LoanPerformance HPI Monthly Data:  “Thirty-three states now show year-over-year real estate declines according to this latest LoanPerformance HPI release,” said Mark Fleming, chief economist for First American CoreLogic. “However, on a quarter-over-quarter basis, there are now thirty-eight states with decreasing property values,” added Fleming. – Loanperformance

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Proposal for Government-Backed Mortgage Substitution Loans of Up to 20% of US Homeowners’ Current Mortgage Balance – 6 page pdf – CMPS Institute
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Stick a Fork in It: Moody’s Downgrades 1,923 Subprime RMBS Classes — In Just Two Days -  Cue more write-downs, as if there weren’t enough to begin with. Moody’s Investors Service has decided that it’s finally time to downgrade investment grade subprime… – housingwire

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How bad will subprime mortgage losses get? Based our analysis of the bonds that make up the ABX subprime mortgage index, not nearly as bad as many people seem to think. – Tom Brown – bankstocks.com 

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1.  NEW U.S. MONTHLY HOUSE PRICE INDEX ESTIMATES 0.6 PERCENT PRICE INCREASE BETWEEN JANUARY AND FEBRUARY -   OFHEO
2.  Quarterly home-price declines seen in 36 states – OFHEO index finds national prices up 0.6% in February -   Inman
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Andrew Davidson Industry Insight - Six Myths of Credit Valuation – In recent months, AD&Co has been asked to help firms understand and manage risk relating to credit-sensitive MBS, both in the US and abroad. While it is not always easy to explain the market’s rationale in times of panic or stagnation, we warn investors not to be misguided by some common myths that have surfaced. – riskcenter.com free reg.

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Better Off Now Than Five Years Ago? – Paul Kedrosky

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Fannie Mae, Freddie Mac get accounting warning -  The regulator for Fannie Mae and Freddie Mac, the Office of Federal Housing Enterprise Oversight (OFHEO), told the government-chartered buyers of mortgage debt Monday that they must be judicious in using fair-value accounting rules or they will be barred from them. At issue is accounting standard No. 159 …  – Washington Business Journal 

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SIFMA forms panel to examine credit-rating system: SIFMA has set up a task force, which will take an “integrated approach” to reviewing the credit-rating system, how the ratings are used, the quality of the ratings and the independence of the rating agencies. – SIFMA
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message to OCC:  Mr Dugan: Please Learn to Listen . . . . . . to avoid repeating the mistakes your agency has made in the past – Vernon Hill – bankstocks.com 
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This came to my email – Bennigan’s, and restaurants like it must be hurting
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Trouble?? – FHLB-Chicago stops mortgage-buying program -  — The Federal Home Loan Bank of Chicago is shutting down its groundbreaking program to buy mortgages originated by member banks in Illinois and Wisconsin as it grapples with … -  Crain’s

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THE ASTUTE OBSERVER: SECURITITIS SETS IN – Jeffrey D. Lacilla – Slatin Report

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RBS Write-down and Rights Issue Ups the Ante for Banks – Research Recap

posted By Bill Coppedge