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  • Thu, Oct 24 2013
  • 5:07 PM » Can JPMorgan Settle the Entire Financial Crisis? - Bloomberg
    Published Thu, Oct 24 2013 5:07 PM by Bloomberg
    Can JPMorgan Settle the Entire Financial Crisis? Bloomberg I like to think I have a pretty good sense of humor about these things, but the JPMorgan Chase mortgage settlement stuff bores me to tears. Part of it is just that there's no settlement yet so, like, OOH LET'S TALK ABOUT WHAT WE THINK IT MIGHT BE. But it's  ...
  • 5:06 PM » CFPB joins interagency statement on qualified mortgage fair lending risks
    Published Thu, Oct 24 2013 5:06 PM by www.cfpbmonitor.com
    Richard J. Andreano, Jr., The CFPB was one of five federal regulators issuing an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the CFPB’s ability-to-repay/qualified mortgage (QM) final rule. In addition to the CFPB, the other regulators issuing the statement were the OCC, Fed, FDIC and NCUA. The statement advises creditors that the... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 4:07 PM » Wells Fargo waives October mortgage fees for late payers
    Published Thu, Oct 24 2013 4:07 PM by Reuters
    NEW YORK (Reuters)p - If you are late on your mortgage payment to Wells Fargo Corp this month, the bank is giving you a break.
  • 4:07 PM » Fannie, Freddie to finish sorting out loan disputes by year end
    Published Thu, Oct 24 2013 4:07 PM by Reuters
    WASHINGTON (Reuters) - Disputes between financial institutions and government-run mortgage finance sources Fannie Mae and Freddie Mac on loans made before the financial crisis are on track to be settled by the end of the year, the firms' regulator said on Thursday.
  • 3:49 PM » "Getting Our House In Order" - FHFA's Demarco
    Published Thu, Oct 24 2013 3:49 PM by FHFA
    October 24, 2013: Remarks of Edward J. DeMarco, Acting Director, Federal Housing Finance Agency, Zillow and the Bipartisan Policy Center: Getting Our House In Order, Washington, D.C.
  • 3:41 PM » US extends backing for higher-priced mortgages
    Published Thu, Oct 24 2013 3:41 PM by CNBC
    Federal regulators will allow Fannie Mae and Freddie Mac to continue funding bigger mortgages, at least through the middle of next year.
  • 3:19 PM » Seven Charged In Connection With Nationwide Multi-Million Dollar Mortgage Fraud Scheme
    Published Thu, Oct 24 2013 3:19 PM by www.sigtarp.gov
    WASHINGTON, DC - Christy Romero, the Special Inspector General for the Troubled Asset Relief Program ("SIGTARP"), and Preet Bharara, the United States Attorney for the Southern District of New York, today announced the unsealing of an Indictment in Manhattan federal court on Wednesday charging Guy Samuel , the co - owner of a company that purported to provide mortgage modification services, and four former employees of the company, Anthony Blackwell, Angel Gonzalez , Jonathan Lyons , and Aren Goldfaden, for their alleged participation in a multimillion - dollar scheme that victimized more than 500 financially struggling homeowner s across the country. The defendants were arrested on Wednesday and were presented in Manhattan federal court before U.S. Magistrate Judge Frank Maas. The case is assigned to U.S. District Judge George B. Daniels
    Click Here to Read the Full Article

    Source: www.sigtarp.gov
  • 3:17 PM » Long Term Unemployed
    Published Thu, Oct 24 2013 3:17 PM by The Big Picture
    click for ginormous graphic Source: Economist Another interesting datapoint worth discussing
    Click Here to Read the Full Article

    Source: The Big Picture
  • 3:15 PM » Currency Talk: Dollar Weakness Here to Stay Amid U.S. Uncertainty
    Published Thu, Oct 24 2013 3:15 PM by WSJ
    The reign of king dollar is over for now, says Komal Sri-Kumar, president of Sri-Kumar Global Strategies, Inc. and chairman of the asset allocation committee at TCW Group Inc.
  • 2:04 PM » Citigroup Said to Offer $63 Billion in Mortgage-Servicing Rights - Bloomberg
    Published Thu, Oct 24 2013 2:04 PM by Bloomberg
    Citigroup Said to Offer $63 Billion in Mortgage-Servicing Rights Bloomberg Oct. 24 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank, is selling mortgage-servicing rights on $63 billion of loans, its largest potential sale of this type since the 2008 financial crisis, according to two people briefed on the offer. The servicing rights, or  ...
