Mortgages and Housing: 2nd Defaults Lower, Falling Dollar, Geithner and DeMarco, Existing Home Sales, A Look at LPS, Zillow on Home Prices, Trulia on Buy vs. Rent, Sand States Become HARP States, Excess Supply, One Reverse, FHA Short Refi, Street Shrinking

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Second-mortgage default rates lowest since June 2006 – By Andrew Scoggin – Housingwire

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Charles Kadlec: The rising price of the falling dollar – Do you know why oil and prices are moving sharply higher?Forbes

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Geithner, DeMarco try to narrow principal write-down differences – Posted by jhilley – … "Maybe on this question it will be better for me to come back and talk to you in more detail about it separately," Geithner added. "Maybe in a couple of weeks we could give you a better sense about where he is going to come out." … – Housingwire
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(charts too) Existing Home Sales in February: 4.59 million SAAR, 6.4 months of supply – by CalculatedRisk – The NAR reports: February Existing-Home Sales Slip But Up Strongly From a Year Ago – Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.9 percent to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January [revised up from 4.57], but are 8.8 percent higher than the 4.22 million-unit level in February 2011.

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(interesting look) Lender Processing Services: Free Cash Flow Machine, With Surmountable Legal Obstacles – Frank Voisin – Seeking Alpha

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Home prices expected to fall 0.7% in 2012: Zillow – By Jon Prior -…  according to a Zillow survey of more than 100 economists and real estate experts. "Looking at the longer history of these forecasts by top economists, the bottom in home prices always seems just around the corner but never quite here," said Zillow Chief Economist Stan Humphries – Housingwire

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Buying cheaper than renting in nearly 100 major U.S. markets: Trulia – By Justin T. Hilley – Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia’s rent vs. buy index.Housingwire
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MBA: "Sand States" Becoming "HARP States" as Program Popularity Grows - BY JANN SWANSON – Mortgage News Daily
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Housing Is Still ‘Shadowed’ by Excess Supply - By Kathleen Madigan – … What’s disturbing is that little headway in the number of homes just waiting on the sidelines. Although about 3 million distressed sales have taken place over the past three years, “the shadow inventory in January 2012 is at the same level as in January 2009,” the CoreLogic report says. … – Wall Street Journal
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One Reverse Mortgage Caters to Quicken Partners, Launching Wholesale Next – by John Yedinak – One Reverse Mortgage has launched a new mortgage services division to assist customers of Quicken Loans Mortgage Services, a wholesale and correspondent channel, with reverse mortgages. – Reverse Mortgage Daily
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FHA ‘Short Refi’ Program Gets an Extension – by Brian Collins – … Previously, FHA required the servicer to engage in a permanent loan modification, which in many cases required a reduction of principal, to start the payment trial. Now, the servicer can simply exercise forbearance to conduct the payment trial. "That is the most significant change" FHA made in the program, Stamm said–that and extending the program for two years. FHA short refis can be placed into a Ginnie Mae MBS.  But Ginnie Mae issuers and servicers are leery of these loans because there are so few of them, plus they’re unsure how they will perform. "We have been working on creating a secondary market," Stamm said. "This is very close to happening," … – National Mortgage News
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FHFA to expand GSE mortgage reviews in 2013 - By Jon Prior – An examination office within the Federal Housing Finance Agency will finalize by March 2013 how it monitors changes in Fannie Mae and Freddie Mac mortgage underwriting guidelines. Written guidance for how the reviews will be conducted are expected by September and could be implemented by the spring of next year, Wanda DeLeo, deputy director of examination programs at FHFA, said in a letter to the agency’s inspector general earlier in the month – Housingiwre
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JPMorgan Said to Join BofA in Eliminating Mortgage Traders – Hugh Son and Dawn Kopecki- Bloomberg News – … "When you start doing something like this, you’re making a forward statement about the mortgage-backed security market — they are saying it isn’t going to be as active," said Brad Hintz, an analyst covering banks at Sanford C. Bernstein & Co. in New York. "Firms are right-sizing for the fixed-income market of the future. We’ll probably be seeing this in a lot of other Wall Street businesses as the regulations become clear." … – SF Chronicle

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