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  • Mon, Jun 16 2014
  • 8:52 PM » "Coming Soon" Properties Can Create Consumer Confusion
    Published Mon, Jun 16 2014 8:52 PM by Google News
    WASHINGTON (June 16, 2014) - The National Association of Realtors ® today published information for NAR members regarding advertising properties as "coming soon." Some "coming soon" advertisements involve unlisted properties which may or will be listed with a broker in the near future, while others relate to properties that are subject to listing agreements where property is available to potential purchasers only through the listing broker and not... Read More
  • 8:51 PM » Ocwen to Pay $3.7 Million to Massachusetts Over Failure to Provide Notices to Homeowners, Unlawful Foreclosures
    Published Mon, Jun 16 2014 8:51 PM by
    Ocwen to Pay $3.7 Million to Massachusetts Over Failure to Provide Notices to Homeowners, Unlawful Foreclosures<br/>
  • 8:50 PM » JPMorgan Blamed for 'Zombie' Properties in Miami Lawsuit - Bloomberg
    Published Mon, Jun 16 2014 8:50 PM by Bloomberg
    JPMorgan Blamed for 'Zombie' Properties in Miami Lawsuit Bloomberg JPMorgan Chase & Co. (JPM) engaged in a "pattern of discriminatory" lending that led to foreclosures, the city of Miami said in a lawsuit filed last week in federal court, the latest in a series of similar claims filed against the nation's largest banks. Last month ... and more »
  • 8:50 PM » CFPB orders New Jersey title services company to pay for illegal mortgage referrals
    Published Mon, Jun 16 2014 8:50 PM by
    Marc Patterson On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for referrals in violation of RESPA Section 8. According to the CFPB’s press release, Stonebridge paid commissions to... More >
    Click Here to Read the Full Article

  • 3:38 PM » Existing Home Inventory up 13.7% year-over-year on June 16th
    Published Mon, Jun 16 2014 3:38 PM by Calculated Risk Blog
    There is a clear seasonal pattern for inventory, with the low point for inventory in late December or early January, and then usually peaking in mid-to-late summer. The Realtor (NAR) data is monthly and released with a lag (the most recent data was for April). However Ben at Housing Tracker (Department of Numbers) has provided me some weekly inventory data for the last several years.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:09 PM » As American Cities Grow, New Urbanism Must Be Inclusive
    Published Mon, Jun 16 2014 3:09 PM by The Huffington Post
    Mention affordable housing and too often it conjures up the thought of failed housing programs from the '50s and '60s. Not only does this fly in the face of reality of what's happening in our cities today but it does a disservice to the residents of recently built affordable homes. Simply stated, affordable housing means bringing income diversity to neighborhoods, rather than isolating communities from one another. Traditionally, affordable housing was something that was only built in certain areas -- typically less desirable -- of most cities. However, it's important that all residents, including working families, enjoy the opportunity to live throughout city neighborhoods. Let's remember, cities across the country have reversed decades of population decline and are now growing. Once places people couldn't wait to leave, cities are now where more and more people want to live, work, and play. This isn't an accident. The high-rise apartments and closely located brownstones that represent many American cities are now recognized as integral to community living. What's more, long drives from remote suburbs to offices in cities have taken a toll on commuters. Urban dwellers are finding there is a correlation between shorter commutes and happiness, and this realization is helping to make cities across the United States a focus for growth. Populations in cities have reversed decades of loss by growing in the last 10 years. Coming out of the Great Recession, the number of urban residents has rapidly increased. And these residents are likely to have a better of quality of life. In fact, a recent book by Charles Montgomery, Happy City: Transforming Our Lives Through Urban Design , argues the way cities are built powerfully influences moods and behavior and, done correctly, will lead to happier lives. And in rebuilding our cities, they must be not just for the wealthy but for working families as well. This new urbanism must be inclusive. That's...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 1:44 PM » Affordable Housing Linked to Children's Brainpower, Study Says - Bloomberg
    Published Mon, Jun 16 2014 1:44 PM by Bloomberg
    Affordable Housing Linked to Children's Brainpower, Study Says Bloomberg The amount of money low-income families spend for housing affects their children's cognitive ability, with too little or too much having a negative impact, a study from Johns Hopkins University showed. Children's reading and math ability suffer when families ...
