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  • Tue, Feb 26 2013
  • 11:33 PM » Bernanke on Housing, QE, Mortgage Regs, Unemployment
    Published Tue, Feb 26 2013 11:33 PM by The Basis Point
    Bernanke spoke to lawmakers today. Here's some highlights.
    Click Here to Read the Full Article

    Source: The Basis Point
  • 11:31 PM » Judge tosses mortgage 'robosigning' case in Vegas
    Published Tue, Feb 26 2013 11:31 PM by Business Week
    Judge tosses mortgage 'robosigning' case in Vegas Businessweek LAS VEGAS (AP) - A Nevada judge has gutted a marquee criminal complaint filed in 2011 against two mortgage lending company employees, ruling that state prosecutors improperly presented information to a grand jury to obtain an indictment in what they ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 11:30 PM » JPMorgan to scale back troubled-mortgage jobs
    Published Tue, Feb 26 2013 11:30 PM by Business Week
    JPMorgan to scale back troubled-mortgage jobs Businessweek NEW YORK (AP) - JPMorgan will trim about 19,000 jobs over the next two years but cast a positive spin on the news: It is shrinking the unit it had beefed up to handle troubled mortgages. The bulk of the cuts, about 15,000, will come at the mortgage unit, ...
    Click Here to Read the Full Article

    Source: Business Week
  • 11:30 PM » U.S. judge puts AIG/NY Fed case on hold, BofA case goes on
    Published Tue, Feb 26 2013 11:30 PM by Reuters
    NEW YORK (Reuters) - A federal judge has put American International Group Inc's dispute with a financial crisis-era bailout vehicle on hold, while another court addresses the insurer's separate $10 billion lawsuit against Bank of America Corp over defective mortgages.
  • 11:29 PM » Basics of Banking: Loans Create a Lot More Than Deposits
    Published Tue, Feb 26 2013 11:29 PM by CNBC
    The school book story you remember about a bank taking deposits, holding reserves and then later lending them out is all wrong.
  • 5:33 PM » Fewer Gen Yers Choosing Homeownership
    Published Tue, Feb 26 2013 5:33 PM by www.builderonline.com
    Americans younger than 35 are less likely to own cars or homes than their counterparts of a decade ago.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 5:32 PM » Analysis: Jumbo mortgages are back, but at far from 2007 levels
    Published Tue, Feb 26 2013 5:32 PM by Reuters
    WASHINGTON (Reuters) - Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago's north shore, in the San Francisco Bay area and in the haute Hamptons.
  • 5:31 PM » BofA's $8.5 Billion Mortgage-Bond Accord Set for Hearing
    Published Tue, Feb 26 2013 5:31 PM by Bloomberg
    BofA's $8.5 Billion Mortgage-Bond Accord Set for Hearing Bloomberg Bank of America Corp.'s proposed $8.5 billion settlement with mortgage-bond investors will be considered by a New York judge for approval at a hearing beginning May 30, according to a court order. Link to Company News:{BAC US <Equity> CN <GO>} ...
  • 5:29 PM » New York Times Article on Banks Aiding Payday Loans: There's Even More to the Story
    Published Tue, Feb 26 2013 5:29 PM by CRL
    On February 23, the New York Times published an article describing how some banks enable Internet payday lending. In this brief, CRL provides additional legal context to supplement that article. Bottom line: We need to continue passing state laws that provide strong enforcement tools, and federal regulators need to use their full authority to stop predatory payday loans.
  • 4:09 PM » S&P MBS Suits Get Boost From Earlier Court Wins, States Say
    Published Tue, Feb 26 2013 4:09 PM by Bloomberg
    S&P Suits Get Boost From Earlier Court Wins, States Say Bloomberg State lawsuits against Standard & Poor's over ratings on mortgage securities are bolstered by legal victories that Connecticut and Illinois have already won against the company, attorneys general in the two states said. Illinois and Connecticut defeated ...
  • 4:07 PM » NAHB: Tight Credit, Flawed Appraisals and Erratic Supply Chain Hurt Jobs, Housing
    Published Tue, Feb 26 2013 4:07 PM by NAHB
    Press Release
  • 2:56 PM » Minutes of the Board's discount rates meetings from January 14 and January 28, 2013
    Published Tue, Feb 26 2013 2:56 PM by Federal Reserve
    Minutes of the Board's discount rates meetings from January 14 and January 28, 2013
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 1:41 PM » Housing's ‘Wealth Effect' Isn't What It Used To Be
    Published Tue, Feb 26 2013 1:41 PM by WSJ
    The improving housing market is beginning to serve as a tailwind for the economy. But one of the housing sector's most effective multiplier effects on the economy could be muted for the next few years.
  • 11:59 AM » FHA Watch, January/February 2013
    Published Tue, Feb 26 2013 11:59 AM by www.aei.org
    A number of fairy tales were told at the House Financial Services Committee’s February 6 hearing on the proper role of the Federal Housing Administration (FHA) in our mortgage insurance market. FHA Watch separates fact from fiction.
