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Around The Web » 3/27/2013

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Wed, Mar 27 2013
10:17 PM » Your House Is An Undiversified Bond Investment
Published Wed, Mar 27 2013 10:17 PM by The Basis Point
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Is buying a home really a good investment? Here's some historical perspective.

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Source: The Basis Point
10:11 PM » Great Recession Creates 'The New Homeless'
Published Wed, Mar 27 2013 10:11 PM by The Huffington Post
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In the Denver suburbs, as in much of the U.S., the Great Recession turned formerly stable families into the new homeless-and left many living in budget hotels.

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Source: The Huffington Post
10:10 PM » Flock of Doves Back Fed Bond Buying
Published Wed, Mar 27 2013 10:10 PM by WSJ
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Several Fed officials rallied around Bernanke's plan to press ahead with the $85-billion-a-month bond-buying effort, although two said that the U.S. economy may soon be healthy enough to slow the pace of those purchases.

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Source: WSJ
5:49 PM » Banks seek U.S. appeals court intervention in FHFA lawsuits
Published Wed, Mar 27 2013 5:49 PM by Reuters
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NEW YORK (Reuters) - Fifteen major banks sued by the Federal Housing Finance Agency over risky housing debt urged a federal appeals court on Wednesday to intervene, citing "gravely prejudicial" rulings by the trial judge coordinating the litigation.

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Source: Reuters
5:48 PM » BofA Said to Ask Mortgage-Bond Buyers to Take Debt in Packages
Published Wed, Mar 27 2013 5:48 PM by Business Week
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BofA Said to Ask Mortgage-Bond Buyers to Take Debt in Packages Businessweek Investors seeking to buy higher yielding, riskier slices of home-loan bonds sold yesterday by EverBank Financial Corp. (EVER) were told they'd have a better shot if they also purchased some of the AAA rated classes, showing weaker demand for the ...

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Source: Business Week
2:49 PM » Evans Says Fed Bond Buying Should Continue Through End of 2013 - Businessweek
Published Wed, Mar 27 2013 2:49 PM by Business Week
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Evans Says Fed Bond Buying Should Continue Through End of 2013 Businessweek Federal Reserve Bank of Chicago President Charles Evans said stimulus must continue "firing on all cylinders" until achieving sustained job growth, adding that he expects the Fed will keep buying assets at a pace of about $85 billion per month throughout ...

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Source: Business Week
2:02 PM » New York Fed's Potter Says Latest Round of QE More Transparent
Published Wed, Mar 27 2013 2:02 PM by Business Week
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New York Fed's Potter Says Latest Round of QE More Transparent Businessweek Investors should be able to update their expectations for monetary policy more frequently now that the Federal Open Market Committee has linked its asset purchases to economic conditions, said Simon Potter, executive vice president at the Federal Reserve ...

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Source: Business Week
2:01 PM » Fed's Kocherlakota Says 6.5% Unemployment Is No Rates 'Trigger'
Published Wed, Mar 27 2013 2:01 PM by Business Week
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Fed's Kocherlakota Says 6.5% Unemployment Is No Rates 'Trigger' Businessweek Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the Federal Open Market Committee may choose not to raise the main interest rate when the jobless rate falls below 6.5 percent. "The unemployment rate threshold is not a trigger ...

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Source: Business Week
2:01 PM » Fed Policy Not Loose Enough: Official
Published Wed, Mar 27 2013 2:01 PM by CNBC
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Modest U.S. growth will keep inflation in check and means the Federal Reserve should ease monetary policy further, a senior U.S. central banker said on Wednesday.

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Source: CNBC
1:57 PM » Potter: The Implementation of Current Asset Purchases
Published Wed, Mar 27 2013 1:57 PM by NY Fed
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Remarks at the Forecasters Club, New York City

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Source: NY Fed
12:44 PM » Fed's buying half of MBS issuance: official
Published Wed, Mar 27 2013 12:44 PM by Market Watch
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WASHINGTON (MarketWatch) -- The Federal Reserve is buying about half of the gross issuance of mortgage-backed securities and a quarter of the monthly gross issuance of coupon Treasury securities, according to Simon Potter, executive vice president at the New York Fed. In a speech to the Forecasters Club of New York, Potter says the MBS purchases are down from about two-thirds from the MBS buys the Fed made in 2009. Potter said the Fed operations are going smoothly and market liquidity is holding up well. He also said there's large uncertainty in primary dealer expectations on the Fed's portfolio by the end of 2014, with the difference in expectations being around $500 billion.

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Source: Market Watch
12:44 PM » Fed's Pianalto: Scaling back QE could come soon
Published Wed, Mar 27 2013 12:44 PM by Market Watch
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WASHINGTON (MarketWatch) - Economic conditions could emerge "before long" that would allow the Federal Reserve to slow the pace of its $85 billion-a-month asset purchase program, said Sandra Pianalto, president of the Cleveland Federal Reserve Bank, on Wednesday. In a speech to the CFA Society in Cleveland, Pianalto said that the economy appears to be on a steady growth path and the potential risks of the asset purchases "appear manageable" at the moment. "I would regard a slowing in the pace of asset purchases to be a welcome direction for monetary policy, if it resulted from a significant improvement in the outlook for labor market conditions," Pianalto said.