  • 1:36 PM » Six years after the start of the Great Recession, time for the Fed to start easing monetary policy
    Published Thu, Oct 24 2013 1:36 PM by www.aei-ideas.org
    Scott Sumner offers a thought experiment: Let's suppose that after allowing nominal GDP to fall 9% below trend between mid-2008 in mid-2009, the Fed that started a new and lower trend line with 5% growth. That would've been an unconscionably … read more >
    Click Here to Read the Full Article

    Source: www.aei-ideas.org
  • 11:47 AM » Bank of America to cut 3,000 jobs in mortgage unit
    Published Thu, Oct 24 2013 11:47 AM by Market Watch
    NEW YORK (MarketWatch) -- Bank of America Corp. Inc. will cut approximately 3,000 mortgage jobs in the fourth-quarter as it looks to make cutbacks in its expenses, said a person familiar with the matter. The firm is responding to drops in refinancing and its delinquent loan portfolio and about 1,300 employees have been notified so far, primarily in its legacy mortgage group unit and home loans fulfillment unit. Operations in California, Texas and Florida will likely be impacted and the remainder of the cuts is the forecast the bank has for the fourth-quarter. Bank of America shares fell nearly 1%.
  • 10:51 AM » JPMorgan may face federal sanctions over Madoff ties: NY Times
    Published Thu, Oct 24 2013 10:51 AM by Reuters
    (Reuters) - JPMorgan Chase & Co may be forced to make a deal with federal authorities to avoid criminal prosecution over its handling of accounts of imprisoned swindler Bernie Madoff, The New York Times reported on Thursday.
  • 10:25 AM » Earnings parade: Few misses, no real big hits
    Published Thu, Oct 24 2013 10:25 AM by CNBC
    The habit of beating on the quarter and then lowering expectations for the next quarter has been going on for over two years now, and is continuing in this quarter as well.
  • 10:25 AM » Remodeling Market Index Climbs For Second Quarter in a Row
    Published Thu, Oct 24 2013 10:25 AM by NAHB
    Press Release
  • 10:13 AM » Fixed Mortgage Rates Drop to Four Month Low
    Published Thu, Oct 24 2013 10:13 AM by freddiemac.mwnewsroom.com
    Fixed Mortgage Rates Drop to Four Month Low
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:13 AM » U.S. Fed launches bank liquidity plan, says tougher than Basel
    Published Thu, Oct 24 2013 10:13 AM by Reuters
    WASHINGTON (Reuters) - The U.S. Federal Reserve on Thursday unveiled a plan requiring banks to hold enough assets they can easily sell to survive a credit crunch, which it said was tougher than what international regulators demanded.
  • 10:00 AM » Freddie Mac Announces Seventeenth Multifamily Securities Offering This Year, K-F02
    Published Thu, Oct 24 2013 10:00 AM by freddiemac.mwnewsroom.com
    Freddie Mac Announces Seventeenth Multifamily Securities Offering This Year, K-F02
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:00 AM » Consumer Confidence in U.S. Declines to Lowest in Eight Months - Bloomberg
    Published Thu, Oct 24 2013 10:00 AM by Bloomberg
    Consumer Confidence in U.S. Declines to Lowest in Eight Months Bloomberg Consumer confidence dropped last week to an eight-month low as Americans grew increasingly concerned the budget standoff in Washington will damage the world's largest economy. The Bloomberg Consumer Comfort Index declined in the period ended  ...
  • 10:00 AM » U.S. manufacturing growth slows in October, disrupted by government shutdown: Markit
    Published Thu, Oct 24 2013 10:00 AM by Reuters
    NEW YORK (Reuters) - U.S. manufacturing grew at its slowest pace in a year this month and factory output contracted for the first time since late 2009, an industry report showed on Thursday.
  • 10:00 AM » Feds release bank liquidity rule proposal
    Published Thu, Oct 24 2013 10:00 AM by Market Watch
    WASHINGTON (MarketWatch) -- The Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have proposed a tighter deadline for major banks to comply with liquidity rules than international banks. They will need to have a liquidity coverage ratio of 80% by 2015 and 100% by 2017, a tougher deadline than the 60% in 2015 and full coverage by 2019 envisioned in Basel III. Also, Fannie Mae and Freddie Mac debt will get a 20% risk weighting, rather than the 0% for Treasurys. The rules will apply to those with $250 billion or more in assets or substantial international operations, and firms between $50 billion and $250 billion will be subject to a less stringent version. "The proposal before us today marks an important advance in prudential regulation because, for the first time, large banking organizations would be subject to a quantitative liquidity rule," said Fed Gov. Daniel Tarullo in a statement.
  • 9:04 AM » U.S. jobless claims fall less than expected, California backlog lingers
    Published Thu, Oct 24 2013 9:04 AM by Reuters
    WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell less than expected last week as California continued to process a backlog of applications caused by computer problems.
