Mortgages and Housing: Discovery Battles, Fed Shell Game, Reverse Aps Rise, Aurora Transfer, Defaults Edge Lower, Geithner Tempts Demarco, Jamie Dimon, Auto Loans Paid First, Walnut Place Dismissal, IG Wants Stricter, Caroline Baum, Limit Reverses?, Turnover Rate, Scraping the Bottom

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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MBS Discovery Battles Heating Up, Impacting Litigation Timelines and Leverage – by igradman – If litigation is war, then discovery is the hand-to-hand combat that takes place in the trenches, costing plenty and potentially having a major impact on the outcome of the war in the aggregate.  With most of the major MBS litigation still slogging through some phase of the discovery process, I thought I would highlight two cases in particular where the outcome of discovery battles could have major implications. – Subprime Shakeout

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(shell game?) WSJ: Fed Buying 61 Percent of US Debt - By Julie Crawshaw and Forrest Jones – … Without foreign buyers and a shrinking base of U.S. corporate and bank buyers, the Treasury has had to resort to the Federal Reserve itself to make the purchases. The Fed purchasing not only makes up the shortfall, but can keep long term interest rates artificially low. "The Fed is in effect subsidizing U.S. government spending and borrowing via expansion of its balance sheet and massive purchases of Treasury bonds. This keeps Treasury interest rates abnormally low, camouflaging the true size of the budget deficit," Goodman writes.- Money News

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Reverse Mortgage Applications Rise 17%, First Uptick in Months - by Elizabeth Ecker – Reverse Mortgage Daily

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Fitch Reviews Proposed Servicing Transfer of Aurora RMBS- (BUSINESS WIRE) — Fitch Ratings has been requested to provide confirmation letters on RMBS transactions in a proposed transfer from Aurora Loan Services, LLC (Aurora) to Nationstar Mortgage LLC (Nationstar). The transfer is scheduled to be completed in May 2012. … A spreadsheet listing the initial transactions to be reviewed can be found at ‘ http://www.fitchratings.com ‘ by performing a title search for ‘Fitch Reviews Proposed Servicing Transfer of Aurora RMBS’. … – Marketwatch

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Default Risk of New Mortgages Continues to Edge Lower: Study – BY: CARRIE BAY – DS News 
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Geithner’s Math Puzzle Beyond Numbers for DeMarco: Mortgages – By Clea Benson, Dan Levy and Jody Shenn – … Geithner, the U.S. Treasury secretary, is offering new incentive payments to the two government-supported mortgage financiers if DeMarco drops his opposition to principal reductions … The Treasury would pay a maximum of 63 cents for each dollar of loan forgiveness as part of its expanded Home Affordable Modification Program. … The Federal Housing Finance Agency also is examining for the first time whether forgiveness would encourage defaults among borrowers who have kept making payments on mortgages that exceed the values of their homes, he said. The analysis may be finished by mid-April. … – Bloomberg

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Improving Housing Market Driving Economy: Jamie Dimon – By: Margo D. Beller – Special to CNBC.com
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Consumers pay auto loans before mortgages – By Kerri Panchuk – … TransUnion said. The credit reporting bureau made that conclusion after finalizing its payment hierarchy study from 2011. The trend started four years ago … – Housingwire
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Bank of America’s Countrywide Wins Walnut Place Dismissal
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(more gunning for DeMarco) Federal regulator stands by his principles on principal reduction – By Jim Puzzanghera – Edward J. DeMarco, who oversees Fannie Mae and Freddie Mac, has infuriated many by refusing to tell the home loan giants to reduce the amounts owed by distressed homeowners. – Los Angeles Times

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Fannie Mae, Freddie Mac Should Have Stricter Regulation: Federal Housing Finance Agency Inspector – By CHRISTOPHER S. RUGABER – A government watchdog says the top U.S. housing regulator should take a more active role in overseeing mortgage giants Fannie Mae and Freddie Mac, which have received huge infusions of taxpayer cash. The Federal Housing Finance Agency is deferring too much decision-making to Fannie and Freddie, the agency’s inspector general said, and it’s failing to adequately evaluate the two companies’ actions. – Huffington Post

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(debt rollover) Caroline Baum: Four Numbers Add Up to an American Debt DisasterBloomberg
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Congress Debates Limit on Number of FHA Reverse Mortgages – by Elizabeth Ecker – … A House Financial Services Committee markup this week brought the issue to light in discussing a potential amendment introduced by Rep. Michael Fitzpatrick (D-Pa.) that would eliminate the cap currently held on the number of reverse mortgages insured by the Federal Housing Administration. The amendment was withdrawn on Tuesday, leaving the future of the HECM cap still in question after being suspended through the current fiscal year. … – Reverse Mortgage Daily

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(interesting) Forecasting Home Price Recovery: Turnover Rate as a Powerful Indicator – BY: CARRIE BAY – … Pro Teck says its fundamental interpretation is that the significant decline in prices made home values so compelling that both new owner-occupant homebuyers and astute U.S. and foreign investors came into these markets. The new demand prevented further declines, creating the longer-term bouncing around the bottom in prices we are experiencing today, the company explained … – DS News

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Recent Housing Data Show A Real Estate Market Stuck On A Bottom – Tim Plaehn – Seeking Alpha

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