Mortgages and Housing: More FHA Changes, Servicers and Customers, Avoiding Armageddon, SEC and Goldman, Mods Drop, Foreclosures To Rent, FSOC, Asset Origination Uptick, Warm Weather, New Volcker Rule?, Reverse Defaults Slow, Seconds Gift

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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New FHA Changes, Again – by Alicia Murphy – … As of  April 1, 2012 up-front and monthly MIP (mortgage insurance premium) insurance will increase. … – Realty Biz News
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(8 initiatives) How Servicers Can Strengthen Customer Relationships – Part 1 - by Roberto Hernandez & Alfred Kang – This two-part article presents some initiatives that mortgage servicers can employ to enhance the customer experience. – MortgageOrb

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Presenting The High Cost Of Armageddon Avoidance  – Zero Hedge
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The Dim Future of the Non-Agency MBS Market – Written by Bill Berliner – Fixed Income Color

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REPORT: The SEC May Be Ready To Sue Goldman For A Subprime Mortgage Deal That Cost Taxpayers $545 Million – Linette Lopez – Business Insider 
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Private mortgage modifications drop 20% in February – By Jon Prior – Mortgage servicers completed 20% fewer modifications through private programs in February than the month before, according to the Hope Now alliance. – Housingwire

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WaPo on Investors buying Foreclosures to Rent – by CalculatedRisk 

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Investors Are Looking to Buy Homes by the Thousands - By MOTOKO RICH – At least 20 times a day, Alan Hladik walks into a fixer-upper and tries to figure out if it is worth buying. As an inspector for the Waypoint Real Estate Group, Mr. Hladik takes about 20 minutes to walk through each home, noting worn kitchen cabinets or missing roof tiles. The blistering pace is necessary to keep up with Waypoint’s appetite: the company, which has bought about 1,200 homes since 2008 — and is now buying five to seven a day — is an early entrant in a business that some deep-pocketed investors are betting is poised to explode. – NY Times  
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U.S. Regulators to Move Closer to Designating Systemic Firms - By Cheyenne Hopkins – The U.S. Treasury Department and regulators will move one step closer tomorrow to designating some companies as posing a risk to the country’s financial system in the event of their failure. The Financial Stability Oversight Council will hold a meeting at which it will finalize criteria for singling out non- bank financial companies as systemically important and thus subject to greater supervision, the U.S. Treasury Department said. – Bloomberg

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Report from Equifax, Moody’s Shows Uptick in Originations – BY: ABBY GREGORY – Recently released findings from Equifax’s March “National Consumer Credit Trends Report” and CreditForecast.com, a collaborative venture from Equifax and Moody’s Analytics, revealed that originations are on the uptick, with notable increases in the sub-prime segment across all lending sectors. The survey, which evaluated activity for credit cards, auto finance, consumer finance, and student loans, showed that home financing balances fell to $8.7 billion during February. – The M Report

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Commentary: How much did weather skew U.S. data? – By Irwin Kellner, MarketWatch – (hattip Ita Artman) — Did the unusually mild winter make the U.S. economy look better than it really was?  
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(central planning pitfall?) Regulators Should Propose New Volcker Rule, Paredes Says – By Steven Sloan – U.S. financial regulators should “re-propose” the so-called Volcker Rule that bans banks from engaging in proprietary trading, Securities and Exchange Commission member Troy Paredes said. “At this point, the most prudent path forward would be a re-proposal,” Paredes, one of two Republicans on the five- member commission, said at a conference in Washington sponsored by the Council of Institutional Investors. “We run the risk that when we solve one problem we create many other problems and other unintended consequences.”Bloomberg
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Reverse Mortgage Defaults Slow in New FHA Book of Business - by Elizabeth Ecker – There are half as many tax and insurance defaults for Federal Housing Administration reverse mortgages in the most recent vintage of loans when compared to past years, agency officials told industry professionals last week in New York City. – Reverse Mortgage Daily
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There Will Be Cheating: Another Gift to Big Banks Hidden in Obama’s Principal Reduction Strategy – Matt Stoller – …  What about homes with second mortgages?  Most importantly, is there a good database that can match those second mortgages to first mortgages? The Government Accountability Office has shown, as recently as March of 2011 that there are serious operational problems with the second lien write-down program implemented by Treasury to date.  Bluntly speaking, the GAO reports, Fannie doesn’t have the computer systems and quality databases to match second mortgages with first mortgages. … lots more – Naked Capitalism
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Treasury’s Ridiculous Defense of their Second Lien Policies – By: David Dayen – Fire Dog Lake

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