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  • Thu, Jul 24 2014
  • 3:40 PM » Oversight Requests Justice Department Documents on Mortgage-Backed Securities Settlements
    Published Thu, Jul 24 2014 3:40 PM by House Oversight
    House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., today sent a letter to Attorney General Eric Holder regarding oversight of the Department of Justice's litigation policy with respect to large financial institutions accused but not convicted or adjudicated of illegal conduct in conjunction with the financial crisis. "On...
    Click Here to Read the Full Article

    Source: House Oversight
  • 3:39 PM » Why Easing Education Debt Won't Necessarily Help the Economy
    Published Thu, Jul 24 2014 3:39 PM by webfeeds.brookings.edu
    Student loan debt has become the scapegoat for nearly all that ails the U.S. economy, from depressed home ownership , to lower rates of entrepreneurship , and even the sluggish recovery from the great recession.  The problem with all of this blame is that the accusations are difficult to substantiate.  Much of the discussion about the effects of student loan debt focuses on comparing outcomes faced by individuals with student loan debt to those of individuals without student loan debt.  The differences in observed outcomes are cited as evidence of an impact of student loan debt.  But, there are two reasons why this approach doesn’t tell us what we need to know about the effects of education debt.  First, the population of individuals who take on debt to pay for college is different from the population of individuals who take on little or no education debt.  These differences are sometimes observable and sometimes not.  This means that outcomes faced by borrowers and non-borrowers are likely to differ for reasons that are unrelated to the debt itself.  In order to effectively measure the effect of debt, we would need to be able to control for all of these differences.  This presents a methodological challenge because not all of the differences are observable.      Second, the population of borrowers (and non-borrowers) has been changing over time.  This means that longitudinal studies comparing borrowers and non-borrowers are difficult to interpret.  The changes in behavior, such as home ownership, that occur over time may be due to trends in borrowing, but could also be due to the changing characteristics of the borrowing population.  Due to these challenges, we’ve yet to pin down the answers to our questions regarding these relationships.  Understanding the relationship between student loan...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 3:02 PM » States with the Most Negative Equity in Residential Real Estate
    Published Thu, Jul 24 2014 3:02 PM by The Big Picture
    Source: RealtyTrac   Each quarter, RealtyTrac releases its "Home Equity and Underwater Report." According to RealtyTrac’s data, "9.1 million U.S. residential properties were seriously underwater.” Mortgages that are “seriously underwater” exceed a property’s value by at least 25 percent. They also account for 17.2 percent of all properties with a mortgage. That number decreased slightly... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 3:02 PM » CFPB proposes changes to HMDA reporting
    Published Thu, Jul 24 2014 3:02 PM by NAFCU
    CFPB announced on Thursday a proposal to revise the tests that determine which financial institutions are covered under the Home Mortgage Disclosure Act - establishing a uniform loan-volume threshold of 25 loans per year.
  • 2:25 PM » Zillow Said to Be Seeking to Buy Rival Real-Estate Site Trulia
    Published Thu, Jul 24 2014 2:25 PM by Business Week
    Zillow Inc. (Z:US) is seeking to acquire rival Trulia Inc. (TRLA:US), people with knowledge of the matter said, in a move to combine the two most-visited U.S. real estate websites. Zillow could value Trulia at as much as $2 billion in a purchase, and an agreement may be announced as soon as next week, said one of the people, who asked not to be identified because the information is private. Talks between the companies are ongoing and may not lead to a deal.
    Click Here to Read the Full Article

    Source: Business Week
  • 2:11 PM » Greenspan says bubbles can't be stopped without ‘crunch'
    Published Thu, Jul 24 2014 2:11 PM by Market Watch
    WASHINGTON (MarketWatch) - Former Federal Reserve Chairman Alan Greenspan has always been a student of the economy. Since the financial crisis, he's become a student of human nature. Sitting in his office with a view of the Washington Monument in the distance, Greenspan is eager to share the insight distilled in his recent book, "The Map and the Territory," due out in paperback this fall.
