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  • Wed, Jan 22 2014
  • 10:36 PM » U.S. debt ceiling to bind by late February: Treasury
    Published Wed, Jan 22 2014 10:36 PM by Reuters
    WASHINGTON (Reuters) - The Obama administration warned Congress on Wednesday that the government would likely run out of borrowing authority needed to help pay its bills by late February if lawmakers do not swiftly raise the federal debt ceiling.
  • 10:16 PM » Earnings data and a new Treasury floater
    Published Wed, Jan 22 2014 10:16 PM by CNBC
    Amid the barrage of earnings reports, some key housing and jobless claims data could influence markets Thursday.
  • 4:44 PM » Breaking the Logjam on HECM Reverse Mortgages (Pt. I)
    Published Wed, Jan 22 2014 4:44 PM by The Huffington Post
    People reaching retirement age are living longer than ever, and retiring with less capacity to maintain their living standards. With good reason, this situation has been termed a "retirement funds crisis." Yet most retiring seniors own homes in which they have significant equity, which could be unlocked by taking a HECM reverse mortgage. The need is great and the potential size of the HECM market is enormous, but few are written. The market should be about 10 times larger than it is. In part, this is due to the lack of a compelling motivation by seniors whose lives would be improved if they took a HECM, but they feel no urgency and so they don't. The lack of a compelling motivation is reinforced by lack of knowledge, adverse media reports on reverse mortgages, and fears of making a mistake involving their most important single possession: their house. My colleagues and I have thought long and hard about what was needed to overcome senior lethargy, and have identified four market needs: 1. A good information source on how the different HECM options can be used to meet one or more senior needs. 2. A reliable and easy-to-use calculator enabling seniors to determine the specific amounts of any particular HECM option, or combination of options, that are available at their current age with their current home equity. 3. Personalized guidance on HECM options, made available to seniors prior to their contacting a lender. 4.An effective on-line market in which seniors could be confident they were not being ripped off. Matching HECM Options to Senior Needs One of the valuable features of the HECM reverse mortgage is that it offers multiple options for drawing funds, which can be used singly or in combination to meet a wide variety of senior needs. The bad news is that this is not well-understood and exploited. The good news is that this deficiency has already been remedied. A monograph on the topic is available on my web site, titled "Which HECM Options Best...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 2:45 PM » BlackRock Lawyer Criticizes Government Mortgage-Loan Settlements - Bloomberg
    Published Wed, Jan 22 2014 2:45 PM by Bloomberg
    BlackRock Lawyer Criticizes Government Mortgage-Loan Settlements Bloomberg To revive the U.S. mortgage-bond market, investors need more protections to restore their confidence, according to a lawyer who works on behalf of BlackRock Inc. (BLK) and Pacific Investment Management Co. Underscoring why bond buyers are concerned  ...
  • 2:30 PM » Buying a Home 101 – What We Cover in Class
    Published Wed, Jan 22 2014 2:30 PM by blog.redfin.com
    There are four big phases in the home buying process: research, search, offer, and closing. Understanding the basics will help you get organized and reduce stress from start to finish. Read More The post Buying a Home 101 – What We Cover in Class appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

    Source: blog.redfin.com
  • 2:20 PM » Prepared Remarks of CFPB Director Richard Cordray at the U.S. Conference of Mayors
    Published Wed, Jan 22 2014 2:20 PM by CFPB
    Thank you for inviting me to come speak with you once again. When I was here in 2012, the Consumer Financial Protection Bureau had just opened its doors. Today, I come to you after more than two years of concrete accomplishments. We have helped solve tens of thousands of individual consumer problems. We are returning over three billion dollars to consumers so far, and we have gone after those who try to take advantage of them. And we have put in place new rules that bring historic changes to make the multi-trillion dollar mortgage market work better for consumers and help see to it that the terrible collapse we went through just five years ago will never happen again.
