Mortgages and Housing: Mortgage Fraud Capitals, Maiden Lane Sale, The Usual suspects, Cancelled Note Scam, FN REOs Drop, FHFA and RMBS, Beyond Rental Parity, From REO To Rental, More Redwood Deals, Principal Writedowns, Can’t Kill GSEs, Best REO Buys

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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(move over) Las Vegas loses standing as mortgage-fraud capital – BY HUBBLE SMITH – LAS VEGAS REVIEW-JOURNAL – Las Vegas, once identified as "ground zero" for mortgage fraud, is no longer among the nation’s top five regions for mortgage fraud per capita, according to an analysis by CoreLogic, a consumer financial information and research firm. … Nevada has been supplanted by California, Florida, New York, Illinois and North Carolina as the top-ranked states for mortgage fraud, according to the Santa Ana, Calif.-based company …
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Federal Reserve Conducts Another Secret Sale Of Maiden Lane II Securities -  Bonnie Kavoussi – The Federal Reserve gave just five banks the chance to bid on taxpayer-owned AIG assets — again. It’s just the latest secret sale of the toxic mortgage-backed securities, which the Fed has been trying to unload ever since it absorbed them at the height of the 2008 financial crisis to prevent AIG’s collapse. Previous closed auctions – in which only a few banks were allowed to participate – were heavily criticized because they shut out smaller dealers. … Credit Suisse, Barclays, Merrill Lynch, Morgan Stanley, and RBS Securities -… which was won by Credit Suisse for an undisclosed amount. It’s the third such closed auction out of 25 auctions. … – Huffington Post
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Brace Yourself for Election-Driven Enforcement Theater: Token Roughing Up of Crisis Bad Banksters, While Corzine Gets a Free Pass - Yves Smith – … but who are we kidding? The SEC has sat on its hands until an election year need to Look Tough will lead to a filing of a few random lawsuits to rough up the usual suspects. But the reality is that the horses have left the barn and are now in the next county. … – Naked Capitalism

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(be careful out there) Yet Another Mortgage Scam: Homeowners Not Getting Cancelled Notes After Foreclosures, Hit by Later Claims – Yves Smith – Naked Capitalism
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Fannie Mae: REO inventory declines 27% in 2011 – by CalculatedRisk
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Fitch: FHFA’s proposal has positive potential for RMBS – … It could encourage private capital into the market, improve liquidity, increase transparency, and shrink the government-sponsored enterprise’s (GSE) liabilities. Additionally, certain facilities already being utilized in the private sector could make several of the proposals less costly and provide for a shorter development timeline than projected. FHFA published "A Strategic Plan for Enterprise Conservatorship: The Next Chapter in a Story that Needs an Ending" on Feb. 21. – Reuters
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(beyond rental parity) Housing costs burdensome relative to incomes – … Since early last fall, I noted increasing affordability relative to rents. It’s now cheaper to own than to rent in many OC markets and most housing markets around the country. However, rental parity is a measure of affordability comparing one method of providing housing versus another. Rental parity does not capture the bigger picture of affordability relative to incomes. As it turns out, all housing is becoming less affordable as both owners and renters alike spend more on housing as a percentage of income than they used to. This is a troubling trend. – OC Housing News

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Jim Warren: The Road From REO To Rental -by Phil Hall – (answers 4 questions) – MortgageOrb
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Redwood Trust Plans More Private-Label RMBS Offerings – by MortgageOrb.com  – … is planning to complete four to six new private-label residential mortgage-backed securities (RMBS) issues this year. According to a report in the Marin Independent Journal, Redwood Trust CEO Martin Hughes informed shareholders in a letter that the company was "continuing to build our businesses in an uncertain economic environment that includes the government’s ‘uber’ presence in the residential mortgage markets." Hughes added that the outstanding level on private-label RMBS has dropped from $2.2 trillion in 2007 to the current level of approximately $1 trillion. …
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(balanced shows all POV) Fannie, Freddie Won’t Write Down Mortgage Principal – by YUKI NOGUCHI – NPR.org

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Why It Will Be Hard to Kill Fannie and Freddie: The Ticker – By Deborah Solomon – Bloomberg

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The 10 Best Cities To Buy Bank-Owned Properties – Mamta Badkar – slide show at Business Insider 

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