  • 2:02 PM » Sodastream trader makes 3000% profit
    Published Thu, Jul 24 2014 2:02 PM by CNBC
    One trader turned $7,500 into $250,000 in just hours. So was it dumb luck-or something more sinister?
  • 2:02 PM » Wonkblog: These two charts explain why it's unusually tough right now to find a newly built home
    Published Thu, Jul 24 2014 2:02 PM by Washington Post
    If you're looking to buy a home, finding a newly built one may be tough. The share of new homes being sold is unusually low, in part because fewer of them are being constructed. It is not likely to get better anytime soon. The Commerce Department reported Thursday that new home sales fell 8.1 percent in June from the previous month to a seasonally adjusted rate of 406,000. That's down 11.5 percent from a year earlier. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:02 PM » Blackstone Said to Prepare $700 Million Sale of Home Debt - Bloomberg
    Published Thu, Jul 24 2014 2:02 PM by Bloomberg
    Blackstone Said to Prepare $700 Million Sale of Home Debt Bloomberg Blackstone Group LP, the largest U.S. landlord of single-family homes, is working with Deutsche Bank AG to sell about $700 million of securities tied to mortgages on rental properties, its third such deal, according to a person with knowledge of the plans.
  • 12:58 PM » Global economy still limping along
    Published Thu, Jul 24 2014 12:58 PM by CNN
    The world economy is stuck in low gear even as the risks to growth mount, the International Monetary Fund said Thursday.
  • 12:54 PM » Fair Housing and the Data Paradox
    Published Thu, Jul 24 2014 12:54 PM by National Housing Conference
    by Patrick Reed, National Housing Conference In a push for crowd-sourced innovation and better transparency, federal agencies are opening up their data vaults to the public, substantially increasing the accessibility of this information. State agencies and local governments are increasingly following suit. In general, most would agree that improved data accessibility is a good thing; however, increased availability is not without its challenges, particularly for low-income households and their advocates. Consider the propositions of the following paradox: A.       Open access to data improves opportunity for low-income households. ·          Example: Using publically available data, PHAs can create opportunity maps to locate census tracts with strong social capital and strong transit access. Housing Choice Voucher counselors can use these maps to help inform their clients' decisions. B.       Open access to data harms opportunity for low-income households. ·          Example: Using an online tool, a high-income family realizes that a home they are interested in purchasing falls within the boundaries of a census tract with a large number of foreclosures and vacancies. They decide not to pursue the property any further. Current residents in the neighborhood miss out on the addition of a stable family that could have potentially drawn in more resources and higher-income neighbors. If we're thinking in terms of net gains and losses, we can't say that both of these propositions are simultaneously true. Lisa Prevost's article in last Friday's New York Times does an excellent job of contextualizing the data access problem. Third-party companies help people access detailed information about neighborhood demographics, income levels...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 11:21 AM » Settling debts with other people's money: Use of investor funds in lender settlements
    Published Thu, Jul 24 2014 11:21 AM by Google News
        As part of their $25 billion settlement in 2012 of lending abuse claims, five of the nation's largest banks agreed to modify mortgages for borrowers struggling to make their original monthly payments. To the consternation of many investors, the settling banks were given credit not only for modifying loans that they held in [...]
  • 11:21 AM » JPMorgan Seen Facing Bigger Fight With Mortgage Investors - Bloomberg
    Published Thu, Jul 24 2014 11:21 AM by Bloomberg
    JPMorgan Seen Facing Bigger Fight With Mortgage Investors Bloomberg JPMorgan Chase & Co. (JPM) may need to pay more than the $4.5 billion it offered to settle investor claims over faulty mortgages packaged into securities before the U.S. housing crash, a report prepared for bond trustees shows. Trustees should reject the ...
