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Consumer Mortgage Choice Act Under Fire From CRL

Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Kickback Accusations Resolved by CFPB Consent Filing

Senator on a Mission to Change the Way Short Sales Affect Credit...

CFPB Reminds Lenders of Changes to Mandatory Arbitration Provisions...

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MBS RECAP: Reminded of Volatility via Friday Cliff-Diving

Mortgage Rates Jump Back To Recent Highs, More Volatility Ahead

Ginnie I, II, or...III: Combining the Programs and the Advantages...

MBS MID-DAY: Third Time is NOT the Charm for Bond Markets

The Day Ahead: Winding Down and Range Finding; 2 Cool Charts

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Senator Demands Change on Short Sale Credit Score Effects; Rates Snap Back To Recent Highs; Market Volatility Ahead of the Fed

Published: 5/17/2013

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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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Underutilized Program a 'Potentially Big Deal' For Retirees

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by Ted Rood on May 10 2013, 3:53 PM

One of the biggest challenges for retired borrowers is their ability to meet lenders’ income requirements. With 'stated-income' and 'no doc' loans disappearing following the housing meltdown, and federally mandated mortgage reforms keeping lending...
Fed's Duke Sees Challenges and Opportunities For Low Score Borrowers

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by Jann Swanson on May 10 2013, 8:17 AM

Federal Reserve Governor Elizabeth A. Duke, told an audience at the Housing Policy Executive Council on Thursday that despite the sustained recovery in the housing market that seems to be underway the level of housing market activity is still low. Particularly...
Rising Prices "Denting" Affordability in California; Significant Regional Variations

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by Jann Swanson on May 10 2013, 1:28 PM

The California Association of Realtors® (C.A.R.) said today that rising home prices in the state are putting a dent in housing affordability . Fifty-six percent of homebuyers earning the median income in their local area could afford to purchase a...
Builders Report Strong Growth in the 55+ Housing Market

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by Jann Swanson on May 10 2013, 8:52 AM

Builders are showing increased confidence in the over 55 single family housing market . The National Association of Home Builders Housing Market Index (HMI) for that market has risen 19 points over the last year to 46. First quarter results show the highest...
NAR: Some Areas Now Seeing Sellers' Markets

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by Jann Swanson on May 09 2013, 2:02 PM

Despite rising home prices in U.S. metropolitan areas in the first quarter, the National Association of Realtors® (NAR) said today that home affordability remains high. The year-over-year price increase posted in Quarter One was the largest in over...
Delaware Banker Faces 5-Years in Jail

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by Jann Swanson on May 09 2013, 2:27 PM

A former senior official at Wilmington Trust Company, Wilmington, Delaware has pleaded guilty to one count of conspiracy to commit bank fraud according to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP.) Joseph Terranova...
Fannie Mae's Record Earnings up the Ante For Taxpayers, by $52.4 Bln

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by Jann Swanson on May 09 2013, 1:33 PM

Fannie Mae reported today that it had pre-tax income of $8.1 billion in the first quarter of 2013, the largest quarterly results in the company's history. In the fourth quarter of 2012 the company reported pre-tax income of $7.57 billion. Based on its...
CFPB Having Second Thoughts About Restricting Credit Insurance Financing

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by Jann Swanson on May 09 2013, 10:06 AM

The Consumer Financial Protection Bureau (CFPB) is proposing to delay implementation of part of the Loan Originator Compensation Requirements it issued in January. The proposed delay affects a prohibition on creditors financing credit insurance premiums...
NY Attorney General Not a Big Fan of DeMarco, Doesn't Mind Saying so

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by Jann Swanson on May 08 2013, 2:10 PM

In a relatively scathing op-ed published today in the New York Daily News, New York State Attorney General Eric T. Schneiderman again called on President Obama to appoint a new acting director of the Federal Housing Finance Agency (FHFA). On May 1 the...
Freddie Mac Earnings Remain Near Record, Treasury Dividend Rises to $7.0 Billion

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by Jann Swanson on May 08 2013, 10:55 AM

Freddie Mac is reporting that it earned net income of $4.6 billion in the first quarter of 2013, the second largest amount in the company's history , compared to $4.5 billion in the fourth quarter of 2012. Comprehensive income was $7.0 billion, up from...
Mortgage Delinquencies Improve at Record Pace

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by Jann Swanson on May 08 2013, 9:42 AM

The decline in mortgage delinquencies appears to be picking up speed according to TransUnion's quarterly delinquency report . The national rate of loans 60 or more days past due fell 21 percent from the first quarter of 2012 to the first quarter of 2013...
Mortgage Applications Surge, Purchases at Three-Year High

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by Jann Swanson on May 08 2013, 8:11 AM

While refinancing drove mortgage originations, a small uptick was enough to send purchase applications to a three year high according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ended May 3. MBA...
Fannie Mae Promotes SMDU

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by Jann Swanson on May 07 2013, 4:15 PM

Fannie Mae spotlighted the availability of its Servicing Management Default Underwriter TM (SMDU TM ) today while alerting servicers that use of the loss mitigation tool which is now voluntary, will probably become mandatory soon . Fannie Mae said SMDU...
More Evidence That HARP 2.0 Revisions Revitalized The Program

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by Jann Swanson on May 07 2013, 12:42 PM

Refinancing volume remained high in February with more than 463,000 transactions completed through Freddie Mac and Fannie Mae (the GSEs) during the month, down only slightly from 469,953 in January. Of the February total 294,303 were purchased or guaranteed...
Expecting Higher Home Prices? Fannie Mae Says You're Not Alone

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by Jann Swanson on May 07 2013, 10:04 AM

The April edition of Fannie Mae's National Housing Survey revealed increasing optimism in American attitudes toward both housing and the overall economy. Virtually every positive indicator in the survey ticked upward. More than half of survey respondents...

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