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  • Tue, Feb 11 2014
  • 5:32 PM » The affordable housing future must include manufactured housing
    Published Tue, Feb 11 2014 5:32 PM by National Housing Conference
    by Doug Ryan, CFED NHC invites its members, partners, and other recognized housing experts to write guest blog entries on important topics. The views expressed by guest writers do not necessarily reflect those of NHC or its members or funders. In the debate on the future of housing, one thing is clear: it's on the nation's agenda. In some circles, Doug Ryan manufactured housing is, too. On January 28, Richard Cordray, the Director of the Consumer Financial Protection Bureau, appeared before the House Financial Services Committee . Manufactured home lending received a surprising amount of attention, including critical comments on the Bureau's new rules. If nothing else, the interest of lawmakers recognizes that it is an important part of the affordable housing landscape. Manufactured housing is the largest source of unsubsidized housing in the county, housing 20 million Americans in eight million homes. And, in an era of reduced federal support for affordable housing, we need to look at how to provide affordable housing in new and sustainable ways. While the committee's interest is appreciated, much of the criticisms are misguided. The rules, which took effect this month, need a chance to work. Furthermore, the manufactured housing industry has something of a reputation for high-cost loans, questionable underwriting and resistance to competition. Standardization of lending products, with additional flexibility that already applies to most loans, could help the sector enter the mainstream. The quality of the home is vastly superior to those built twenty or thirty years ago; we think the policies and lending products can be, too. Any discussion of manufactured home lending must include the GSEs' duty to serve home buyers. Last year in this space , Ethan Handelman wrote why this requirement is so important. Largely due to how homes are financed, manufactured homeowners are often unable to benefit from the appreciation, consumer protections and financial...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 5:31 PM » Is U.S. Housing Unaffordable? It Depends on How You Chart It
    Published Tue, Feb 11 2014 5:31 PM by WSJ
    Rising home prices and interest rates made housing less affordable last year than at any time in the last five years, according to National Association of Realtors data. So is it time to sound the siren over a housing bubble? Not really.
  • 5:31 PM » Yellen Succeeds on the Hill by Not Delivering ‘Color'
    Published Tue, Feb 11 2014 5:31 PM by WSJ
    In her first testimony before the House Financial Services Committee as Federal Reserve Chairwoman, Janet Yellen was as determined, exacting, and endlessly boring as she'd planned.
  • 3:10 PM » Goldman, BofA face $16 billion in FHFA-related fines
    Published Tue, Feb 11 2014 3:10 PM by Market Watch
    The settlements of lawsuits so far with major banks pave the way for some $16 billion in additional penalties to be paid by banks including Bank of America and Goldman Sachs Group over mortgage securities sold to government-seized housing giants Fannie Mae and Freddie Mac.
  • 3:10 PM » Why is Janet Yellen so concerned and disturbed about income inequality?
    Published Tue, Feb 11 2014 3:10 PM by
    A “very concerned” Janet Yellen told a congressional panel today that she thinks income inequality is “one of the most important issues and one of the most disturbing trends facing the nation at the present time." But why, exactly? 1.) … read more >
    Click Here to Read the Full Article

  • 1:34 PM » California's Affordable Housing Crisis
    Published Tue, Feb 11 2014 1:34 PM by WSJ
    Renters across the nation, and in particular in California, are locked in a pernicious squeeze of rising rents and stagnant incomes that has diverted a growing share of their paycheck to rent.
  • 1:33 PM » Fewer affordable houses, even as credit eases
    Published Tue, Feb 11 2014 1:33 PM by CNBC
    Higher interest rates, flat household income and all-cash investors are making it harder to find a house at the right price.
  • 1:21 PM » Treasurys hold losses after 3-year note auction
    Published Tue, Feb 11 2014 1:21 PM by Market Watch
    NEW YORK (MarketWatch) -- The Treasury Department sold $30-billion in 3-year notes Tuesday at a yield of 0.715%. Bidders offered to buy 3.42 times the amount of debt sold, compared to an average of 3.30 times at the last six sales. Indirect bidders, a group that includes foreign central banks, bought 42.0%, versus 34.8% in recent sales. Direct bidders, which include domestic money managers, purchased another 16.6%, versus an average of 18.0%. The broader bond market remained lower after the auction. Yields on 10-year notes , which move inversely to prices, rose 5 basis points on the day to 2.728%.
  • 12:45 PM » Fed Urges Emerging Markets to Take Heftier Policy Actions to Stem Capital Flight
    Published Tue, Feb 11 2014 12:45 PM by WSJ
    Recent efforts by emerging markets such as Brazil, India and Turkey to stem investor flight from their economies are just "stopgap measures" that need to be followed by heftier policy actions, the Fed said in its semiannual monetary policy report to Congress.
  • 12:41 PM » Fed's Plosser 'worried' about rate moves
    Published Tue, Feb 11 2014 12:41 PM by CNBC
    The Fed official says it's always easier to lower interest rates to spur economic activity than to raise them to stop inflation.
  • 10:56 AM » U.S. Economic Confidence at Lowest Level Since December
    Published Tue, Feb 11 2014 10:56 AM by
    Gallup's Economic Confidence Index continued to trend downward last week, falling to -18. Americans' economic outlook has soured in 2014, while their ratings of current conditions have stayed within a narrow range.
    Click Here to Read the Full Article

