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Sheila Bair Said to Be Top Pick for Foreclosure Accord Monitor - By David McLaughlin and Thom Weidlich - (Bloomberg) - Ex-Federal Deposit Insurance Corp. Chairman Sheila Bair is a top candidate among state officials to ensure banks comply with any settlement of a nationwide foreclosure probe, a person familiar with the matter said.

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Will Reverse Mortgage Underwriting Disqualify Borrowers With Boarders? - by Elizabeth Ecker - With new underwriting requirements emerging among reverse mortgage lenders that consider a borrower’s income and credit history, a particular segment of the reverse mortgage borrowing population may become ruled out: those who rent rooms or space to family members or others but don’t declare the rental income. ... Potential borrowers may receive a portion of their income by housing a tenant, sometimes a person who might help the senior with yard work, errands or house keeping, allowing the senior to stay at home without having to pay for expensive service providers to help out. - Reverse Mortgage Daily

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(on Ocwen many interesting points) Thinking Deeply On Risky Lending - By RUTH SIMON - Many companies that collect mortgage payments hire outside firms to train employees and develop scripts for them to use when talking to borrowers. But Ocwen Financial Corp., which specializes in risky loans, has its own team of social psychologists - Wall Street Journal

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Mortgage company found guilty of illegal foreclosure, homeowner wins back home - Tara Steele - Christopher Joy of Raleigh, North Carolina is suing Nationwide Trustee Services and Litton Loan Servicing for allegedly misleading the court in order to foreclose on him, according to WRAL Channel 5. Joy said when the two mortgage companies merged, he was notified his mortgage would increase $1,000 per month an... Staff was allegedly non responsive and began foreclosure proceedings when he could not pay the massive increase. ... he says he was never notified of any proceedings, but received an eviction notice from the Sheriff. ... more - Agbeat.com

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GSE Execs Say Defined Foreclosure Timelines Are Necessary - BY: CARRIE BAY - Representatives from both Fannie Mae and Freddie Mac upheld the companies’ practice of assessing penalties against servicers who fail to meet defined timelines for processing foreclosures. ... But as Edward Seiler, a director in Fannie Mae’s National Servicing Organization, acknowledged, sometimes servicers are faced with a difficult decision – sometimes “a borrower just shouldn’t be in that home,” Seiler said. In such a situation, it’s critical that servicers complete the foreclosure process in a timely manner to clear bad loans from the pipeline and limit losses for the GSEs and taxpayers, according to the companies’ execs. ... - DS News
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2:30 AM Is The New 9:30 AM - Joe Weisenthal - Well this NYT article certainly rings very true to us. It's all about how traders are getting up at ungodly hours these days because Europe is driving everything, and if you get up at the normal time, you've missed the day. - Clusterstock at Business Insider
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Homing in on Fannie, Freddie - Inspector General's Aggressive Stance Chafes Mortgage-Finance Firms' Regulator - By NICK TIMIRAOS - When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns. ... more ... - Wall Street Journal

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Independent Mortgage Bankers Double Q3 Profit: MBA - BY: RYAN SCHUETTE -  Brokers and loan officers with independent mortgage banks and subsidiaries saw profit margins for their loans more than double on average over the last quarter, according to the Mortgage Bankers Association (MBA). …  which it drummed up with production data reports from fewer than 300 companies.The MBA reported that loan originations averaged $1,263 over the third quarter, more than a few dollars up from $575 recorded for every loan originated by bankers during the second quarter. - The M Report

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Six Wal-Mart heirs are wealthier than U.S.' entire bottom 30% - ... First, some context: The wealth of the 1% is about 225 times greater than that of the typical family, compared to 125 times in 1962, according to analysis from labor economist Sylvia Allegreto with UC Berkeley. ... That means the $69.7 billion held by the six Walton relatives of Wal-Mart founders Sam and James Walton in 2007 was equal to the net worth of the bottom 30% of Americans, according to Allegreto. Today, she said, the Walton pot is estimated to be around $93 billion. ... - LA Times Blogs
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It's So Secret, Even the Fed Does Not Know Who It's Lending To - Michael Shedlock - Some might think the Fed would care where dollar swaps to Europe go. However, if the Fed cares, it doesn't know. Bloomberg reports No One Telling Who Took $586 Billion in Swaps With Fed Condoning Anonymity. - "For all the transparency forced on the Federal Reserve by Congress and the courts, one of the central bank’s emergency-lending programs remains so secretive that names of borrowers may be hidden from the Fed itself" - MISH'S Global Economic Trend Analysis

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