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  • Fri, Feb 8 2013
  • 3:26 PM » Cummings Commends HUD on New Housing Discrimination Rule
    Published Fri, Feb 08 2013 3:26 PM by House Oversight
    Washington, DC (Feb. 8, 2013) - Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to today's announcement from the Department of Housing and Urban Development (HUD) that it has finalized the Disparate Impact rule, which defines what constitutes housing discrimination under the Fair Housing Act: "HUD's new rule is a critical step forward in efforts to protect housing opportunities for all Americans.  Minorities continue to be routinely subjected to discriminatory practices with regard to access to housing, which harms the economic recovery of this nation.  I am encouraged by HUD's actions and will remain vigilant in my efforts to secure access to first-rate housing for all."   ###
    Click Here to Read the Full Article

    Source: House Oversight
  • 1:21 PM » Should the Fed pop bubbles by raising interest rates?
    Published Fri, Feb 08 2013 1:21 PM by Washington Post
    Federal Reserve Governor Jeremy Stein gave a speech yesterday that everybody-or at least everybody in the rather small world of monetary policy obsessives-is talking about. He looked at ways monetary policy can encourage bubbles in financial markets, and argued that central banks should be ready to use their control over interest rates to address them. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:41 PM » Full U.S. Supreme Court rejects application challenging NLRB recess appointments
    Published Fri, Feb 08 2013 12:41 PM by www.cfpbmonitor.com
    On Tuesday, we reported that attorneys for a Connecticut nursing home company were attempting to have an emergency application challenging the constitutionality of President Obama’s recess appointments to the National Labor Relations Board referred to Justice Scalia after it was rejected by Justice Ginsburg. Yesterday, the emergency application in HealthBridge Management v. Kreisberg was denied by... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 12:30 PM » What Are Homeowners Doing With Refinance Savings?
    Published Fri, Feb 08 2013 12:30 PM by CNBC
    Refinancing homeowners dropped their interest rate an average 1.8 points last quarter, according to numbers released this week by Freddie Mac, paying about $3,600 a year less for a mortgage of $200,000. While prudent borrowers will use that extra cash to pay down debt, many are either forgoing the savings to shorten the term of the loan, or are spending it.
  • 12:30 PM » Americans Are Tapping into Home Equity Again
    Published Fri, Feb 08 2013 12:30 PM by CNBC
    Nearly 11 million borrowers are underwater on their mortgages, owing more than their homes are worth, according to CoreLogic, and yet home equity lines of credit are suddenly on the rise again.
  • 12:30 PM » "Housing's Lost Decade" and where the market is headed
    Published Fri, Feb 08 2013 12:30 PM by National Housing Conference
    by Cynthia Adcock, National Housing Conference and Center for Housing Policy A trio of seasoned housing sector veterans are adding their voices to a rising chorus of assertions that the housing industry is finally on the upswing. A new report, Housing's Lost Decade: Where We Go From Here , focuses primarily on where the market might be headed in the years ahead. The report's authors, NHC Board member Kent Colton, Gopal Ahwulahlia and Jay Shackford have between them more than a century of combined experience as housing market observers. Colton, who also serves as chairman of the board of the Center for Housing Policy and a member of the NHC Board of Directors, was CEO of the National Association of Home Builders (NAHB) for 15 years and director of President Reagan's Housing Commission; Jay Shackford headed up NAHB's media and public affairs operation for 35 years; and Gopal Ahluwalia, was NAHB's chief economic and market researcher for three decades until he stepped down in late 2009. Playing to Ahluwahlia's strength as a master data manager, the report's 40-slide PowerPoint presentation is chock full of backup charts and data. It covers a wide range of issues, including the excesses leading up to the subprime mortgage fiasco and the 2008 financial market collapse, what needs to be done to fix today's struggling housing finance system and the mountain of student debt (now over $1 trillion) and challenging job market weighing down 65 million echo baby boomers, many of whom are doubling up with friends or family and standing on the sidelines waiting to get into the housing market. Says Colton, "It's a comprehensive and candid look the housing market and an appropriate reminder of what went so fundamentally wrong during the housing boom years, a story that needs to be told and retold to avoid repeating those same mistakes again. " Ahluwahlia, an oft-quoted housing statistician during his time at NAHB, likens "echo baby boomers"...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 10:46 AM » SEC's silence on ratings agencies noted
    Published Fri, Feb 08 2013 10:46 AM by Washington Post
    More than a year ago, Standard & Poor's revealed that it was under investigation by the Securities and Exchange Commission for the high rating it had given to a package of complex mortgage securities known as Delphinus in 2007 . Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:23 AM » Arch to Buy PMI Assets in $300 Million Mortgage Wager
    Published Fri, Feb 08 2013 9:23 AM by Bloomberg
    Arch to Buy PMI Assets in $300 Million Mortgage Wager Bloomberg Arch Capital Group Ltd., the Bermuda- based insurer, said it's adding assets from bankrupt insurer PMI Group Inc. in a $300 million deal to enter the U.S. mortgage guaranty business as the housing market rebounds. Arch is acquiring CMG Mortgage ... and more »
  • 8:42 AM » Cracks appear in European banking union scheme
    Published Fri, Feb 08 2013 8:42 AM by Reuters
    BRUSSELS/ FRANKFURT (Reuters) - It was billed as a reform that would tighten policing of Europe's banks and end their ability to suck states into crisis. Now fears are growing that a central element of banking union will be scaled back, undermining the whole scheme.
  • 8:42 AM » 50 Million People In Path Of Potentially Historic Blizzard
    Published Fri, Feb 08 2013 8:42 AM by www.npr.org
    From Pennsylvania and New Jersey north through New York State and into New England, blizzard and storm warnings are up. By the time the storm is over on Saturday, some places may have 3 feet of new snow.
  • 7:48 AM » New York attorney general probing three major rating firms: source
    Published Fri, Feb 08 2013 7:48 AM by Reuters
    NEW YORK (Reuters) - New York Attorney General Eric Schneiderman has kicked off an investigation into three major credit ratings agencies, according to a person familiar with the matter, a move that follows the U.S. Justice Department's $5 billion lawsuit against Standard & Poor's over pre-crisis mortgage bond ratings.
  • 7:47 AM » Next week: 7 mortgage regs in 2 hours
    Published Fri, Feb 08 2013 7:47 AM by NAFCU
    Credit unions will get a look at seven recently finalized mortgage rules from the CFPB during a Feb. 13 webcast led by NAFCU Director of Regulatory Compliance Steve Van Beek.
  • 7:45 AM » Subprime Is Back: Will This End Badly?
    Published Fri, Feb 08 2013 7:45 AM by CNBC
    The sub-prime market - risky mortgage backed securities - is hot again and its revival is exceeding many people's expectations, the chief market strategist at Rosenblatt Securities says. He believes this will end badly.
  • 7:45 AM » US Stocks Seen Up After China Trade Data
    Published Fri, Feb 08 2013 7:45 AM by CNBC
    U.S. stock index futures indicated a higher open on Friday, mirroring gains in early trade in Asia and Europe after China posted better-than-expected trade data. China said its exports grew 25 percent in January year-on-year, its strongest showing since April 2011.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.24%
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  • 15 Yr FRM 3.39%
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  • Jumbo 30 Year Fixed 4.09%
MBS Prices:
  • 30YR FNMA 4.5 107-16 (0-03)
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  • 30YR FNMA 5.0 109-32 (0-02)
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  • 30YR FNMA 5.5 111-06 (0-00)
Recent Housing Data:
  • Mortgage Apps -7.23%
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  • Refinance Index -10.65%
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  • FHFA Home Price Index 0.67%