Mortgages and Housing: Consumers Wise Up, Defending DeMarco, D-F Lessons, Case-Shiller, FHA Risk?, Price to Rent, HP Data Lags, Shiller on Suburban Prices, Principal Reduction, IL AG Madigan, Redwood Deal, Strong and Weak, Time to Refi

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Not-So-Dumb Consumers Shun OCC’s Bogus Foreclosure Reviews – Yves Smith – Consumers seem to have wised up to the fact that the Administration is not on their side, particularly as far as housing is concerned. John Walsh, the acting director of the Office of the Comptroller of the Currency, gave a speech today at the National Interagency Community Reinvestment Conference that had so many whoppers in it that it was hard to keep track of them all. But it also contained an important bit of information that suggested that homeowners aren’t buying the bank-friendly OCC’s pretense to be on their side. – Naked Capitalism

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(lots to read here) A Qualified Defense of DeMarco, the Administration’s Favorite Scapegoat for Its Failed Housing Policies (Updated) - Yves Smith – Naked Capitalism
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The Four Lessons Of Dodd-Frank We Need To Learn – By NICOLE GELINAS – Investors.com
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Case-Shiller Indexes Down for Fifth Straight Month – 03/27/2012 BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST – DS News

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(big article) FHA Bailout Risk Looming Larger After Guarantee Binge: Mortgages – By Bob Ivry – Bloomberg

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(3 charts) Real House Prices and Price-to-Rent Ratio decline to late ’90s Levels – by CalculatedRisk 
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House Prices and Lagged Data – by CalculatedRisk – All data is lagged, but some data is lagged more than others. … But remember that the purchase agreement for a house that closed in November was probably signed in September or early October. So some portion of the Case-Shiller index will be for contract prices 6 or even 7 months ago!

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ROBERT SHILLER: Suburban Home Prices Will Not Rebound In Our Lifetime – Global Macro Monitor – Business Insider

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Principal Reduction and Strategic Default - posted by Adam Levitin – … Making principal reduction contingent upon default means that there will be a bunch of people who default just to get the principal reduction. That’s a "ruthless" group of people who are quite likely to be strategic defaulters otherwise. They are precisely the people who need to get principal reductions to incentivize them to stay in their homes in order to stabilize the market. We might not like rewarding people who would act opportunistically like this, but if you accept the issue as macroeconomic, not moral, then the results are what matter:  fewer foreclosures and a stabilized housing market.   … – Credit Slips

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(IL) Real Estate News: Madigan calls for debt reduction for Fannie, Freddie borrowers – Staff Report – Illinois Attorney General Lisa Madigan (D) called on the Federal Housing Finance Agency March 23 to immediately implement appropriate principal reductions to home loans held by Fannie Mae and Freddie Mac. In a letter to Edward J. DeMarco, the acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie, Madigan demanded the agency reassess its blanket refusal to reduce any mortgage debts for Fannie and Freddie borrowers who are underwater. – Rock River Times
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(details) Redwood Sells Fifth Mortgage Bonds Since 2008 as Issuance Thaws – By Jody Shenn and Christopher DeReza – Redwood Trust Inc. (RWT) sold bonds tied to about $325 million of new home loans in the fifth offering of securities without government backing since the market froze in 2008, according to a person with knowledge of the transaction. – Bloomberg 
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(table of cities) PRESENTING: The Worst Housing Market In The Country – Eric Platt – New data out of Standard & Poor’s this morning painted a somewhat mixed picture of the U.S. housing market: showing home prices may have hit bottom. However one market continues to exhibit strong weakness, falling 2.1 percent during the month and 14.8 percent compared to year-ago levels. The city: Atlanta. – Business Insider
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Beware of Housing Prices – About Thomas H. Kee Jr. – (rising rates will hurt housing prices)Marketwatch
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Bankers are telling corporate clients this is their chance to refinance – The chart below overlays this year’s High Yield bond issuance on top of last year’s. This is the picture that bankers are showing their corporate clients. They are telling them your opportunity is now – the window of cheap financing is open. – Sober Look Blog 
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