Mortgages and Housing: Romney Goodbye HUD, Moral Hazard, Two Harbors, Home Buying Recovery, QRM, GNMA Issuance, CFPB and Servicers, Rehab and REO, Jumbo Shortage, QM Rule

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Romney: HUD ‘Might Not Be Around Later’ – by MortgageOrb.comMitt Romney, the presumptive Republican nominee for president, has reportedly stated that he might shut down the U.S. Department of Housing and Urban Development (HUD) if he wins the November election.
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(DeMarco, moral hazard, and more) FHFA Flip-Flopping: Reduced Principal Leads To Reduced Credibility – by Phil Hall – MortgageOrb

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Editorial: Forgiving mortgage principal invites more risksUSA Today

Opposing view: Allow principal reduction - By Andrew Jakabovics – USA Today

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(moral hazard) Banks, GOP lawmakers fear top housing regulator moving to mortgage write-down – By Vicki Needham – The Hill 

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(nice piece on Two Harbors) REIT found a safe harbor in mortgage-backed securities – by: NEAL ST. ANTHONY – Minneapolis Star Tribune

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(collateral shortage) Jumbo mortgage troubles beset Two Harbors RMBS plan – By Jon Prior – Real estate investment trust Two Harbors still intends to acquire jumbo mortgages for a future private-label deal despite regulatory concerns and a shortage of originations. – Housingwire
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US home-buying season finally signaling a recovery – By DEREK KRAVITZ and ALEX VEIGA – Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery. Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes. And many people seem to have concluded that prices won’t drop much further. In some areas, prices have begun to tick up. – Bloomberg Businessweek

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(QRM) Lenders Fear Impact of New Mortgage Rule – By ALAN ZIBEL – U.S. mortgage lenders and real-estate agents are growing concerned a new set of mortgage-lending standards under development by a new consumer regulator will imperil the fledgling housing recovery and limit the availability of home loans. In recent weeks, after meetings with consumer bureau officials, several real-estate industry groups and some consumer advocacy organizations have grown worried about how the Consumer Financial Protection Bureau could interpret the mortgage lending rules, which it is aims to finish by this summer.Wall Street Journal
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Ginnie Mae Guarantees Nearly $30B in MBS in March – BY: RYAN SCHUETTE – Ginnie Mae reported $29.23 billion in guarantees for mortgage-backed securities in March this year. The company found Ginnie Mae II single-family pools on the way up with more than $21.56 billion in guarantees, alongside Ginnie Mae I single-family pools that totaled more than $5.34 billion. – The M Report
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Fitch Says Rules CFPB Is Considering Will Cause Servicers to Pay Up – ESTHER CHO – … said it believes mortgage servicers will incur increased “operational, compliance, and reporting expenses” if the rules take effect. To create more transparency, the CFPB said it is considering rules which require clear monthly mortgage statements, a warning before interest rates adjust, options to avoid “force-placed” insurance, and early information to keep customers out of foreclosure. In addition to the increased costs, Fitch also stated, “it is unclear what impact the agency’s new rules would have on future mortgage performance as a function of a more informed borrower.” – DS News
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Rehabilitation vital to REO-to-rental success - By Jacob Gaffney – Any long-term REO-to-rental strategy will need to adopt extensive refurbishment plans as much of the foreclosed property that financial institutions would like to bulk-sell is in bad shape. Morgan Stanley analysts say that nearly 95% of distressed homes are in no shape to rent out, in some key markets. Only a tiny fraction of these properties are less than a decade old, they add. – Housingwire

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Industry pushes for broad QM rule – Posted by jprior – A group of 33 housing industry and community organizations urged the Consumer Financial Protection Bureau to adopt a broader Qualified Mortgage rule, according to a letter – Housingwire

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