email signup             Receive MNC in RSS news reader

————
Strategic default spreads like a virus - by IrvineRenter  - The Mortgage Bankers Association released a report comparing strategic default to a virus that is spreading across the land. - Irvine Housing Blog

------------
What would it look like if you were able to see the entire shadow inventory for Beverly Hills with actual loan balances? The myth that foreclosures only occur in poor neighborhoods. - Dr. Housing Bubble

------------
Mortgage Complaint? Here's A New Federal Hotline - ... The complaint hotline is accessible online at the CFPB's website (www.consumerfinance.gov), by toll-free phone between 8 a.m. and 8 p.m. (1-855-411-CFPB) as well as by regular mail and fax. The bureau was created by last year's Dodd-Frank financial reform legislation ... - Hartford Courant
------------
Clear Capital® Reports U.S. Home Prices Flat – Is No News Good News? - U.S. quarter-over-quarter home prices hold their ground and post an increase of 0.3%, while REO saturation rates remain near 25%.

------------
Fannie Demands Immediate Notification on MI Rescissions - By Paul Muolo - Fannie Mae recently told its seller/servicers that all mortgage insurance rescissions, cancellations and claim denials tied to loans it bought must be reported to the agency immediately. The edict became effective October 1, and was mentioned in a recent Securities and Exchange Commission filing by Bank of America, one of the GSE's largest/seller servicers - National Mortgage News
------------
(good summary) MBA Sends FHFA Critique of Proposed Fee Structure Revisions -  BY JANN SWANSON - The Mortgage Bankers Association (MBA) submitted an Alternative Mortgage Servicing Compensation Discussion Paper to the Federal Housing Finance Agency (FHFA) on Thursday in response to the latter's proposal for four servicing fee structures that FHFA, Fannie Mae, Freddie Mac and Ginnie Mae are exploring. - Mortgage News Daily 
------------
(read this) The Great American Refinancing - By JONATHAN R. LAING - The mortgage market, which threw us into the abyss three years ago, could lead the way out. It's time for a massive refinancing. (talks about that and another plan, "The last Bullet") ... entitled "The Last Bullet." According to Gagnon, the Fed should unleash a major campaign of quantitative easing, concentrating its firepower on Fannie and Freddie mortgage-backed securities, known as agency securities, to push mortgage rates from the current 4% to as low as 3%.
... – Barrons 
------------
Fannie: Consumers Are In 'Wait-And-See' Mode - BY MORTGAGEORB.COM - Although most Americans expect no improvement in the personal financial situation in the coming year, consumer sentiment toward housing prices turned a corner in November, according to Fannie Mae's National Housing Survey.
------------
FHFA reviews GSE mortgage servicer contracts - by JON PRIOR –  … to determine the best step to take when a servicer fails to perform well. In the third quarter, Fannie Mae bought back mortgage servicing rights from Bank of America covering $74 billion in unpaid principal balance, according to its third-quarter financial statement. It was 11% of the Fannie loans being serviced by BofA. The move sparked outrage that a company currently being propped up by taxpayers was giving another "bailout" to a major bank. Fannie said in its filing that it was transferring the higher-risk loans to special servicers better able to handle them. – Housingwire

------------
Is It Time for a Congressional Investigation into Fannie’s Role in Servicing? - By Paul Muolo - Late this week we were hearing reports that the Treasury Department might be looking for outside help on evaluating servicing rights. The question, of course, is why?… By now it’s old news that Fannie Mae bought $74 billion in mortgage servicing rights from Bank of America, ... $74 billion of MSRs with only 20% of it in delinquency? That means almost $60 billion of it is performing which would make it the 18th largest servicer in the U.S., ... On one hand MBA can argue that a taxpayer-funded organization (Fannie) is using tax receipts (in a way) to buy MSRs on the open market, competing with private sector firms ... - National Mortgage News

------------
GSEs spend nearly $1 billion on property preservation - by JON PRIOR - Fannie Mae and Freddie Mac spent $953 million maintaining vacant homes in 2010, according to a Government Accountability Office report released this week - Housingwire
------------
MF may happen again - CFTC reform slow - By GREGORY BRESIGER - NY Post 

————

For Rob Chrisman’s latest daily post, click here.

To subscribe to Joe Garrett’s news letter, send an email to  jgarrett at garrettwatts  dot  com