Important: TALF part 1 – thanks Marty Rosenblatt – READ THIS – has haircut chart – maybe mortgages are next – Term Asset-Backed Securities Loan Facility: Terms and Conditions1 – FRBNY 

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Fannie Mae to Loosen Refinancing Rules – By Jody Shenn – Bloomberg – … Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice to lenders it distributed this week. The changes apply to loans that the company owns or guarantees.  … – Washington Post

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1.  The John Paulson Way to Profits – Posted by Prieur du Plessis – John Paulson, US hedge fund manager, shot to fame last year by capitalizing in spectacular fashion on the credit crisis by betting against a number of financial institutions. A fascinating peep behind the curtain of his investment actions comes to us courtesy of DealBook, having obtained Paulson’s 28-page year-end report to his investors. – Investment Postcards from Cape Town 

2.  EXCELLENT: Updated with lots of charts – Credit Crisis Watch: Some Positive Developments – Posted by Prieur du Plessis – Investment Postcards from Cape Town

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no surprise – Equity Cash-Out At Eight-Year Low – In the fourth quarter of 2008, U.S. homeowners cashed out $17.5 billion in home equity through the refinance of prime first-lien mortgages, the lowest amount since the first quarter of 2001, according to Freddie Mac’s quarterly refinance review – Originator Times 

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Are Bankruptcy Cramdowns For Real? - by John Clapp  – Two developments that the servicing community should find noteworthy have taken shape this week. One deals with the again-red-hot bankruptcy cramdown issue; the other pertains to modifying loans or, more accurately, taking loan modifications to a new – and possibly necessary – level. The House Judiciary Committee on Tuesday approved the plainly titled Helping Families Save Their Homes in Bankruptcy … – MortgageOrb 

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1.  Zillow:  U.S. Property Owners Lost $3.3 Trillion in Home Value Last Year -  By Dan Levy – … The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said. … – Bloomberg

2.  Obama Foreclosure-Relief Plan May Guarantee Rewritten Loans – By Alison Vekshin – The Obama administration is considering government guarantees for home loans modified by their servicers, seeking to stem the record surge of foreclosures that’s hammering U.S. property values. – Bloomberg 

3.  Toxic-Asset Guarantees Gain Momentum in US Bank-Rescue Talks -  Robert Schmidt – The Obama administration, aiming to overhaul the $700 billion financial-rescue program, is refocusing on an effort to guarantee illiquid assets against losses without taking them off banks’ balance sheets. – Bloomberg

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Signs Of The Coming Recovery – Brian S. Wesbury and Robert Stein – We have to be patient with monetary policy. – Forbes 

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1.  Freddie gives Ocwen a Shot – Freddie Mac hires servicers for high-risk mortgages – Reuters

2.  Citigroup deploys $36.5 bln, eyes exit on Mets – To invest $10 bln in Fannie, Freddie-backed home loans – Reuters

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Citigroup comes clean on TARP uses -  Amid heavy scrutiny from taxpayers and lawmakers, the bank issues a report detailing its use of $45 billion in government bailout funds – CNN Money

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has good chart – Reverse Mortgage Rates – John Yedinak – The average 10-year Treasury rate rose by 19 bp last week, and today it’s down 12 bp from Friday. Interesting times. With some offering HECM T+300 and HECM T+325 … – Reverse Mortgage Daily

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Pimco Official Wary of Fed Buying Treasurys – … Steve Rodosky, head of Treasury and derivatives trading at Newport Beach, Calif.-based Pimco, said …  “The risk of buying Treasurys is that you would widen the yield spreads between Treasurys and risky assets,” said Rodosky in an interview. … – WSJ Blogs