  • 12:49 PM » Subcommittee Continues Investigation of CFPB
    Published Mon, Jun 16 2014 12:49 PM by House Financial Services
    The House Financial Services Oversight and Investigations Subcommittee voted today to authorize subpoenas for two more whistleblowers who have come forward alleging discrimination and retaliation at the CFPB. The whistleblowers -- CFPB Examiner Ali Naraghi and former Bureau employee Kevin Williams - asked to be subpoenaed in order to protect their interests and guard against further retaliation by the Bureau The latest round of subpoenas is part of the Subcommittee's ongoing investigation into what a previous CFPB whistleblower testified is "a pervasive culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing." "When allegations of discrimination at the CFPB were first uncovered, my subcommittee committed to investigating these claims and providing all affected Bureau employees a forum to share their stories of mistreatment by agency leaders," said Oversight and Investigations Subcommittee Chairman Patrick McHenry (R-NC). "We are continuing these important efforts by subpoenaing two more employees who have experienced both discrimination and retaliation while at the Bureau. This behavior has no place in our government and my subcommittee will not rest until we have exposed those CFPB leaders responsible," McHenry added. The Subcommittee has already held two hearings on employee allegations, which were first chronicled in a March 6 article in the American Banker. At the Subcommittee's April 2 hearing, CFPB attorney and whistleblower Angela Martin testified about the Bureau's "pervasive culture of retaliation and intimidation," saying she and her colleagues "have suffered and are suffering at the hands of inexperienced, unaccountable managers." At that same hearing, the Subcommittee heard testimony from Misty Raucci, an outside investigator hired by the CFPB to examine Martin's claims. Raucci's investigation concluded that Martin's claims of...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 12:49 PM » CRL Supports Proposed CFPB Amendments to Qualified Mortgage Rule (QM)
    Published Mon, Jun 16 2014 12:49 PM by CRL
    In these comments, CRL expresses general support for the Consumer Financial Protection Bureau's proposals to amend the 2013 Mortgage Rules under the Truth in Lending Act (Regulation Z).
  • 12:49 PM » JPMorgan sued by Miami over alleged mortgage discrimination
    Published Mon, Jun 16 2014 12:49 PM by Reuters
    NEW YORK (Reuters) - JPMorgan Chase & Co has been sued by the city of Miami, accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade's housing crisis.
  • 11:30 AM » What Will the Fed Do Next?
    Published Mon, Jun 16 2014 11:30 AM by
    What will the cognoscenti be looking for Wednesday for when Federal Reserve officials release the results of their latest policy meeting and their updated economic forecasts – and Janet Yellen holds her second press conference as Fed chair? No big change in policy is likely. The Fed probably will continue to pare the size of its monthly bond-buying by $10 billion and vow to keep interest rates low as long as the labor market is weak and inflation is below its target. You can see the data on inflation and unemployment at which the Fed is looking on the Hutchins Center’s new “ Janet Yellen’s Dashboard .” So most of the focus Wednesday will be on what the Fed says rather than what it does. In the Federal Open Market Committee’s end-of-meeting statement, one key is how Fed policymakers view incoming data on the U.S. economy. My Hutchins Center colleague Don Kohn, the former Fed vice chair who is now a senior fellow in Economic Studies at Brookings, says, “I will be paying a lot of attention to the first few paragraphs of the announcement where the FOMC characterizes the incoming data and its outlook for the future. Those are now the ingredients of qualitative guidance. Both unemployment and inflation are closer to the FOMC’s objectives than it probably expected. How do they evaluate that progress? Are they more confident about continued progress?” Then there’ll be the now famous “dots,” the forecasts that individual Fed policymakers make (before the meeting) for economic growth, unemployment, inflation and interest rates (these are the  dots ) over the next three years – and in the longer run.  The FOMC statement gives the consensus, but the individual forecasts reveal, among other things, when each committee member expects the Fed to raise short-term rates and how quickly. The Fed doesn’t identify...
    Click Here to Read the Full Article

  • 11:03 AM » Most powerful woman in banking retires
    Published Mon, Jun 16 2014 11:03 AM by CNBC
    Irene Dormer, president and CEO of HSBC U.S. is retiring after 32 years at the bank, to be succeeded by Pat Burke.
