » Al Lewis: Woman battles bank giants over faulty foreclosure
    Published Mon, Jan 14 2013 11:19 AM by Market Watch
    Caylin Crawford lost her home, she says, after the bank told her to stop making payments. It's a common complaint, Al Lewis reports.
  • 10:30 AM » Obama news conference set for 11:15 a.m. Eastern
    Published Mon, Jan 14 2013 10:30 AM by Market Watch
    WASHINGTON (MarketWatch) -- President Barack Obama will hold a press conference at 11:15 a.m. Eastern, the White House announced Monday. In addition to the showdown over the debt ceiling, Obama may be asked about measures to curb gun violence and immigration policy. A report in the New York Times on Sunday said Obama plans to push Congress to move quickly on an ambitious overhaul of the immigration system instead of a piecemeal approach favored by Republicans.
  • 10:28 AM » Cordray talks mortgages Jan. 17
    Published Mon, Jan 14 2013 10:28 AM by NAFCU
    The CFPB holds its second field hearing on its mortgage reform rulemakings Jan. 17 at the Rialto Center for the Arts at Georgia State University in Atlanta.
  • 9:35 AM » Mortgage Bonds Slump as Fed's Buying Boost Fades
    Published Mon, Jan 14 2013 9:35 AM by Bloomberg
    Mortgage Bonds Slump as Fed's Buying Boost Fades: Credit Markets Bloomberg After posting their worst returns since 1999, government-backed mortgage bonds are starting 2013 with losses on speculation the end of Federal Reserve purchases is in sight and as homeowner refinancing roils the market. The slump spans from new ... and more »
  • 9:34 AM » Fannie Mae Provides Monthly, Ongoing Single-Family MBS Loan-Level Disclosure
    Published Mon, Jan 14 2013 9:34 AM by Fannie Mae
    Fannie Mae Provides Monthly, Ongoing Single- Family MBS Loan-Level Disclosure.
  • 7:56 AM » Fed's Little-Noticed Escape Clause Allows for U.S. Growth
    Published Mon, Jan 14 2013 7:56 AM by Bloomberg
    Fed's Little-Noticed Escape Clause Allows for U.S. Growth Bloomberg Federal Reserve Chairman Ben S. Bernanke is giving himself an escape clause from his latest stimulus steps in case the economy finally gains momentum. He's made his third round of quantitative easing open-ended -- meaning the program doesn't have a ...
  • 7:51 AM » US Shares Seen Slightly Higher; Bernanke to Speak
    Published Mon, Jan 14 2013 7:51 AM by CNBC
    U.S. stock index futures signaled a flat-to-higher open on Wall Street on Monday, after Chicago Federal Reserve President Charles Evans gave an upbeat outlook for the economy in 2013.
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