Mortgages and Housing: Bust in One Char, FC & REO Solutions, Standardized Mortgage Statement, Corday Op-Ed, MGIC Predictions, Mortgage Settlement, Gundlach Presentation, mREITS and Refi, 95% Want Fix Rate, More Settlement Stuff, REO Bulk Investment, More Gunning for DeMarco, Shaun Donovan and Yves Smith

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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The Housing Bust, in One Chart – By CATHERINE RAMPELL – I just came across this chart from the Federal Reserve Bank of Cleveland, which wonderfully captures the pain of the housing bust. It shows price per square foot for homes in 27 areas across the country in 2006 versus 2011 … – NY Times

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(6 observations and a solution) Mark Hanson: 2-12 Foreclosures & REO RAISE House Prices, Economic Activity & Taxes. How did Everybody get Brainwashed to think otherwise?
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Prototype of standardized monthly mortgage statement is released – By Jim Puzzanghera – The Consumer Financial Protection Bureau’s proposed statement is designed to provide clear information about the loan on a single page and wouldn’t change each time your loan is sold to a new servicer. … Your monthly mortgage bill soon could get easier to understand, and it wouldn’t change each time your loan is sold to a new servicer. … The prototype released Monday included a breakdown of how much of the monthly payment went to principal, interest and escrow. The form also detailed the outstanding principal, maturity date, prepayment penalty and, for adjustable-rate mortgages, the time when the interest rate could change. … – Los Angeles Times

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With 10M at Risk of Default, CFPB’s Primary Focus Is Mortgages – BY: CARRIE BAY – … In an op-ed piece for Politico, Cordray recounts the type of behavior and practices that put so many Americans in danger of losing their homes. … – DS News

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New Year Statistics, Predictions from MGIC – BY: ABBY GREGORY – …. has released its January statistics, as well as the company’s projections for the year ahead. MGIC reported an estimated $1.3 billion in new insurance contracts for the month, and the company is predicting a minimal rise in contracts for 2012. Numbers from the fourth-quarter of 2011 show that MGIC handled around $4.2 billion in new contracts, and the company’s new insurance total for the year was $14.2 billion. Data from 2011 shows a solid increase over 2010 findings, with MGIC reporting only $12.3 billion in new contracts for 2010. MGIC stated that it anticipates a slight uptick over 2011 statistics for this year … – The M Report
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Dividing the Mortgage Settlement Dollars – posted by Katie Porter – … But, the effects of the settlement are likely going to vary by state.Credit Slips
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(bullet points quick read) LIVE: Jeff Gundlach Speaks On The US Economy And The Decline Of The Roman Empire – Sam Ro – Money Game at Business Insider 

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Mortgage REITs Pay Jumbo Dividends, But Watch for Potential Refinancing WaveForbes Charts

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More Than 95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages – PRNewswire via COMTEX/ — In the fourth quarter of 2011, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the Freddie Mac FMCC +1.92%  Quarterly Product Transition Report released today. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. – MarketWatch

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Foreclosure settlement and bulk sales will dramatically increase foreclosure rates – The newly announced foreclosure settlement deal should dramatically increase foreclosure rates because banks no longer have to worry about lawsuits over their foreclosure practices. Further, with impending sales of bulk portfolios to private equity groups, banks will be able to dispose of the REO once they acquire it at auction. With the two biggest impediments to foreclosure removed, banks have no reason to permit delinquent mortgage squatters to continue receiving free housing. Let the foreclosures begin. – OC Housing News

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Is the $25 Billion Foreclosure Settlement a Stealth Bank Bailout? – By CHRISTOPHER MATTHEWS  – TIME 
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(good interview) Bulk Sales Of REO Properties From The Investors Perspective (part 1) – by Donna Robinson – Realty Biz News – … Question: “How do you think investors will view the opportunity to purchase blocks of 500 or more properties, with the idea that they will be required to hold them as rental properties?”
Answer: “Since the blocks will have to be fairly large to make any kind of significant dent in the total number of available REO’s, investors will pretty much be forced to purchase homes they do NOT want, in order to buy the homes that they do want. This essentially means that investors will price the losses on “throw-away” homes into their buying equation, so they would only be willing to pay enough to justify the cost of the properties they do want, while essentially writing off the properties they don’t want.”
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(more gunning for DeMarco) Faulty reasoning keeps Fannie and Freddie out of foreclosure deal – By Michael Hiltzik – The chief regulator and conservator of Fannie Mae and Freddie Mac is adamantly opposed to principal forgiveness, a key element of the foreclosure settlement. But analyses show he’s wrong. – LA Times

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(gives 3) HUD’s Donovan Tells Remarkable Whoppers About Settlement to Mortgage Investors – Yves Smith – If you are going to lie, it appears the Obama Administration believes there is nothing to be lost by telling a Big Lie. – Naked Capitalism  

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