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  • Wed, Jan 30 2013
  • 9:21 PM » CRL Comments to CFPB 0n Proposed Remittance Transfer Rule
    Published Wed, Jan 30 2013 9:21 PM by CRL
    Comments submitted by CRL and National Council of La Raza concerning the proposed revision of theConsumer Financial Protection Bureau to its final rulemaking onremittance transfers under the Electronic Fund Transfers Act (EFTA).
  • 4:08 PM » In Finer Print, the Federal Reserve is Very Upbeat
    Published Wed, Jan 30 2013 4:08 PM by CNBC
    Once you get beyond the first paragraph in the Fed's report, you can see it's no longer concerned about low growth because it thinks it has set policy just right.
  • 3:28 PM » Financial Services Committee Announces Series of Hearings Focused on Looming Financial Crisis at FHA
    Published Wed, Jan 30 2013 3:28 PM by House Financial Services
    Chairman Jeb Hensarling announced today that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration, the FHA's outsized role in the nation's housing finance system, and the need to create a sustainable mortgage finance system. The FHA's single-family insurance fund, which insures more than $1 trillion worth of home mortgages, has a negative economic value of $16.3 billion, according to an  actuarial report  released by the Department of Housing and Urban Development in November.  This means that if the FHA stopped writing new business today, it could not cover the losses anticipated on loans it has already insured. "The FHA is broke - bailout broke.  We need a sustainable mortgage finance system that gives hardworking Americans opportunities to buy homes they can actually afford to keep.  Today, however, the FHA's dire financial condition and dominance of our housing finance system are a clear and present danger to every taxpayer who is now at great risk of having to fund yet another Washington bailout.  Without serious reform, FHA may become the next Fannie Mae and Freddie Mac," said Chairman Hensarling, referring to the two federally chartered mortgage finance companies that have already received a taxpayer bailout of almost $200 billion. The committee's first two FHA hearings will take place in February, Chairman Hensarling said today. On Feb. 6 at 9:00 a.m., the committee will hear from a panel of housing finance experts and analysts about the FHA's financial condition and its role in the housing market.  The hearing will take place in room 2128 Rayburn House Office Building. On Feb. 13 at 10:00 a.m., FHA Commissioner Carol Galante will testify before the committee on the November 2012 actuarial report that revealed the FHA is on the verge of requiring a taxpayer bailout...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 2:35 PM » Overhauling Mortgage Giants Takes Industry Initiative, Official Says
    Published Wed, Jan 30 2013 2:35 PM by WSJ
    The Obama administration's goals for overhauling Fannie Mae and Freddie Mac point toward some kind of continued government backstop for mortgage markets.
  • 2:35 PM » Treasury Department Prepares New Refinance Push
    Published Wed, Jan 30 2013 2:35 PM by WSJ
    A top Obama administration housing official said the administration would renew its push to expand refinancing options for underwater homeowners during a speech at an industry and investor conference in Las Vegas on Tuesday.
  • 2:32 PM » DB Structured Products Sued by Trustee Over Mortgage Pool
    Published Wed, Jan 30 2013 2:32 PM by Bloomberg
    DB Structured Products Sued by Trustee Over Mortgage Pool Bloomberg A unit of Deutsche Bank AG (DBK), Europe's biggest bank by assets, was sued in New York state court for breach of contract by a trustee for a pool of mortgage loans. The trustee, HSBC Bank USA NA, sued yesterday in New York State Supreme Court in ...
  • 2:30 PM » Fed Keeps Stimulus Amid Signs of Weak Economy
    Published Wed, Jan 30 2013 2:30 PM by CNBC
    The Federal Reserve said Wednesday it will maintain its asset buying at $85 billion a month and stick to its commitment to hold interest rates near zero until unemployment falls to at least 6.5 percent. The central bank decision, which followed a two-day meeting, had been widely expected, especially after a surprising decline in U.S. economic growth for the fourth quarter.
  • 2:24 PM » Is the Refi 'Apocalypse' Really Upon Us?
