Mortgages and Housing: White Paper on first Loss Slice, Who Owns My Loan?, FHA Insolvent?, Volcker Rule Not Panacea, Settlement Not End-All, Fed Behind Closed Doors, Corelogic Tool, RMBS Working Group, FHFA Strategic Plan, Rent vs. Buy, Scammed?

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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(white paper on selling off first loss slice) New pooled mortgage strategy touted for institutional investors – Based on ‘safe’ loans, securities would carry government guarantee – BY ARLEEN JACOBIUS – Pensions and Investments
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(who owns my loan?) Homeowners get runaround about who holds loans – Carolyn Said – SF Chronicle

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Obama’s Housing Market Refi Program Won’t Work Because the FHA is Insolvent – By: Money_Morning at Marlet Oracle – … The president’s plan is to have the FHA insure all "eligible" borrowers’ loans so lenders have a guarantee that refinanced mortgages will be paid back. That incentivizes lenders to make loans they otherwise wouldn’t make. …
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Home Ownership – A Losing Proposition? – by Anita Cooper – … Arzaga, after reviewing 250 properties across the country and examining the finances of nearly 40 client files, determined that “100 percent of the time it was better to rent, than to own.”Arzaga’s reasoning? The carrying costs, i.e. taxes, insurance, maintenance, repairs, financing, etc. consume finances better spent on investments offering far greater returns. Obviously, when renting a home the landlord takes care of those costs which allows an individual the freedom of putting their money towards investments which have a greater return on investment. … – Realty Biz News

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The Volcker Rule is not going to bring your house back - Sober Look Blog – … Ultimately the answer to the banking crisis is in the improved overall capitalization and strengthened bank liquidity positions. The Volcker Rule, particularly in its current form is not the answer, because it has never been about market making. So before writing another hate mail on how you lost your house and how the Volcker Rule would have prevented it, read the paper. A little bit of knowledge will go a long way. …  – Sober Look Blog
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Some Doubt a Settlement Will End Mortgage Ills New York Times (hat tip Lambert). – By NELSON D. SCHWARTZ – NY Times

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from Naked Capitalism - Yves Smith says: We said from the get go that a single point of contact was impossible in a call center type environment. You actually do NOT need a single point of contact, you need decent record keeping, which (as we have also discussed at some length) seems to be beyond servicers’ capabilities (in part due to horrible systems). But this proves a bigger point: the servicers cannot live up to their servicing standards (at least without losing boatloads of money) and hence never will.   l
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(Fed knows best?) Fed Writes Sweeping Rules From Behind Closed Doors – By VICTORIA MCGRANE And JON HILSENRATH – The Federal Reserve has operated almost entirely behind closed doors as it rewrites the rule book governing the U.S. financial system, a stark contrast with its push for transparency in its interest-rate policies and emergency-lending programs. … Since the Dodd-Frank financial overhaul became law in July 2010, the Fed has held 47 separate votes on financial regulations, and scores more are coming. … The Fed is making these sweeping changes—the most dramatic since the Great Depression—almost completely without public meetings … – Wall Street Journal

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CoreLogic tool helps default servicers track loans – By Kerri Panchuk – … CoreLogic to unveil its new default servicing platform, DefaultView, … The Web-based platform allows servicers to access and keep track of every stage and development in the default servicing life cycle. The tool has nine different modules that are all interconnected, allowing users across a servicing shop to see the full transaction history. The platform provides users with workflow steps, specific data on loans, results on previous steps taken and needed documents as well as important messages. … – Housingwire
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Experts: RMBS Working Group May Dampen Recovery – RYAN SCHUETTE    – … The unit – later described by officials as the Residential Mortgage-Backed Securities Working Group –  … it represents state attorneys general and federal agencies, including U.S. Attorney General Eric Holder, HUD Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) enforcement director Robert Khuzami, among many others. Included agencies and departments: The Consumer Financial Protection Bureau, Federal Bureau of Investigation, Justice Department, HUD, Internal Revenue Service, and SEC. … Says Ed Pinto, a former Fannie Mae executive and research fellow with the conservative-leaning American Enterprise Institute: “I think government officials are looking for people to pin blame on when they really should look in the mirror. …The M Report
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FHFA Sends Congress Strategic Plan for Conservatorships of Fannie Mae and Freddie MacFHFA Press Release

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FHFA submits plan to build new secondary mortgage market – By Jacob Gaffney – … "No private sector infrastructure exists today that is capable of securitizing the $100 billion per month in new mortgages being originated," said DeMarco in a letter to Congress. "Simply shutting down the enterprises would drive up interest rates and limit mortgage availability." … "The absence of any meaningful secondary mortgage market mechanisms beyond the enterprises and Ginnie Mae is a dilemma for policymakers expecting to replace the (GSEs)," the letter states. "Without an alternative market infrastructure that investors could rely on, new mortgages would have been largely unavailable if the Enterprises suddenly had been shut down." This new market should be entirely transparent, the FHFA states … – Housingwire

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(quick and dirty rent vs. buy calculation) A case scenario in renting versus buying in Culver City – Rent a home for $2,800 or buy it for $600,000?  – Dr. Housing Bubble
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The Sophisticated and the Scammed – MBS Trusts Keeping Assets on the Books Long After they are Liquidated – Submitted by 4closureFraud – Zero Hedge

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