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  • Wed, Jun 12 2013
  • 11:10 PM » World Bank cuts growth outlook as world enters 'new normal'
    Published Wed, Jun 12 2013 11:10 PM by Reuters
    WASHINGTON (Reuters) - The World Bank cut its outlook for global growth, saying the economy should expand more slowly this year than last as it cited a deeper-than-expected recession in Europe and a recent slowdown in some emerging markets.
  • 11:08 PM » Comparing Dual Track Foreclosure Restrictions
    Published Wed, Jun 12 2013 11:08 PM by CRL
    CRL compares the dual track foreclosure restrictions and requirements in the National Mortgage Settlement, the California Homeowner Bill of Rights and related rules from the Consumer Financial Protection Bureau.
  • 11:06 PM » Why Bullish BofA Thinks Market Gains Might Be Over
    Published Wed, Jun 12 2013 11:06 PM by CNBC
    BofA Merrill Lynch strategist Savita Subramanian looked overly optimistic when she picked her 2013 stock market price target last year and pessimistic now that she's holding to that prediction.
  • 11:06 PM » JPMorgan Cutting 1,800 More Jobs in Mortgage Unit
    Published Wed, Jun 12 2013 11:06 PM by CNBC
    JPMorgan Chase announced a nationwide round of job cuts in its mortgage servicing unit that would eliminate roughly 1,800 jobs, CNBC has learned.
  • 4:14 PM » U.S. on Track for Smallest Deficit in 5 Years
    Published Wed, Jun 12 2013 4:14 PM by WSJ
    The U.S. government remains on track to post its smallest budget deficit in five years as higher taxes and an improving economy boost revenue.
  • 3:54 PM » Are Fixed-Rate Government-Backed Mortgages Over?
    Published Wed, Jun 12 2013 3:54 PM by Google News
    In an article for The Fiscal Times, National Correspondent Josh Boak quotes PPI’s senior fellow Jason Gold: Congress has restarted its slog about the fate... The post Are Fixed-Rate Government-Backed Mortgages Over? appeared first on Progressive Policy Institute .
  • 3:51 PM » Sweeping Volatility Not Impacting Treasury Auctions
    Published Wed, Jun 12 2013 3:51 PM by CNBC
    "Taper talk" has injected volatility into financial markets, but it's had just marginal impact on the Treasury's auctions this week, as traders now await the auction of $13 billion in reopened 30-year bonds. Wednesday's 10-year auction was the second of the week, following a weak 3-year note auction Tuesday.
  • 2:01 PM » Rescap Wins Bankruptcy Court Approval to Repay Ally - Bloomberg
    Published Wed, Jun 12 2013 2:01 PM by Bloomberg
    Rescap Wins Bankruptcy Court Approval to Repay Ally Bloomberg Residential Capital LLC won court permission to repay more than $1.9 billion in debt immediately, including $1.1 billion to parent Ally Financial Inc. (ALLY), that the defunct mortgage company had borrowed before filing bankruptcy last year. To contact the  ...
  • 1:54 PM » Rising Rates Scare Borrowers Into Action
    Published Wed, Jun 12 2013 1:54 PM by CNBC
    After falling dramatically for more than a month, applications for mortgage refinances finally swung to the positive last week, rising 5 percent from the previous week, despite the continued rise in mortgage rates.
  • 1:54 PM » Young Adults Sour on Buying? Study Says No
    Published Wed, Jun 12 2013 1:54 PM by Realtor.Org
    A number of news articles during the thick of the housing bust and even some today suggest that younger households have been spooked out of buying a home because of market uncertainties. brightcove.createExperiences(); “The younger you are, the more freaked out you are likely to be by the housing market crash,” says Micael Derby in [...]
  • 11:49 AM » Number of ‘Underwater' Borrowers Drops Below 10 Million
    Published Wed, Jun 12 2013 11:49 AM by WSJ
    Rising home prices are easing one of the biggest headaches from the housing bust: the high level of homeowners owing more than their homes are worth.
  • 11:33 AM » Cramer: This Is 'The Single Greatest' Housing Play
    Published Wed, Jun 12 2013 11:33 AM by CNBC
    CNBC's Jim Cramer sees two "incredibly" bullish signals for bank stocks and one company in particular may benefit disproportionately.
  • 11:28 AM » Chairman Hensarling on Successful Housing Finance Systems without Government Guarentees
    Published Wed, Jun 12 2013 11:28 AM by House Financial Services
    "As lawmakers, it is time to open up our eyes and open up our minds to alternative models and a pathway forward. We shouldn't preserve Fannie and Freddie's federal guarantee just because we have done so in the past. We shouldn't preserve their federal guarantee just because those who believe they profit from the status quo urge us to continue doing so"   WASHINGTON - House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today's full committee hearing titled ""Beyond GSEs: Examples of Successful Housing Finance Models without Explicit Government Guarantees." "This is the 10th full or sub-committee hearing that we have had on the topic dedicated to forging a new sustainable housing policy for America. "Clearly all Americans want a healthier economy and they want a fair opportunity to buy a home they can actually afford to keep. It is clearly time to displace a system of false hopes and broken dreams which have arisen from misdirected government policies and subsidies that regrettably incented, browbeat, or mandated financial institutions to loan money to people to buy homes they all too often could not afford. "We know all too well the legacy of these policies - shattered lives of millions who lost their meager savings 'rolling the dice' on a home purchase that Washington encouraged them to make, almost $200 billion of taxpayer bailouts, and a wrecked economy to which this nation has yet to recover. "Regardless of its relative merits, Dodd-Frank was silent on Fannie and Freddie. Silent as to the existence of a government sanctioned duopoly that was at the epicenter of the crises. Silent as to their cooked books. Silent as to a system where Wall Street investors offloaded their risk onto Main Street taxpayers.  Silent as to their bullying tactics.  Thus, the task of reforming them falls upon us. "Notwithstanding the damage...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 10:23 AM » Rising Mortgage Rates to Squeeze Pricey Markets First
    Published Wed, Jun 12 2013 10:23 AM by WSJ
    Buying a home will remain a better deal than renting in every major U.S. housing market as long as mortgage rates remain below 5.2%, according to an analysis prepared by Trulia, the online real-estate site.