  • 11:21 AM » Morgan Stanley to Pay $275 Million for Misleading Investors in Subprime RMBS Offerings
    Published Thu, Jul 24 2014 11:21 AM by SEC
    The Securities and Exchange Commission today charged three Morgan Stanley entities with misleading investors in a pair of residential mortgage-backed securities (RMBS) securitizations that the firms underwrote, sponsored, and issued. Morgan Stanley agreed to settle the charges by paying $275 million to be returned to harmed investors. In an asset-backed securities offering, federal regulations under the securities laws require the disclosure of delinquency information for the mortgage loans serving as collateral.  An SEC investigation found that Morgan Stanley misrepresented the current or historical delinquency status of mortgage loans underlying two subprime RMBS securitizations that came against a backdrop of rising borrower delinquencies and unprecedented distress in the subprime market. “The delinquency status of mortgage loans in an RMBS securitization is vital information to investors because those loans are the primary source of funds by which they potentially can recover and profit from their investments,” said Michael Osnato, chief of the SEC Enforcement Division’s Complex Financial Instruments Unit.  “Morgan Stanley understated the number of delinquent loans behind these securitizations during a critical juncture of the financial crisis and denied investors the full extent of the facts necessary to make informed investment decisions.” According to the SEC’s order instituting a settled administrative proceeding against Morgan Stanley & Co. LLC, Morgan Stanley ABS Capital I Inc., and Morgan Stanley Mortgage Capital Holdings LLC, these securitizations were collateralized by mortgage loans with an aggregate principal value balance of more than $2.5 billion.  They were the last subprime RMBS that Morgan Stanley sponsored, issued, and underwrote.  The offerings themselves were called Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 and Morgan Capital I Inc. Trust...
  • 10:32 AM » New home sales throw cold water on jobless party
    Published Thu, Jul 24 2014 10:32 AM by CNBC
    New U.S. single-family homes fell sharply in June, suggesting the housing market would struggle to regain momentum.
  • 10:31 AM » Standards are Tighter, Sure. But is It Really That Hard to Get A Mortgage?
    Published Thu, Jul 24 2014 10:31 AM by WSJ
    It has become a common refrain: "It's too hard to get a mortgage." But is it true?
  • 10:21 AM » Mortgage Rates Remain Near Year's Low
    Published Thu, Jul 24 2014 10:21 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Remain Near Year's Low
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:06 AM » Jobless claims fall to lowest level since early 2006
    Published Thu, Jul 24 2014 9:06 AM by Reuters
    WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction.
  • 9:04 AM » D.R. Horton Earnings Fall as Company Incurs Impairment Charges - Bloomberg
    Published Thu, Jul 24 2014 9:04 AM by Bloomberg
    D.R. Horton Earnings Fall as Company Incurs Impairment Charges Bloomberg D.R. Horton Inc. (DHI), the largest U.S. homebuilder by revenue, said fiscal third-quarter earnings declined as the company's sales margin shrank and it incurred $54.7 million in pretax charges. Net income was $113.1 million, or 32 cents a share, for the three ... and more »
  • 9:03 AM » How High Debt From The Housing Collapse Still Stifles Our Economy
    Published Thu, Jul 24 2014 9:03 AM by www.npr.org
    Seven years after the subprime mortgage crisis, the U.S. economy has not yet fully recovered. Now two economists have come up with new evidence about what's holding the economy back.
  • 9:03 AM » US bonds decline despite Ukraine, Gaza fears
    Published Thu, Jul 24 2014 9:03 AM by CNBC
    U.S. Treasury bonds declined on Thursday but remained elevated, due to demand for "safe-haven" assets as geopolitical tensions persist.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.95%
  • |
  • 15 Yr FRM 3.13%
  • |
  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 108-09 (0-00)
  • |
  • 30YR FNMA 5.0 110-21 (0-01)
  • |
  • 30YR FNMA 5.5 111-18 (0-00)
Recent Housing Data:
  • Mortgage Apps 11.56%
  • |
  • Refinance Index 23.29%
  • |
  • FHFA Home Price Index 0.67%