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States moving on smaller U.S. mortgage probe deal - (Reuters) - States are crafting a scaled-back mortgage abuses settlement with top U.S. banks that would exclude California, one of the states hardest hit by foreclosures and falling home prices. The smaller settlement would mean that the big banks would pay less in fines. The proposed $25 billion deal could come down by as much as a quarter without California, according to people familiar with the discussions. But it would also keep the banks exposed to legal claims in that state's large, distressed market.

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realtors blame banks for failing to inflate a replacement housing bubble - by IrvineRenter - Irvine Housing Blog

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(great charts) FDIC-insured institutions’ 1-4 Family Real Estate Owned (REO) decreased in Q3 - by CalculatedRisk - The FDIC released the Quarterly Banking Profile today for Q3. The report showed that 1-4 family Real Estate Owned (REO) by FDIC insured institutions declined to $11.9 billion in Q3, from $12.1 billion in Q2 - and from a record $14.76 billion in Q3 2010. ... Of course this is just a small portion of the total 1-4 family REO. Here is a graph showing REO inventory for Fannie, Freddie, FHA1, Private Label Securities (PLS), and FDIC insured institutions. (economist Tom Lawler has provided some of this data). ...
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S&P: 45 months to clear shadow inventory - by KERRI PANCHUK - Housingwire
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(about QRM) DEFENDING SKIN-IN-THE-GAME IN THE MARKET FOR RESIDENTIAL MORTGAGES - by Vishal Mahadkar - Fordham Corporate Law Forum
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Federal Judge Refuses to Dismiss Bank Break-In Case Against JP Morgan, Lender Processing Services - Yves Smith - ... One case that got national attention was that of Nancy Jacobini. A company hired by JP Morgan to manage properties broke into her home while she was inside even though the property was not in foreclosure: And to add insult to injury, the bank broke in a second time, after Jacobini had filed suit in Federal court. The lame excuses made, that she was not paying her utilities and had abandoned the house, were simply untrue. ... - Naked Capitalism

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Zillow Forecast for Case-Shiller House Price Index - by CalculatedRisk - The Case-Shiller Home Price Indices for September will be released next Tuesday, November 29th. Zillow chief economist Stan Humphries put out a forecast for the Case-Shiller HPI yesterday: Zillow Forecast: September Case-Shiller Composite-20 Expected to Show 3.2% Decline from One Year Ago
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Opinions: Moving beyond Freddie and Fannie - By Bob Corker - ...  But we have come to a point where continued inaction impedes the ability of the private market to take over a function the government has completely mismanaged. We must move beyond Fannie and Freddie, immediately. This task will not be politically easy.  ... - Washington Post 

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Washington Post Helps Senator Corker Spread the Big Lie on Fannie and Freddie - Dean Baker, CEPR - Business Insider Politix
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(on jumbo conforming loans to high income people) The nation’s housing: FHA takes on a new role - By Ken Harney - ... What ultimately emerged from the legislative scrum was the current compromise penalizing Fannie and Freddie, while boosting FHA. House Republicans weren’t enthusiastic about helping FHA, either — the agency faces its own financial challenges — but unlike Fannie and Freddie, FHA is subject to congressional appropriations and closer oversight. Republican critics held their noses and voted for the plan. ... - Chicago Daily Herald

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(link to study, lots of facts) Wells Fargo: 80 is the New 65 for Retirees - by Alyssa Gerace - The idea—and age—of retirement keeps getting pushed back as people find themselves financially unprepared to stop working, especially as many Americans find it very important to retire without mortgage debt, according to an annual Wells Fargo & Company Retirement Survey. - Reverse Mortgage Daily
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Fed Minutes: Bernanke Firmly In Control Of FOMC, QE3 Coming - Agustino Fontevecchia – Forbes

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