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Source: Market Watch
12:42 PM » Rosengren: Monetary Policy and Financial Stability
Published Wed, Mar 27 2013 12:42 PM by Boston Fed
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Remarks to the The Business and Industry Association of New Hampshire and the New Hampshire Bankers Association

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Source: Boston Fed
12:16 PM » Fannie Mae Regulator Sets No-Doc Modifications to Help Borrowers
Published Wed, Mar 27 2013 12:16 PM by Business Week
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Fannie Mae Regulator Sets No-Doc Modifications to Help Borrowers Businessweek Seriously delinquent borrowers with mortgages owned or backed by Fannie Mae and Freddie Mac (FMCC) will be able to reduce monthly payments without documenting finances under a new program introduced by the companies' regulator. The move ... and more »

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Source: Business Week
12:09 PM » Fed's Rosengren plays down asset bubble risk, says QE3 working
Published Wed, Mar 27 2013 12:09 PM by Reuters
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MANCHESTER, New Hampshire (Reuters) - There is "little evidence" Federal Reserve bond purchases have caused financial instability and since the measures are working, they ought be continued for the rest of 2013, a senior central banker said on Wednesday.

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Source: Reuters
12:09 PM » Foreclosure specialist indicted over kickbacks
Published Wed, Mar 27 2013 12:09 PM by Business Week
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Foreclosure specialist indicted over kickbacks Businessweek LOS ANGELES (AP) - Federal prosecutors say a former Orange County foreclosure specialist for Fannie Mae has been named in a grand jury indictment saying he took kickbacks from a real estate broker in exchange for granting him properties to sell. and more »

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Source: Business Week
12:08 PM » Cyprus Controls to Hit Foreign Transactions
Published Wed, Mar 27 2013 12:08 PM by CNBC
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Cyprus is to impose a ban on cashing checks and limit the amount of cash that can be taken out of the country under a series of measures to avert a run on the country's crippled banks, a Greek newspaper reported on Wednesday.

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Source: CNBC
10:54 AM » FHFA Announces New Streamlined Modification Initiative
Published Wed, Mar 27 2013 10:54 AM by FHFA
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March 27, 2013: FHFA Announces New Streamlined Modification Initiative

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Source: FHFA
10:52 AM » OCC Reports on Mortgage Performance for Fourth Quarter
Published Wed, Mar 27 2013 10:52 AM by OCC
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The overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the prior quarter and from the same period a year ago according to a report released today by the Office of the Comptroller of the Currency (OCC).

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Source: OCC
10:52 AM » Freddie Mac Streamlined Modification for Delinquent Borrowers to Start July 1, 2013
Published Wed, Mar 27 2013 10:52 AM by freddiemac.mwnewsroom.com
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Freddie Mac Streamlined Modification for Delinquent Borrowers to Start July 1, 2013

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Source: freddiemac.mwnewsroom.com
10:48 AM » Deep Freeze: Home Sales to Barely Budge in Spring
Published Wed, Mar 27 2013 10:48 AM by CNBC
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The housing market will be sluggish at the start of Spring, as fewer buyers signed contracts to purchase existing homes in February. Realtors still say a lack of supply is keeping many potential buyers away.

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Source: CNBC
9:32 AM » Mortgage Applications Rebounded Last Week
Published Wed, Mar 27 2013 9:32 AM by CNBC
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Applications for U.S. home mortgages rebounded last week as interest rates pulled back for the first time in three weeks.

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Source: CNBC
9:31 AM » Fannie Mae and Freddie Mac Help 2.7 Million with Foreclosure Prevention Actions
Published Wed, Mar 27 2013 9:31 AM by FHFA
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March 27, 2013: Fannie Mae and Freddie Mac Help 2.7 Million with Foreclosure Prevention Actions

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Source: FHFA
9:29 AM » US Stocks Seen Lower on Cyprus Fears
Published Wed, Mar 27 2013 9:29 AM by CNBC
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U.S. stock index futures indicated a lower open on Wednesday, with upward momentum from Tuesday's upbeat U.S. housing data pared by renewed euro zone fears focused on Cyprus.

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Source: CNBC
9:26 AM » Freddie Mac Issues Monthly Volume Summary for February 2013
Published Wed, Mar 27 2013 9:26 AM by freddiemac.mwnewsroom.com
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Freddie Mac Issues Monthly Volume Summary for February 2013

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Source: freddiemac.mwnewsroom.com
1:27 AM » Housing Agencies Exempt From Transfer Taxes, Judge Rules
Published Wed, Mar 27 2013 1:27 AM by Bloomberg
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Housing Agencies Exempt From Transfer Taxes, Judge Rules Bloomberg The Federal National Mortgage Association (FNMA), or Fannie Mae, and the Federal Home Loan Mortgage Corp. (FMCC) are exempt from paying real estate transfer taxes, a federal judge in Philadelphia ruled, throwing out a lawsuit by two Pennsylvania ... and more »

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Source: Bloomberg
1:23 AM » Moynihan Says He'd Like to Be BofA Chief Rest of His Life
Published Wed, Mar 27 2013 1:23 AM by Business Week
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Moynihan Says He'd Like to Be BofA Chief Rest of His Life Businessweek Brian T. Moynihan, who endured record losses and public thrashings while cleaning up Bank of America Corp. (BAC)'s mortgage mess, said he wouldn't mind being chief executive officer of the lender forever. "It's the best job there is," Moynihan said ...

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Source: Business Week
1:23 AM » Regulators Review Costs of Force-Placed Insurance
Published Wed, Mar 27 2013 1:23 AM by www.nytimes.com
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A widespread practice by lenders of buying often-costly insurance for mortgaged property and billing the owner is under scrutiny.

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Source: www.nytimes.com
1:23 AM » Royal Bank of Scotland Sued Over Mortgage Securities
Published Wed, Mar 27 2013 1:23 AM by Business Week
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Royal Bank of Scotland Sued Over Mortgage Securities Businessweek Royal Bank of Scotland Group Plc, Britain's biggest taxpayer-owned lender, was sued by a bond insurer over what it claims was the bank's sale of $1.15 billion of securities backed by "thousands of defective and fraudulently originated" home loans.

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Source: Business Week

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