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  • Tue, Mar 19 2013
  • 9:59 PM » Cypriot banks on brink in Icelandic flashback
    Published Tue, Mar 19 2013 9:59 PM by Reuters
    (Reuters) - A small island on the edge of Europe teetering under the weight of its bust banks. Sound familiar? Like Iceland and Ireland before it, Cyprus is battling to prevent an outsized and overextended banking sector from dragging the country into the ground. Cyprus's parliament has overwhelmingly rejected a proposed levy on deposits as a condition of a European bailout, throwing the country's future into disarray. But the experiences of Iceland and Ireland show that however Cyprus decides to deal with its crisis, pain is in store.
  • 5:22 PM » Houses Are Getting Bigger Again
    Published Tue, Mar 19 2013 5:22 PM by WSJ
    The number of housing starts isn't the only home-related item increasing. So is the size of a new home.
  • 4:26 PM » Home Builders Applaud Bill (H.R. 1255) to Restore Flow of Credit to Housing, Spur Job Growth
    Published Tue, Mar 19 2013 4:26 PM by NAHB
    Press Release
  • 2:58 PM » Tim Geithner's Bethesda Maryland Home Is On Sale For $995,000
    Published Tue, Mar 19 2013 2:58 PM by CNBC
    Former Treasury Secretary Tim Geithner is trying to sell his home near Washington, DC for just under a million bucks. Last time he tried to sell a house, he failed.
  • 2:58 PM » If There's a 'War' Against Banks, the Banks Are Winning
    Published Tue, Mar 19 2013 2:58 PM by CNBC
    "The government is now making a new attempt to cripple the banks. Fortunately, it is likely that no one is going to listen to the attackers at this point," one analyst says.
  • 12:32 PM » Housing has been booming! Construction jobs haven't. Here's why.
    Published Tue, Mar 19 2013 12:32 PM by Washington Post
    Here are two numbers that anybody who wants to understand the job market should look at: Builders started work on 27.7 percent more homes in February than they did a year earlier. Yet the number of construction jobs in the United States was only 2.9 percent higher, year-over-year. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:29 PM » Chairman Hensarling's Opening Statement at Today's Hearing with FHFA Director Edward J. DeMarco
    Published Tue, Mar 19 2013 12:29 PM by House Financial Services
    House Financial Services Committee Chairman Jeb Hensarling (R-TX) delievered the following opening statement at today's hearing with Federal Housing Finance Agency Director Edward J. DeMarco:  "I would like start off by quoting from our witness's testimony.  'Few of us could have imagined in 2008 that we would be approaching the fifth anniversary of the placing of Fannie Mae and Freddie Mac in conservatorship and have made little meaningful progress to bring those government conservatorships to an end.'  I could not agree more.   "And that is why I am determined that today's hearing will be a truly historic one.  I am determined that this hearing will be the last time that Director DeMarco, or if you believe press reports, his successor, will testify before this Committee before we finally and belatedly markup true GSE reform legislation. This I define as legislation to once and for all abolish Fannie Mae and Freddie Mac as government-sponsored enterprises.  And two, one that would truly create a sustainable housing policy.  Sustainable for our economy, sustainable for those seeking the goal of homeownership, and sustainable for hard-working taxpayers who should never, ever, be called upon again to bailout Wall Street. "I know this is a heavy lift, especially in divided government, and that is why the leadership of this administration is so critical. Regrettably, they have not released a reform plan.  Instead, over two years ago, they issued a white paper of options and simply let it gather dust.   The interested public has long since deleted the PDF file from their hard drives. "After four and a half years, inaction is no longer an option because GSEs were at the epicenter of the financial crisis.  They were part of a tragically misguided government policy to incentivize, browbeat, and mandate financial institutions to loan money to...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 11:05 AM » Banking committee OKs White, Cordray for SEC, CFPB
    Published Tue, Mar 19 2013 11:05 AM by Market Watch
    WASHINGTON (MarketWatch) - The Senate Banking Committee on Tuesday voted to approve Mary Jo White, a high-profile former U.S. attorney who supervised the prosecution of mob boss John Gotti, to head the Securities and Exchange Commission. White, the Obama administration pick for the agency, is likely to be approved by the full Senate without much difficulty. Expect her to gain the backing of Republicans seeking a tough enforcer at the agency. The panel also approved Richard Cordray to head the nascent Consumer Financial Protection Bureau, an agency set up to write rules for mortgages and credit cards. He is unlikely to be approved by the full Senate as Republicans have been blocking his nomination as part of their effort to have the bureau transformed into a five-person bipartisan panel instead of its current single-director structure. White would be approved to serve for over one year, for a term finishing in June 2014. Congress could approve her for a five-year term after that.
  • 10:38 AM » Becker presses Senate on housing reform goals
    Published Tue, Mar 19 2013 10:38 AM by NAFCU
    NAFCU President and CEO Fred Becker advanced the association's core principles for housing finance reform in a letter sent ahead of today's Senate Banking Committee hearing, "Bipartisan Solutions for Housing Finance Reform?"
