January 2013 - MND NewsWire

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Mortgage Rates Skyrocket Past 2013 Highs Today; Existing Home Sales; Mortgage Apps

Published: 5/22/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Fannie, Freddie Extend Foreclosure Moratorium for Huricane Sandy Victims

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by Jann Swanson on January 31 2013, 3:09 PM

Homeowners whose homes were damaged by the late October super-storm Sandy are getting an extension of the mortgage relief extended immediately after the storm. The Federal Housing Administration (FHA) and Fannie Mae and Freddie Mac (the GSEs) will extend...
8.6 Million Mortgage Originations in 2012, Highest Since 2007

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by Jann Swanson on January 31 2013, 11:13 AM

The December Mortgage Monitor report released by Lender Processing Services and covering performance data for the full 2012 calendar year , found that while mortgage delinquency rates remained at elevated levels, they have shown steady improvement, ending...
LPS Settles DocX Robo-Signing Litigation with 46 States

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by Jann Swanson on January 31 2013, 9:41 AM

Lender Processing Services will pay an aggregated sum of $127 million to resolve suits with 46 states and the District of Columbia arising out of activities of its former subsidiary DocX LLC . The company previously announced settlements with three other...
RealtyTrac Rates Best Places to Buy Foreclosures in 2012 as Activity Climbs 57%

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by Jann Swanson on January 31 2013, 7:48 AM

RealtyTrac, the Irvine, California firm that tracks foreclosure activity nationwide, reports that foreclosure activity increased last year in 57 percent of large metropolitan areas. Foreclosure filing increased in 120 of the 212 cities with populations...
FHA Looks to Shore Up Finances with New MIP Changes

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by Jann Swanson on January 30 2013, 2:45 PM

Federal Housing Administration Commissioner Carol Galante has just announced several significant changes to FHA requirements, processes, and fees in an ongoing effort by the agency to shore up its Mutual Mortgage Insurance Fund (MMI Fund.) The first change...
Mortgage Applications Fall 8.1% as Rates Tick Up Sharply

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by Jann Swanson on January 30 2013, 8:16 AM

After a strong showing in the first few weeks of the New Year, mortgage applications dropped sharply during the week ended January 25. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of application volume, decreased...
Pace of Annual Home Price Increases is Quickening

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by Jann Swanson on January 29 2013, 10:28 AM

The S&P/Case Shiller Home Price Indices posted another set of strong and broad-based annual increases in November 2012. Data released today shows that the 10-City Composite Index rose 4.5 percent and the 20-City Composite was up 5.5 percent compared...
Broadened Servicer Authority to Grant Deeds-in-Lieu and Postpone Foreclosures Coming March 1

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by Jann Swanson on January 29 2013, 9:15 AM

Freddie Mac and Fannie Mae have written a new escape clause into servicing regulations for homeowners who are both underwater and struggling to meet their mortgage payments. The new rule, which will go into effect on March 1 , delegates authority to servicers...
SEC Charges Former Jefferies Director with MBS-Related Fraud

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by Jann Swanson on January 28 2013, 2:52 PM

The managing director of the mortgage-backed securities (MBS) desk at Jefferies and Co. has been charged with fraud for allegedly lying about the origin and history of MBS he was selling to investors following the crash of the housing industry. The Securities...
Tight Supply Blamed for Weaker Pending Home Sales

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by Jann Swanson on January 28 2013, 10:37 AM

Even though contract signings declined in December it was the 20 th straight month where pending home sales increased on an annual basis. The National Association of Realtors® ( NAR ) said that its Pending Home Sales Index (PHSI) fell 4.34 percent...
Court Ruling Jeopardizes Cordray's Recess Appointment

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by Jann Swanson on January 25 2013, 12:41 PM

The U.S. Court of Appeals for the District of Columbia just ruled that three recess appointments made by President Barack Obama last year are constitutionally invalid . The Court ruled specifically on appointments made to the National Labor Relations...
New Home Sales Fell in December, but Up Sharply in 2012

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by Jann Swanson on January 25 2013, 10:40 AM

Sales of new homes fell in December, down 7.3 percent from November to a seasonally adjusted annual rate of 369,000. This is 8.8 percent higher than the December 2011 estimate of 339,000 new units. The bad December number is tempered somewhat by a revision...
Plan to Use Eminent Domain for Underwater Homes Abandoned

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by Jann Swanson on January 25 2013, 9:24 AM

Eminent Domain is no longer under consideration as a mortgage modification tool in San Bernardino County California . The County and two of its cities, Ontario and Fontana have announced they are abandoning a proposed plan to use that power to assist...
President Renominates Cordray as CFPB Director, Picks Former U.S. Attorney for SEC

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by Jann Swanson on January 24 2013, 2:21 PM

President Obama has named Mary Jo White to head the Securities and Exchange Commission (SEC) and reappointed Richard Cordray as Director of the Consumer Finance Protection Bureau ( CFPB ). Cordray is currently serving in that capacity through a recess...
Hard Hit California Housing Market Rebounds as Home Values Rise

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by Jann Swanson on January 24 2013, 1:37 PM

It appears that one of the nation's largest and most troubled housing markets is getting back to normal. According to data released by DataQuick, Notices of Default (NoDs), the first step in the foreclosure process, on California houses and condos fell...

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