  • 2:13 PM » Five Takeaways: Treasury Official Outlines Mortgage-Market Priorities
    Published Wed, Jan 22 2014 2:13 PM by blogs.wsj.com
    A top Treasury Department adviser on housing policy outlined a series of initiatives that the Obama administration could undertake in 2014 to overhaul the nation's mortgage market, even if Congress doesn't succeed in shepherding a bipartisan overhaul of Fannie Mae and Freddie Mac. Michael Stegman, a senior Treasury adviser, offered greater detail in a speech Wednesday about what kind of mortgage infrastructure should be built to take the place of Fannie and Freddie, and he outlined transition steps that could become a priority for the Federal Housing Finance Agency, which has a new director in former Rep. Mel Watt. Here are some of the highlights of the speech he delivered at an industry conference in Las Vegas:
    Click Here to Read the Full Article

    Source: blogs.wsj.com
  • 1:57 PM » The Great Unrotation? Bonds top stocks
    Published Wed, Jan 22 2014 1:57 PM by CNN
    This is supposed to be a bad year for bonds, according to just about everyone on Wall Street. But the first few weeks of 2014 have not gone according to plan.
  • 1:56 PM » US Treasury Opposes Extending Cutoff Date for HARP Refinancing - Bloomberg
    Published Wed, Jan 22 2014 1:56 PM by Bloomberg
    US Treasury Opposes Extending Cutoff Date for HARP Refinancing Bloomberg The U.S. Treasury opposes allowing borrowers with mortgages originated after mid-2009 to become eligible for the Home Affordable Refinance Program, the agency's chief housing-finance adviser said. Only borrowers with loans originated by May 31, 2009,  ...
  • 12:53 PM » Survey: Mid-Sized Companies Still Holding Back on Hiring, Investment
    Published Wed, Jan 22 2014 12:53 PM by WSJ
    Mid-sized businesses are holding back on hiring and investment because of unpredictable health-care costs, a lack of clarity on federal regulations and expectations of slow domestic economic growth, according to a quarterly survey of firms.
  • 12:52 PM » Are financial markets safer? Davos crowd say yes, but more to do
    Published Wed, Jan 22 2014 12:52 PM by Reuters
    (Reuters) - The financial system is safer than it was five years ago as banks have more capacity to withstand shocks, but more needs to be done to reduce risk, particularly in derivatives.
  • 11:00 AM » Vital Signs: U.S. Housing Stock Is Getting Older
    Published Wed, Jan 22 2014 11:00 AM by WSJ
    Data for 2011 show 41% of owner-occupied homes were constructed in 1969 or earlier, while only 15% of the current housing stock was built during the 2000s which included the housing boom.
  • 11:00 AM » Wells Fargo Sells Rights on $39 Billion Mortgages to Ocwen - Bloomberg
    Published Wed, Jan 22 2014 11:00 AM by Bloomberg
    Wells Fargo Sells Rights on $39 Billion Mortgages to Ocwen Bloomberg Wells Fargo & Co. (WFC), the biggest U.S. home lender, agreed to sell about 2 percent of its residential servicing portfolio, or about 184,000 loans, to Ocwen Financial Corp. (OCN) as it tests the market. The sale covers loans with a total principal balance of  ... and more »
  • 10:06 AM » Secondary Sources: Bernanke's Legacy, Minimum Wage, Earnings and Deflation
    Published Wed, Jan 22 2014 10:06 AM by WSJ
    A roundup of economic news from around the Web.
  • 10:06 AM » Bidding Wars a Mixed Picture Across the U.S.
    Published Wed, Jan 22 2014 10:06 AM by blog.redfin.com
    Between November and December, half of the markets highlighted in this report experienced an uptick in bidding wars while the other half saw competition fall. Read More The post Bidding Wars a Mixed Picture Across the U.S. appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

    Source: blog.redfin.com
  • 10:03 AM » Drones Offer Promise in Real Estate—Once Rules are Out
    Published Wed, Jan 22 2014 10:03 AM by Realtor.Org
    The excitement around drones is increasing and for good reason: the technology is steadily getting to the point where commercial applications are increasingly possible, including for use in marketing real estate. Being able to hoist a camera on a drone, or unmanned aerial vehicle, has the potential to be a cost-effective way to get dramatic [...]