  • 10:37 AM » Markets Showing 'Extreme Similarities' With 1929: Pro
    Published Tue, Mar 19 2013 10:37 AM by CNBC
    Investors should remain on the sidelines and wait for a market correction as a 4-year rebound comes to an end, Sandy Jadeja, chief market strategist at SignalPro said on Tuesday, adding the current market cycle showed "extreme similarities" with 1929.
  • 10:05 AM » Edward J. DeMarco: "On Sustainable Housing Finance: An Update from the Federal Housing Finance Agency on the GSE Conservatorships"
    Published Tue, Mar 19 2013 10:05 AM by FHFA
    March 19, 2013: Statement of Edward J. DeMarco, Acting Director, Federal Housing Finance Agency, Before the U.S. House Committee on Financial Services, "On Sustainable Housing Finance: An Update from the Federal Housing Finance Agency on the GSE Conservatorships"
  • 8:18 AM » Short sales surge in 2012, trend to continue in region
    Published Tue, Mar 19 2013 8:18 AM by Washington Post
    Since the depths of the housing crisis, homeowners who owed more on their mortgage than their homes were worth had few options. That has begun to change. More homeowners are now turning to short sales, in which they sell their homes for less than what they owe in mortgage debt and the lender typically forgives the difference. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:18 AM » CoreLogic Reports 200,000 More Residential Properties Return to Positive Equity in Fourth Quarter of 2012
    Published Tue, Mar 19 2013 8:18 AM by
    --10.4 Million Residential Properties with a Mortgage Still in Negative Equity-- CoreLogic ® (NYSE: CLGX), a leading provider of information, analytics and business services, today released new analysis showing approximately 200,000 more residential properties returned to a state of positive equity during the fourth quarter of 2012. This brings the total number of properties that moved from negative to positive equity in 2012 to 1.7 million and the number of mortgaged residential properties with equity to 38.1 million. The analysis also shows that 10.4 million, or 21.5 percent of all residential properties with a mortgage, were still in negative equity at the end of the fourth quarter of 2012. This figure is down from 10.6 million* properties, or 22 percent, at the end of the third quarter of 2012. Negative equity, often referred to as "underwater" or "upside down," means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both. The national aggregate value of negative equity decreased $42 billion to $628 billion at the end of the fourth quarter from $670 billion at the end of the third quarter in 2012. This decrease was driven in large part by an improvement in home prices. Of the 38.1 million residential properties with positive equity, 11.3 million have less than 20 percent equity. Borrowers with less than 20 percent equity, referred to as "under-equitied," may have a more difficult time obtaining new financing for their homes due to underwriting constraints. At the end of the fourth quarter, 2.3 million residential properties had less than 5 percent equity, referred to as near-negative equity. Properties that are near negative equity are at risk should home prices fall. Under-equitied mortgages accounted for 23.2 percent of all residential properties with a mortgage nationwide in the fourth quarter of 2012...
    Click Here to Read the Full Article

  • 8:14 AM » Cyprus a Warning of 'More Outbreaks' From Europe
    Published Tue, Mar 19 2013 8:14 AM by CNBC
    As equity markets recover from the shock delivered by the bailout plan for Cyprus that includes a levy on savers, New Zealand's Finance Minister says markets should not be surprised if more issues "pop up" from the euro zone.
  • 8:13 AM » Big Banks Had $269.2 Billion Basel III Shortfall in Mid-2012
    Published Tue, Mar 19 2013 8:13 AM by Business Week
    Big Banks Had $269.2 Billion Basel III Shortfall in Mid-2012 Businessweek The largest global banks would have needed an extra 208.2 billion euros ($269.2 billion) in their core reserves to meet so-called Basel III capital rules had the standards been enforced in June 2012, increasing capital levels by about 166 billion euros from the ...
    Click Here to Read the Full Article

    Source: Business Week
  • 8:09 AM » Wall Street Boosts Outlook for QE: Survey
    Published Tue, Mar 19 2013 8:09 AM by CNBC
    Wall Street has boosted its outlook for quantitative easing from the Federal Reserve and reduced its concerns about a recession in the next year to the lowest level in 20 months, according to the March CNBC Fed Survey.
  • 8:09 AM » Stocks Seen Up Ahead of Cyprus Vote
    Published Tue, Mar 19 2013 8:09 AM by CNBC
    Stock index futures pointed to a slightly higher open on Wall Street on Tuesday after sharp losses on Monday as investors remain concerned about a bailout deal for Cyprus which will impose a painful tax on deposit holders.
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Mortgage Rates:
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  • Jumbo 30 Year Fixed 3.75%
MBS Prices:
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  • 30YR FNMA 5.0 106-32 (0-00)
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Recent Housing Data:
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  • Purchase Index -2.01%