  • 11:41 AM » Peer-to-Peer Lender Prosper Eyes Investors Seeking Yield
    Published Tue, Feb 26 2013 11:41 AM by CNBC
    As many investors hunt for yield and banks remain hesitant to lend at pre-crisis levels, peer-to-peer lender Prosper hopes to capitalize on that gap. And one key investor is betting big on Prosper's strategy. But is the lending platform too risky?
  • 11:40 AM » Why ECB's Draghi Faces a Bond Market Dilemma
    Published Tue, Feb 26 2013 11:40 AM by CNBC
    ECB President Mario Draghi avoided a financial contagion last year, promising to do "whatever it takes" to defend the euro, but analysts say the policymaker also thereby created the very conditions that led to Italy's leadership vacuum.
  • 11:23 AM » FDIC-Insured Institutions Earned $34.7 Billion in The Fourth Quarter of 2012 - Full-Year Net Income Rises to $141.3 Billion, the Highest Since 2006
    Published Tue, Feb 26 2013 11:23 AM by content.govdelivery.com
    Press Release FDIC-Insured Institutions Earned $34.7 Billion in The Fourth Quarter of 2012 Full-Year Net Income Rises to $141.3 Billion, the Highest Since 2006 FOR IMMEDIATE RELEASE February 26, 2013 Media Contact: Andrew Gray (202) 898-7192 angray@fdic.gov   Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $34.7 billion in the fourth quarter of 2012, a $9.3 billion (36.9 percent) improvement from the $25.3 billion in profits the industry reported in the fourth quarter of 2011. This is the 14th quarter in a row that earnings have registered a year-over-year increase. Increased noninterest income and lower provisions for loan losses continued to account for most of the year-over-year improvement in earnings. For the full year, industry earnings totaled $141.3 billion — a 19.3 percent improvement over 2011 and the second-highest ever reported by the industry after the $145.2 billion earned in 2006. "The improving trend that began more than three years ago gained further ground in the fourth quarter," said FDIC Chairman Martin J. Gruenberg. "Balances of troubled loans declined, earnings rose from a year ago, and more institutions of all sizes showed improved performance." Sixty percent of all institutions reported improvements in their quarterly net income from a year ago. Also, the share of institutions reporting net losses for the quarter fell to 14.0 percent from 20.2 percent a year earlier. The average return on assets (ROA), a basic yardstick of profitability, rose to 0.97 percent from 0.73 percent a year ago. Fourth quarter net operating revenue (net interest income plus total noninterest income) totaled $169 billion, an increase of $7.3 billion (4.5 percent) from a year earlier, as gains from loan sales rose by $2.4 billion and trading income increased by $1.9 billion. Net interest income was $2.7 billion (2.5 percent) lower than in the fourth...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:38 AM » Banks Could Owe HOW MUCH For Fraudulent MBS?
    Published Tue, Feb 26 2013 10:38 AM by The Huffington Post
    A verdict delivered earlier this month by a prominent federal judge heightens the prospect that the nation's largest financial institutions will be forced to pay as much as $250 billion to compensate investors who bought bundles of fraudulently marketed mortgage-related securities, according to financial and legal experts. The Feb. 5 decision in New York Southern District Court issued by Judge Jed. S. Rakoff involved only one relatively minor lender: Michigan-based Flagstar Bank. Rakoff found that Flagstar had failed to disclose the real risks of the mortgages it was selling, and he ordered the lender to pay $90 million to an aggrieved insurer, Assured Guaranty Municipal Corporation. But experts zeroed in on Rakoff's reasoning as a potentially damaging precedent for other lenders contending with scores of similar lawsuits, many involving fraudulent assurances claims from the investors who bought mortgage-backed securities during the U.S. housing boom. "This will certainly have a ripple effect on all those cases," said Isaac Gradman, a securities litigator at Perry, Johnson, Anderson, Miller & Moskowitz in Santa Rosa, Calif., "This decision did not get made in a vacuum. The potential damages are enormous." Gradman -- who is not party to the case at issue but said has been involved in similar legal actions -- suggested that potential payouts from active lawsuits, as well as those yet to be filed, could run between $200 billion and $250 billion. Major mortgage lenders with pending lawsuits declined to comment. But in recent public statements, executives at such institutions have downplayed the risk of a substantial hit to their balance sheets. "We're comfortable with our legal positions across the board," said Brian Moynihan, chief executive officer at Bank of America during a mid-January conference call with bank stock analysts , when asked to characterize the risk of lawsuits involving its sales of mortgage-backed securities...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 10:32 AM » Bernanke Defends Asset Purchases as Benefits Outweigh Risks
    Published Tue, Feb 26 2013 10:32 AM by Bloomberg
    Bernanke Defends Asset Purchases as Benefits Outweigh Risks Bloomberg Federal Reserve Chairman Ben S. Bernanke defended the central bank's unprecedented asset purchases, saying they are supporting the expansion with little risk of inflation or asset-price bubbles. "We do not see the potential costs of the increased risk- ...
