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  • Fri, May 2 2014
  • 3:24 PM » Is mortgage credit finally starting to loosen? Afraid not.
    Published Fri, May 02 2014 3:24 PM by
    A market composition change-not lower lending standards-explains the decrease in average credit scores for conventional and FHA mortgages. Despite rising home prices and gradual housing recovery, the mortgage lending rules have remained tight, inhibiting housing demand and economic growth.
    Click Here to Read the Full Article

  • 2:25 PM » 5 Takeaways from the April Employment Report
    Published Fri, May 02 2014 2:25 PM by WSJ
    The April employment gain of 288,000 blew the doors of expectations off economists. The top-line number, along with the jobless rate decline to 6.3%, supports the idea of economic momentum this spring.
  • 12:48 PM » Foreclosure payouts go to wrong people
    Published Fri, May 02 2014 12:48 PM by CNBC
    A Florida bank is cutting thousands of checks to the wrong people, because the government told it to.
  • 12:21 PM » Do You Have a Simple Interest Mortgage?
    Published Fri, May 02 2014 12:21 PM by The Huffington Post
    "I recently discovered that the second mortgage I have had for 9 years was simple interest, which explains why I have made barely a dent in paying down the balance...The payment due date is the 11th of each month but the lender arranged for automatic payment on the 25th, without explaining to me that this would result in additional interest every I have a legal case?" I looked at your note and you do indeed have a simple interest mortgage (SIM). The lender certainly should have explained the implications of simple interest to you, but the disclosure rules don't require it, so I doubt that you have a legal case. But perhaps we can save some other innocent borrowers from making the same mistake. One thing that struck me about your note is that the simple interest provision is explicit, all you had to do was read the note and figure out how to protect yourself, which you did not do. In some other notes I have seen, the wording is so general that simple interest is not mandated but neither is it barred. In that situation, the only way to know whether or not it is a SIM is to examine the servicing statements that show how your loan is amortizing -- more about that below. Sometimes, loans that allow but don't mandate simple interest are not treated as SIMs by the lenders who originated them, but at some point the servicing of the loans is sold to another firm, who converts them into SIMs. This year, the servicing of millions of loans has been sold to specialized servicing firms, with many more to come. This is a good time, therefore, for borrowers to make sure that their mortgage has not been converted into a SIM, and if it has, to develop a plan for protecting themselves. It isn't all that difficult once you know the drill. The major difference between a standard mortgage and a SIM is that interest is calculated monthly on the first and daily on the second. Consider a 30-year 6 percent mortgage for $100,000, which will carry a monthly payment...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 10:35 AM » Jobs Report: Should You Believe the New Jobs Numbers? Depends on What You Mean by ‘Believe'
    Published Fri, May 02 2014 10:35 AM by
    What is the broader trend? It's best to pull back and look at a bigger set of data than just the monthly number that most excites markets.
    Click Here to Read the Full Article

  • 10:35 AM » U.S. factory orders up, durable goods revised higher
    Published Fri, May 02 2014 10:35 AM by Reuters
    WASHINGTON (Reuters) - New orders for U.S. factory goods rose for a second straight month in March, suggesting strength in manufacturing and the broader economy at the end of the first quarter.
  • 10:33 AM » Bond Report: Treasurys embrace caveats in strong jobs report
    Published Fri, May 02 2014 10:33 AM by Market Watch
    Treasury prices fall sharply, but retrace some losses as investors absorb some less-then-steller elements of the report.
  • 9:07 AM » These cities are rising real estate stars
    Published Fri, May 02 2014 9:07 AM by CNBC
    Here's why househunters in Miami, Chicago and... Lagos had better get ready for their dream homes to get pricier.
  • 8:53 AM » Payrolls jump in April as thaw hits jobs market
    Published Fri, May 02 2014 8:53 AM by CNBC
    Job creation accelerated in April as the U.S. economy shook off its winter doldrums to add 288,000 new positions, while the unemployment rate plummeted to 6.3 percent.
  • 8:52 AM » No, Seriously, The 2012 Jobs Data Wasn't Faked: Feds
    Published Fri, May 02 2014 8:52 AM by The Huffington Post
    WASHINGTON, May 1 (Reuters) - The U.S. Commerce Department found no evidence to support allegations that the monthly unemployment rate was manipulated before the 2012 presidential election, according to a report issued by the agency's office of inspector general on Thursday. The department launched the probe last November after the New York Post reported that data used in the closely watched survey was faked in the final stretch of President Barack Obama's re-election campaign, when the monthly unemployment rate fell to 7.8 percent from 8.1 percent. Republicans in the U.S. House of Representatives called the allegations "shocking" and sought documents and communications related to the collection of data for the Current Population Survey, which is used by the Bureau of Labor Statistics to calculate the unemployment rate. The Census Bureau rejected the allegations at the time and said it reported the claims to the Office of the Inspector General as soon as it learned of them. The newspaper story, citing anonymous sources, said the Census Bureau had caught an employee faking data for the survey in 2010, and the practice went beyond one employee and had continued. It said the employees had faked interviews to meet monthly quotas for the survey. In its report, the Office of Inspector General said it "exhaustively investigated these allegations and found them to be unsubstantiated. "However, during our review, we identified several areas where the Census Bureau could implement policies and improve processes to better prevent survey data falsification," it added. Among its recommendations were implementing a formal policy that prohibits any employees suspected of falsifying information from collecting data during the investigative process, and ensuring that supervisors have all available tools to detect and prevent such fraud. (Reporting by Peter Cooney; Additional reporting by Lucia Mutikani; Editing by Ken Wills)
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 8:22 AM » U.S. jobs report to signal stronger economic growth momentum
    Published Fri, May 02 2014 8:22 AM by Reuters
    WASHINGTON (Reuters) - U.S. hiring likely increased at its quickest pace in five months in April, which would bolster hopes of a strong rebound in economic activity in the second quarter.
  • 8:21 AM » Statement on the Home Forward Act of 2014
    Published Fri, May 02 2014 8:21 AM by CRL
    Rep. Maxine Waters has presented a solid proposal on how to carefully reform the nation's housing finance system.
  • 8:21 AM » London sets new record with $237 million apartment sale
    Published Fri, May 02 2014 8:21 AM by Reuters
    LONDON (Reuters) - London's red-hot property market has struck a new record with the sale of a 140 million pound ($237 million) unfurnished apartment, but even the developer of the opulent building warned that some asking prices in Britain were unsustainable.
  • 8:20 AM » ‘Most Real Estate Agents Are Terrible at Their Craft'
    Published Fri, May 02 2014 8:20 AM by Realtor.Org
    Motivational speaker and New York Times best-selling author Grant Cardone has some words for you that, well, may not be so motivating: “Most real estate agents are terrible at their craft.” OK, OK, before you get all angry, remember that this is one person’s opinion. Still, you might listen to the below podcast to find […]
  • 8:18 AM » US bonds fall ahead of nonfarms for April
    Published Fri, May 02 2014 8:18 AM by CNBC
    U.S. bonds tipped lower on Friday, ahead of the publication of April's key official nonfarm payrolls jobs data.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.61%
  • |
  • 15 Yr FRM 3.99%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
  • 30YR FNMA 4.5 103-25 (-0-03)
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  • 30YR FNMA 5.0 105-30 (-0-03)
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  • 30YR FNMA 5.5 107-30 (-0-04)
Recent Housing Data:
  • Mortgage Apps -1.15%
  • |
  • Refinance Index -2.64%
  • |
  • Purchase Index 5.06%