    Published Wed, Jan 30 2013 2:24 PM by CNBC
    "The refi apocalypse is upon us," says a mortgage analyst, adding, "The thought is that there are a bunch of homeowners on the fence who haven't refi'd who will all jump in thinking they will miss out. The theory is 100 percent nonsense."
  • 2:18 PM » SEC Charges Real Estate Executives in Florida-Based $300 Million Investment Scheme
    Published Wed, Jan 30 2013 2:18 PM by SEC
    FOR IMMEDIATE RELEASE 2013-15 Washington, D.C., Jan. 30, 2013 — The Securities and Exchange Commission today charged five former real estate executives who defrauded investors into believing they were funding the development of five-star destination resorts in Florida and Las Vegas when they were actually buying into a Ponzi scheme. Additional Materials SEC Complaint The SEC alleges that Cay Clubs Resorts and Marinas raised more than $300 million from nearly 1,400 investors nationwide through a network of hundreds of sales agents, marketing seminars, and podcasts that touted the profitability of purchasing units at Cay Clubs resort locations.  Investors were promised immediate income from a guaranteed 15 percent return and a future income stream through a rental program that Cay Clubs managed.  But instead of using investor funds to develop resort properties and units, the Cay Clubs executives used new investor deposits to pay leaseback returns to earlier investors.  Meanwhile they paid themselves exorbitant salaries and commissions totaling more than $30 million, and investor funds also were misused to buy airplanes and boats.  While still advertising itself as a profitable venture, Cay Clubs eventually abandoned its operations. Many investors’ properties went into foreclosure. “These Cay Clubs executives lined their pockets with millions of dollars that they told investors would be used to develop five-star resort properties,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “They continued to defraud investors as Cay Clubs collapsed.”  The SEC’s complaint filed in U.S. District Court for the Southern District of Florida charges the following former Cay Clubs executives: Fred Davis Clark, Jr. – president and CEO David W. Schwarz – chief accounting officer Cristal R. Coleman – manager...
  • 12:16 PM » MERS Prevails in Two Federal Appeals Cases
    Published Wed, Jan 30 2013 12:16 PM by MERS
    Circuit Court Panel Concludes that "Recent Precedents Require a Quick Rejection" FOR IMMEDIATE RELEASE                                                                                                                          Jason Lobo Phone: 703.652.1660 Email: Reston, Virginia, January 30, 2013 - MERSCORP Holdings, Inc. today announced that a three-judge panel of the U.S. Court of Appeals for the Eighth Circuit twice ruled this week in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, affirming lower court decisions that rejected Minnesota-based attorney William B. Butler's arguments regarding the defendants' right to foreclose.  In Karnatcheva v. JPMorgan Chase Bank, N.A. and Peterson v. CitiMortgage Inc., Butler represented groups of borrowers who, stating numerous claims, alleged their mortgages were invalid and the defendants...
  • 12:16 PM » Foreclosed Real Estate Selling at a 17 Percent Discount
    Published Wed, Jan 30 2013 12:16 PM by National Association of Realtors
    Based on information from the December 2012 REALTORS® Confidence Index Survey, distressed (foreclosed and short sale) property sold at a 16-17 percent discount in December. The discount to market is affected by the property's physical condition. The unweighted average price discount for the period January-December 2012 is about 15 percent for houses in above average [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 12:16 PM » Thirty-One Percent of Houses Sold in Less than One Month in December 2012
    Published Wed, Jan 30 2013 12:16 PM by National Association of Realtors
    Tight inventory and multibidding have led to shorter days on the market. Based on information gathered from the December 2012 REALTORS® Confidence Index Survey, about 31 percent of REALTORS® who sold a home reported that the property sold in less than a month, compared to 22 percent last year. About 57 percent were sold within [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 12:02 PM » Why Markets Aren't Worried About the Bad GDP Report
    Published Wed, Jan 30 2013 12:02 PM by CNBC
    "The report, noisy as it is, may help ease ideas that has surfaced earlier this month that the Fed may look to soon pull back from its asset purchases," said one strategist in response the surprise drop in GDP for the fourth quarter.