  • 10:30 AM » Bernanke Semiannual Monetary Policy Testimony (Text)
    Published Tue, Feb 26 2013 10:30 AM by Bloomberg
    Bernanke Semiannual Monetary Policy Testimony (Text) Bloomberg Following is the text of remarks made by Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System in testimony before the Senate Banking Committee. Chairman Johnson, Ranking Member Crapo, and other members of the Committee, ...
  • 10:29 AM » New Home Sales and Consumer Confidence Surge
    Published Tue, Feb 26 2013 10:29 AM by CNBC
    This is a breaking news story. Please check back on CNBC.com for updates to this article.. New home sales are forecast to post an annualized rise of 381,000 for January, compared with 369,000 in December, according to a survey of Reuters economists..
  • 9:39 AM » Shiller's Bottom Line: Risk Lingers in Housing
    Published Tue, Feb 26 2013 9:39 AM by WSJ
    It's possible that home prices have hit a bottom, but heavy government involvement to stabilize the mortgage market and the broader economy has made it harder to gauge the durability of recent home-price gains, says Yale economist Robert Shiller.
  • 9:35 AM » Bernanke to face Fed critics in testimony to Congress
    Published Tue, Feb 26 2013 9:35 AM by Reuters
    WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke faces the first of two days of congressional testimony that will subject the Fed's controversial bond-buying program to tough scrutiny and gauge his confidence in the resilience of the U.S. economy.
  • 9:33 AM » Home prices climb in December, best yearly gain since 2006: S&P
    Published Tue, Feb 26 2013 9:33 AM by Reuters
    NEW YORK (Reuters) - U.S. single-family home prices picked up in December, closing out 2012 with the biggest yearly gain in more than six years as the housing market got back on its feet, a closely watched survey showed on Tuesday.
  • 9:30 AM » Florida Court Ruling Affirms MERS' Role as Mortgagee
    Published Tue, Feb 26 2013 9:30 AM by MERS
    Judge Rules Florida Law Uniformly Opposed to Plaintiffs' Claim FOR IMMEDIATE RELEASE  CONTACT:   Jason Lobo Phone: 703-652-1660 Email: jasonl@mersinc.org Reston, Virginia, February 26, 2013 - MERSCORP Holdings, Inc. today announced that Judge John C. Cooper of the State of Florida Circuit Court of the Second Judicial Circuit held "umerous courts have examined, and approved, the use of MERS as a mortgagee" and rejected a private citizen claim alleging violations of Florida False Claims Act (FCA).  In State of Florida and the State of Florida through its Department of Revenue ex. rel. Barbara Stevens and Thomas Stevens v. MERS, et al. , Plaintiffs alleged MERS and its members made false statements when designating MERS as mortgagee on mortgages to avoid documentary stamp taxes. " Florida law is uniformly opposed to Plaintiffs' claim that designating MERS as a mortgagee is a false statement," Judge Cooper held. "Courts in Florida have heard, and rejected, numerous similar challenges to the designation of MERS as mortgagee." As a matter of state law, Judge Cooper noted that Plaintiffs cannot seek compensation through FCA because "Florida law vests exclusive authority for the 'control and administration' of many tax laws, including the Stamp Tax at issue here, in the Florida Department of Revenue," not the court system. The "Stamp Tax" is a single excise tax levied on either a promissory note or mortgage (but not both) evidencing a borrower's promise to pay.  He further held that even if Plaintiffs' could bring their claim under FCA, it would fail because as a prerequisite to FCA claims, Plaintiffs must be an "original source" of the charges made in any suit. Similar charges against MERS, however, have already been disclosed in the public domain for many years and are, as a result, barred under the FCA statute. Judge Cooper further described that even if the...
  • 9:29 AM » JPMorgan Sees $1 Billion in Cost Cuts; Planned Cuts Include Reducing Staff by About 4,000
    Published Tue, Feb 26 2013 9:29 AM by CNBC
    Please check back for further updates.
  • 9:27 AM » FHFA: U.S. House Prices Rose 1.4 Percent in Fourth Quarter 2012
    Published Tue, Feb 26 2013 9:27 AM by FHFA
    February 26, 2013: U.S. House Prices Rose 1.4 Percent in Fourth Quarter 2012
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.10%
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  • 15 Yr FRM 3.26%
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  • Jumbo 30 Year Fixed 3.98%
MBS Prices:
  • 30YR FNMA 4.5 107-31 (0-01)
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  • 30YR FNMA 5.0 110-02 (-0-05)
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  • 30YR FNMA 5.5 111-06 (0-00)
Recent Housing Data:
  • Mortgage Apps -2.68%
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  • Refinance Index -3.98%
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  • FHFA Home Price Index 0.67%