  • 9:00 AM » Real estate's least sexy sector is red hot
    Published Wed, Jan 22 2014 9:00 AM by CNBC
    Amazon's desire to move products closer to customers has heated up the development of warehouses.
  • 8:59 AM » Another Decline for Architecture Billings Index
    Published Wed, Jan 22 2014 8:59 AM by The American Institute of Architects
    Another Decline for Architecture Billings Index<br/>http://www.aia.org/press/releases/AIAB101427
    Click Here to Read the Full Article

    Source: The American Institute of Architects
  • 8:35 AM » Mortgage apps rise, rebound from plunge
    Published Wed, Jan 22 2014 8:35 AM by CNBC
    Applications for U.S. home mortgages rose in the latest week, an industry group said on Wednesday.
  • 8:34 AM » Foreclosure Settlement Still Failing 700,000 Families One Year Later
    Published Wed, Jan 22 2014 8:34 AM by The Huffington Post
    One year after federal bank regulators pledged that a nearly $10 billion legal settlement would quickly deliver cash to foreclosure abuse victims, hundreds of thousands of people are still checking their mailboxes each day, only to find them empty. As of January, about 732,000 settlement checks had not been cashed, according to data shared with The Huffington Post by the Office of the Comptroller of the Currency -- a number that exceeds the entire population of Baltimore. The total value of this unclaimed heap of money: $600 million. Regulators say they are doing everything they can to make sure that all of those who qualify -- 4.4 million people who received a foreclosure notice from one of more than a dozen major U.S. banks -- receive their share of the $3.6 billion pie . It's not clear how many of the uncashed checks were delivered to the wrong address, though regulators have acknowledged in the past that tracking people down has proved vexing. An OCC spokesman said that Rust Consulting, the paying agent, has reissued more than 850,000 checks since autumn in an effort to make sure as many people as possible collect on what they are due. Rust Consulting did not respond to a request for comment, but in the past has said that many of the addresses provided by the banks were old and inaccurate. To those who are still waiting, these explanations provide little comfort. "This is ridiculous," said Roberta Reid, who is due a payment she reckons should be about $5,000. She said she has strived to get answers about why her check hasn't arrived at her home in Portland, Maine, to no avail. "I've called dozens of times," she said. "It's as bad as trying to get an answer from a bank." Reid has also sought to modify the terms of her loan to lower the rate -- assistance also pledged under the foreclosure settlement. That hasn't happened, either. She and her husband are actually paying $500 more a month on their home mortgage than...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 8:31 AM » With Yellen on deck, Fed's Bernanke to stick to low-rate vow
    Published Wed, Jan 22 2014 8:31 AM by Reuters
    SAN FRANCISCO/NEW YORK (Reuters) - Federal Reserve policymakers will likely leave intact their delicately worded easy-money message when they meet next week, despite a surprisingly sharp drop in U.S. unemployment that threatens to make a central part of that message irrelevant.
  • 8:30 AM » Futures edge lower on latest earnings flurry
    Published Wed, Jan 22 2014 8:30 AM by Reuters
    NEW YORK (Reuters) - U.S. stock index futures were little changed on Wednesday, as investors looked to the next round of earnings reports for direction in a stock market that has been unable to find its footing after rallying about 30 percent last year.
  • 8:27 AM » US bonds edge lower on rising tapering fears
    Published Wed, Jan 22 2014 8:27 AM by CNBC
    U.S. bond prices slipped again on Wednesday, due to concerns the Federal Reserve may announce further scaling back of its bond-purchasing program.
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Mortgage Rates:
  • 30 Yr FRM 4.19%
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  • 15 Yr FRM 3.32%
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  • Jumbo 30 Year Fixed 4.03%
MBS Prices:
  • 30YR FNMA 4.5 107-28 (0-05)
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  • 30YR FNMA 5.0 110-08 (0-02)
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  • 30YR FNMA 5.5 110-28 (-0-02)
Recent Housing Data:
  • Mortgage Apps 2.43%
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  • Refinance Index 4.14%
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  • FHFA Home Price Index 0.67%