  • 11:03 AM » IMF's Lagarde urges 'gradual path' for Fed rate hikes
    Published Mon, Jun 16 2014 11:03 AM by Reuters
    WASHINGTON (Reuters) - The head of the International Monetary Fund said on Monday that the U.S. Federal Reserve should move interest rates up only gradually when it finally begins to lift borrowing costs from near-zero.
  • 11:02 AM » This bank is about to become the biggest EVER
    Published Mon, Jun 16 2014 11:02 AM by CNBC
    In a year when banks' performance has been lackluster at best, Wells Fargo has been anything but.
  • 10:14 AM » Home builder sentiment surges in June
    Published Mon, Jun 16 2014 10:14 AM by CNBC
    Sentiment among the nation's home builders surged ahead in June and is now one point shy of crossing into positive territory.
  • 9:32 AM » Manufacturing output increases solidly in May
    Published Mon, Jun 16 2014 9:32 AM by Reuters
    WASHINGTON (Reuters) - U.S. manufacturing output rose solidly in May as production increased across the board, bolstering expectations that economic growth would rebound strongly this quarter.
  • 9:10 AM » Down Payments: Today's Most Persistent Misconception about Mortgages
    Published Mon, Jun 16 2014 9:10 AM by Freddie Mac
    By VP and Head of Single-Family Sales & Relationship Management Christina Boyle Today's consumers persistently overestimate the size of a down payment they need to finance a home. Just how deep-rooted the myth of the large down payment is was made plain in some recent research from Zelman & Associates in New York, which found respondents, on average, believe lenders require equity of 11 to 15 percent. Read More
  • 9:10 AM » 5 Ways That Buying a Home Can Hurt Your Credit
    Published Mon, Jun 16 2014 9:10 AM by
    Make sure you understand the ways that buying a home could have a negative impact on your credit. Read More The post 5 Ways That Buying a Home Can Hurt Your Credit appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 9:10 AM » Real Estate: Why Middle Class Homes Aren't Selling
    Published Mon, Jun 16 2014 9:10 AM by
    Despite the hopes of many the real estate marketplace has not returned to the era of rising prices and expanding home sales. The certainty that once powered real estate sales, the view that real estate was a sure and certain investment, one steady to grow in value, is no longer widespread. To understand what’s going […] The post Real Estate: Why Middle Class Homes Aren’t Selling appeared first on OurBroker .
    Click Here to Read the Full Article

  • 9:09 AM » ECB Said Likely to Refrain From New Measures for Next Few Months - Bloomberg
    Published Mon, Jun 16 2014 9:09 AM by Bloomberg
    ECB Said Likely to Refrain From New Measures for Next Few Months Bloomberg European Central Bank President Mario Draghi's policies have encouraged investors to bid up European assets from bonds to stocks and avoid cash. Close. European Central Bank President Mario Draghi's policies have encouraged investors to... Read ... and more »
  • 8:35 AM » Fed in focus as investors seek reassurance
    Published Mon, Jun 16 2014 8:35 AM by CNBC
    Investors will look to the Fed for reassurance this week, with little data to assuage their concerns over the strength of the global recovery.
  • 8:30 AM » Real estate quagmire sinks Gen X, Y fiscal hopes
    Published Mon, Jun 16 2014 8:30 AM by CNBC
    Intense compounding of leverage-fueled rates of return on seemingly safe hard assets led many Gen Xers into part-time landlord gigs that then failed.
  • 8:30 AM » US bonds boosted by Iraq fears; Bunds also rise
    Published Mon, Jun 16 2014 8:30 AM by CNBC
    U.S. Treasury bond prices rose on Monday, with risk aversion growing due to geopolitical concerns in Iraq, and to a lesser extent, Ukraine.
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Mortgage Rates:
  • 30 Yr FRM 4.70%
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  • 15 Yr FRM 4.15%
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  • Jumbo 30 Year Fixed 4.73%
MBS Prices:
  • 30YR FNMA 4.5 103-32 (0-01)
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  • 30YR FNMA 5.0 105-24 (0-01)
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  • 30YR FNMA 5.5 106-27 (-0-10)
Recent Housing Data:
  • Mortgage Apps -2.60%
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  • Refinance Index -3.69%
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  • Purchase Index -1.98%