  • 10:21 AM » Greece Downgraded Again -- Just Not How You Think
    Published Wed, Jun 12 2013 10:21 AM by CNBC
    Late Tuesday, MSCI, the leader in stock indexes, downgraded recession and debt-wracked Greece as an "emerging market," effectively bringing the country full circle from when it was upgraded to a developed market.
  • 10:17 AM » Refinance Volume Remains High In March
    Published Wed, Jun 12 2013 10:17 AM by FHFA
    June 12, 2013: Refinance Volume Remains High In March
  • 10:17 AM » Former Chief Executive of Mortgage Servicing Company Pleads Guilty to Bank Fraud for Scheme to Withhold Funds from Wells Fargo Bank
    Published Wed, Jun 12 2013 10:17 AM by www.justice.gov
    The former president and chief executive officer of U.S. Mortgage, a loan servicing company in Nevada, pleaded guilty today for his role in a scheme to defraud Wells Fargo Bank out of more than $8 million.
    Click Here to Read the Full Article

    Source: www.justice.gov
  • 9:23 AM » 60% chance of global recession: Pimco
    Published Wed, Jun 12 2013 9:23 AM by CNN
    Brace yourself for another recession and more economic volatility.
  • 9:23 AM » CoreLogic Reports 850,000 More Residential Properties Return to Positive Equity in First Quarter of 2013
    Published Wed, Jun 12 2013 9:23 AM by www.corelogic.com
    --9.7 Million Residential Properties with a Mortgage Still in Negative Equity-- CoreLogic ® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released new analysis showing approximately 850,000 more residential properties returned to a state of positive equity during the first quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 39 million. The analysis shows that 9.7 million, or 19.8 percent of all residential properties with a mortgage, were still in negative equity at the end of the first quarter of 2013 with a total value of $580 billion. This figure is down from 10.5 million*, or 21.7 percent of all residential properties with a mortgage, at the end of the fourth 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 more than $50 billion to $580 billion at the end of the first quarter from $631 billion at the end of the fourth quarter of 2012. This decrease was driven in large part by an improvement in home prices. Of the 39 million residential properties with positive equity, 11.2 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 first quarter of 2013, 2.1 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 percent of all residential properties with a mortgage nationwide in the first quarter of 2013. The...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 8:02 AM » Homeowners With Negative Equity Below 20% of Borrowers
    Published Wed, Jun 12 2013 8:02 AM by Bloomberg
    Homeowners With Negative Equity Below 20% of Borrowers Bloomberg The share of U.S. borrowers who owe more than their homes are worth fell to less than 20 percent in the first quarter as prices surged in hard-hit markets, according to CoreLogic Inc. About 850,000 residential properties gained positive equity during the  ...
  • 8:01 AM » Berger: CUs need access to secondary mortgage market
    Published Wed, Jun 12 2013 8:01 AM by NAFCU
    NAFCU reiterated to the House Financial Services Committee the importance of the secondary mortgage market to credit unions as the panel prepares for a hearing today focusing on successful housing finance models without explicit government guarantees.
  • 8:01 AM » Pimco Total Return Fund cuts Treasury holdings
    Published Wed, Jun 12 2013 8:01 AM by Market Watch
    NEW YORK (MarketWatch) -- Investment management firm Pimco cut its holdings of Treasurys in its Total Return Fund by 2% in May, according to disclosures on the company's website. The $285 billion fund, run by bond guru Bill Gross, reduced Treasury holdings to 37% of its portfolio at the end of May, from 39% at the end of April. The fund also cut its holdings of investment-grade credit, non-U.S. developed markets credit, emerging markets debt, and municipal debt. Money market and cash equivalents had been negative 8% of the portfolio, but increased to 0%. The fund has lost 1.25% year-to-date, according to disclosures.
  • 8:01 AM » Mortgage Apps Climb Even as Rates Surge
    Published Wed, Jun 12 2013 8:01 AM by CNBC
    Surging interest rates were no barrier to U.S. homebuyers, which sent mortgage applications up for the first time in a month.
  • 7:58 AM » US Stocks Seen Higher After Tuesday's Sell-Off
    Published Wed, Jun 12 2013 7:58 AM by CNBC
    U.S. stock market index futures signaled a higher open on Wednesday, after a global sell-off on Tuesday when the Bank of Japan's latest monetary policy decision disappointed investors.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.23%
  • |
  • 15 Yr FRM 3.38%
  • |
  • Jumbo 30 Year Fixed 4.08%
MBS Prices:
  • 30YR FNMA 4.5 107-14 (0-01)
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  • 30YR FNMA 5.0 109-29 (-0-03)
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  • 30YR FNMA 5.5 111-07 (0-03)
Recent Housing Data:
  • Mortgage Apps -7.23%
  • |
  • Refinance Index -10.65%
  • |
  • FHFA Home Price Index 0.67%