  • 9:03 AM » U.S. trade deficit widens slightly on weak exports
    Published Thu, Oct 24 2013 9:03 AM by Reuters
    WASHINGTON (Reuters) - The U.S. trade deficit widened slightly in August as exports slipped, suggesting trade will probably not be much of a boost to growth in the third quarter.
  • 7:41 AM » US probes banks on mortgage securities
    Published Thu, Oct 24 2013 7:41 AM by CNBC
    At least nine banks face investigations by the U.S. Department of Justice into their sales of mortgage-backed securities. The FT reports.
  • 7:41 AM » Stock futures climb, with earnings, data on tap
    Published Thu, Oct 24 2013 7:41 AM by Reuters
    NEW YORK (Reuters) - U.S. stock index futures advanced on Thursday, indicating the S&P 500 will rebound from its first decline in the last six sessions, ahead of labor market and manufacturing data and a slew of corporate earnings.
  • 7:36 AM » Registration of Mortgage Loan Originators; Effective Date
    Published Thu, Oct 24 2013 7:36 AM by www.federalregister.gov
    The Farm Credit Administration (FCA) repealed its regulations that govern the registration of residential mortgage loan originators employed by Farm Credit System (FCS or System) institutions. We repealed these regulations because the Bureau of Consumer Financial Protection (CFPB), pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is consolidating and recodifying the regulations that six Federal agencies jointly enacted to implement the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), which require residential mortgage loan originators at banks, savings associations, credit unions, FCS institutions, and their subsidiaries to register with the National Mortgage Licensing System and Registry (NMLSR or Registry) and obtain a unique identifier. Repealing these regulations avoids duplication, which is likely to cause confusion at FCS institutions. The FCA received no comments on the interim rule, and we now adopt it as final. In accordance with the law, the effective date of the rule is 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.
    Click Here to Read the Full Article

    Source: www.federalregister.gov
  • 12:29 AM » How Can I Exit My Tenant-in-Common Investment?
    Published Thu, Oct 24 2013 12:29 AM by The Huffington Post
    Tenant-in-common (TIC) investments were a popular investment choice for retirees during the early 2000s. These commercial property investments were supposed to be low risk and provide a moderate return on retirement savings. Multiple investors pooled their resources and purchased an industrial, multi-family, retail, or office asset. The hands-off management structure seemed alluring and the TIC structure offered a tax shelter from real property gains if the owner purchased the asset through a 1031 Exchange. Unfortunately, many of the TIC investments failed to meet expectations. One of the common flaws in these risky TIC deals is the non-existent exit strategy. When a TIC loan matures, it needs to be refinanced, or paid off in full; however, lenders are no longer willing to lend to the TIC ownership structure. Many TIC owners want to exit their investment, but are not sure where to begin the process. There are three popular exit strategies for TIC investments -- a loan restructure, a refinance, or a sale of the asset. The TIC investors' exit options will largely depend on the current performance and value of the asset. Commercial real estate assets generally fall into these three performance categories: Category 1 Properties - Properties in Category 1 are performing well and have excess equity, 30 percent or more. Almost any commercial real estate advisory firm can use a 721 Exchange to simplify the ownership structure and easily refinance, restructure, or sell properties in this category to maximize returns for the owners. Category 2 Properties - Category 2 properties appear to be stable and performing well. In most cases the owners are still receiving steady distributions and hearty quarterly reports. However; these owners may face unexpected hurdles or even roadblocks when refinancing. Untimely lease expirations or inadequate equity can inhibit the lender from refinancing. Most owners will need a professional restructuring firm to "roll up" the ownership...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 12:29 AM » Bank of America liable for Countrywide mortgage fraud
    Published Thu, Oct 24 2013 12:29 AM by Reuters
    NEW YORK (Reuters) - Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis.
  • 12:28 AM » Buffett Says Gains in Housing Fall Short of Equilibrium - Bloomberg
    Published Thu, Oct 24 2013 12:28 AM by Bloomberg
    Buffett Says Gains in Housing Fall Short of Equilibrium Bloomberg Warren Buffett, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc., said the U.S. housing market has made progress and still has a way to go in recovering. "It's coming back," Buffett, 83, said yesterday during an event at the New  ... and more »
  • 12:28 AM » DOJ probes nine banks on mortage-backed securities: FT
    Published Thu, Oct 24 2013 12:28 AM by Reuters
    (Reuters) - At least nine banks face probes by the U.S. Department of Justice into their sales of mortgage-backed securities as part of an effort by the task force that reached the $13 billion agreement with JPMorgan Chase & Co , the Financial Times reported.
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