  • 12:01 PM » Freddie Mac Supported Industry With $28.8 Billion in 2012 Multifamily Volumes
    Published Wed, Jan 30 2013 12:01 PM by
    Freddie Mac Supported Industry With $28.8 Billion in 2012 Multifamily Volumes
    Click Here to Read the Full Article

  • 8:08 AM » TARP Watchdog Spars With Treasury on Ally Financial Exit
    Published Wed, Jan 30 2013 8:08 AM by Business Week
    TARP Watchdog Spars With Treasury on Ally Financial Exit Businessweek The U.S. Treasury and the watchdog for its bailout program are sparring over whether the department has an adequate exit plan for auto lender Ally Financial Inc. (ALLY). "While Treasury has noted that it has several options for possible divestment, including a ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 8:07 AM » Fed's new voting lineup won't likely alter policy
    Published Wed, Jan 30 2013 8:07 AM by Business Week
    Fed's new voting lineup won't likely alter policy Businessweek WASHINGTON (AP) - The cast of voting members on the Federal Reserve's policy committee is changing this year. Their policies probably won't be. Chairman Ben Bernanke will likely retain a solid majority on the 12-member committee for his drive to keep ...
    Click Here to Read the Full Article

    Source: Business Week
  • 8:07 AM » US Mortgage Applications Fall as Refi Demand Drops
    Published Wed, Jan 30 2013 8:07 AM by CNBC
    Applications for U.S. home mortgages tumbled last week after three consecutive weeks of gains.
  • 8:05 AM » US Stocks Seen Higher Ahead of Fed Statement
    Published Wed, Jan 30 2013 8:05 AM by CNBC
    U.S. stock index futures pointed to a slightly higher open on Wednesday, with eyes on the Federal Reserve's first policy statement of 2013.
  • 12:13 AM » BofA Argues AIG Can't Sue Over Devalued Mortgage Bonds
    Published Wed, Jan 30 2013 12:13 AM by Bloomberg
    BofA Argues AIG Can't Sue Over Devalued Mortgage Bonds Bloomberg Bank of America Corp. lawyers asked a federal judge to dismiss American International Group Inc. (AIG)'s fraud claims over devalued Countrywide Financial mortgage-backed securities it had to sell as part of the government bailout. U.S. District Judge ...
  • 12:12 AM » SEC Will Probably Bring More Mortgage-Bond Cases, Muoio Says
    Published Wed, Jan 30 2013 12:12 AM by Bloomberg
    SEC Will Probably Bring More Mortgage-Bond Cases, Muoio Says Bloomberg The U.S. Securities and Exchange Commission is likely to continue filing cases tied to residential-mortgage-backed securities, said Reid Muoio, deputy head of its structured and new products unit. The agency has so far filed approximately 80 enforcement ...
  • 12:11 AM » Treasury needs exit plan for Ally Financial: watchdog
    Published Wed, Jan 30 2013 12:11 AM by Reuters
    (Reuters) - The U.S. Treasury needs to develop a concrete plan for exiting its 74 percent stake in auto lender Ally Financial Inc, the second-largest remaining recipient of federal bailout dollars, an internal watchdog said in a report released Wednesday.
  • 12:09 AM » More to AIG Bailout Than Public Knows: Hank Greenberg
    Published Wed, Jan 30 2013 12:09 AM by CNBC
    Former AIG Chairman and CEO Hank Greenberg said the public doesn't know everything about what went down with the bailout of the insurance giant in an interview on CNBC's "Closing Bell."
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.67%
  • |
  • 15 Yr FRM 4.10%
  • |
  • Jumbo 30 Year Fixed 4.70%
MBS Prices:
  • 30YR FNMA 4.5 104-00 (0-02)
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  • 30YR FNMA 5.0 105-26 (0-02)
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  • 30YR FNMA 5.5 107-04 (-0-08)
Recent Housing Data:
  • Mortgage Apps -1.15%
  • |
  • Refinance Index -2.64%
  • |
  • Purchase Index 5.06%