  • 10:56 AM » Your Homeowner's Insurance Is Soaring Thanks to Hail From 5 Years Ago
    Published Tue, Feb 11 2014 10:56 AM by
    Brutal storms-including some that hit quite a few years ago-are causing rates on homeowner’s and flood insurance policies to skyrocket. According to the Coloradoan, locals in northern Colorado who have grown accustomed to rates inching up annually due to simple inflation have suddenly been subject to rate hikes in the neighborhood of 30%. Insurers say that increases are necessary in light of years of natural disasters-which have resulted in years of high payouts for homeowner’s insurance claims. In Colorado, the recent streak of damaging weather began in 2009, the most expensive hail season in the state’s history, and has continued on with severe wildfires and floods. The rate hike phenomenon is hardly limited to Colorado. Earlier this year, angry homeowners in North Carolina voiced their frustrations with the local insurance industry’s request for rate increases of 25%. The increases, which would come just a year after a 7% rise in premiums was OK’d, are necessary due to “substantial windstorms, tornadoes, hail storms” in the state, insurers argue. During a conference call with analysts last week, the Hartford Financial Services Group announced plans to “raise rates, increase wind and hail deductibles, and offer policies with reduced coverage to improve profits” for a wide range of homeowners, according to the Hartford Courant. The Hartford and other insurance companies are taking action specifically in Tornado Alley, the swath of states in the middle of the country where wind, hail, and tornadoes are most likely to wreak havoc. And they’re reportedly taking action not in response to a one-time disaster but based on weather events (and corresponding costs for insurers paying out claims) that kicked off back in 2008, when damage from hail and wind caused record losses. (MORE: 10 Nightmare Cities Where No One Wants to Drive) One Colorado resident who gets his homeowner’s...
    Click Here to Read the Full Article

  • 10:53 AM » Yellen defends Fed, cites 'unusual times'
    Published Tue, Feb 11 2014 10:53 AM by CNBC
    Chair Janet Yellen defended the Fed's policy course, saying it was trying to be as consistent as possible.
  • 9:33 AM » Tough winter making U.S. economic assessment difficult: Fed's Plosser
    Published Tue, Feb 11 2014 9:33 AM by Reuters
    NEWARK, Delaware (Reuters) - Assessing the U.S. economy's underlying economic trends has become more difficult because of record low temperatures and heavy snowfall across much of the nation, Federal Reserve Bank of Philadelphia President Charles Plosser said on Tuesday.
  • 9:28 AM » Yellen sees better economy, less money-printing
    Published Tue, Feb 11 2014 9:28 AM by CNBC
    Federal Reserve Chair Janet Yellen promised a steady and consistent course forward, with less money-printing but continued low rates, in a speech that will be delivered to Congress late Tuesday morning.
  • 8:16 AM » Should bankers swear an oath to God?
    Published Tue, Feb 11 2014 8:16 AM by CNBC
    Should more countries follow the example of the Netherlands and make all banking officials swear an oath of integrity?
  • 8:15 AM » US bonds await Yellen testimony to Congress
    Published Tue, Feb 11 2014 8:15 AM by CNBC
    U.S. bonds fell ahead of new Federal Reserve Chair Janet Yellen's first testimony before Congress.
  • 12:03 AM » Treasury Futures Are Near Three-Month High Before Yellen Speaks - Bloomberg
    Published Tue, Feb 11 2014 12:03 AM by Bloomberg
    Treasury Futures Are Near Three-Month High Before Yellen Speaks Bloomberg Treasury futures traded near a three-month high before Federal Reserve Chairman Janet Yellen testifies to lawmakers today amid signs inflation is struggling to pick up in the world's largest economy. Yellen, sworn in as central-bank chief on Feb.
  • 12:03 AM » Home Inspection 101 – What We Cover in Class
    Published Tue, Feb 11 2014 12:03 AM by
    Ever wondered if a home inspection is necessary? Consider all the things that can cause damage to a home: weather, building materials, wear-and-tear from homeowners, pests, time, and more. It may sound like one more check to write, but an inspection will yield important information about the condition of a home - one of the biggest purchases most people ever make - that may not be visible to the untrained eye. These are the top five things that you should know about home inspections as covered in Redfin homebuying classes. Read More The post Home Inspection 101 – What We Cover in Class appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 12:03 AM » CFPB explores HMDA changes
    Published Tue, Feb 11 2014 12:03 AM by
    Reid F. Herlihy The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek early feedback on ways to improve HMDA reporting. The Dodd-Frank Act requires that the CFPB expand HMDA reporting... More >
    Click Here to Read the Full Article

  • 12:03 AM » Debt Ceiling Standoff? Not This Time
    Published Tue, Feb 11 2014 12:03 AM by
    When Congress hits its debt ceiling at the end of the month, don't expect another big confrontation. House Republicans don't have the appetite for it and can't even agree on what points to negotiate.
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More From MND

Mortgage Rates:
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  • 15 Yr FRM 4.02%
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  • Jumbo 30 Year Fixed 4.69%
MBS Prices:
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  • 30YR FNMA 5.0 105-26 (-0-01)
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Recent Housing Data:
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%