Mortgages and Housing: Maiden Lane III, Richard Cordray & Servicers, Bay Area Sales, Property Damage & DQs, Mortgage-Tax Break Curbed, Shadow Inventory, Asia Buying USTs, FOMC Steady, Cost of Twisting, New Graduates, Low-Ball Bids, Mods Improve, IL Home Prices, Short Sales at JPM

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Fed mulls Maiden Lane III asset sales - Reuters – Yahoo Finance
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Richard Cordray’s War On Mortgage Servicers – by Phil Hall – … in his capacity as the director of the Consumer Financial Protection Bureau (CFPB), Cordray has engaged in countless circular journeys that inevitably wind up at the same destination: Mortgage bankers are bad guys that must be punished. … Not since J. Edgar Hoover has there been a non-elected civil servant who wielded so much power with so little accountability. If I may, I would like to step into that void and offer a rebuttal to some of Cordray’s recent commentary. …MortgageOrb

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Bay Area Housing Hits Five-Year High – by MortgageOrb.com – March 2012 home sales in the San Francisco Bay area were at their highest level for that month in five years, the result of lower prices, low interest rates and an improving economy, according to a new report by San Diego-based DataQuick.

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Property Damage For Delinquent Homeowners – Another Bureaucracy To Face – by Donna S. Robinson – If you are a homeowner struggling to keep your home, and experiencing the frustrations of dealing with a giant bank or government bureaucracy, storm damage to your home can take things to a whole new level. … When a borrower is delinquent on their mortgage, and then a tornado hits their house, the claim check for the damage will not be paid to the homeowner. The checks are arriving made payable to the the homeowner and their lender. That’s right, if you are behind on your mortgage, and you get hit by a tornado, you may spend weeks trying to figure out where to send the insurance check so that the roofer can be paid. … – Realty Biz News

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Mortgage-Tax Break Curbed by Housing Slump – By Amanda J. Crawford - Federal tax filers claimed almost $71 billion less in mortgage interest deductions for 2009 than for 2007, a 14 percent drop, according to the Internal Revenue Service. That trend continued in 2010, the IRS said in a report last month, as preliminary data showed that lower interest rates, home ownership and home prices curbed use of the tax deduction by 7.2 percent. “People are walking away and losing their homes and they no longer have the mortgage interest deductions,” said Andrew Hanson, an assistant professor of economics at Georgia State University who has researched the tax break. “That’s got to be a big part of it.” – Bloomberg Businessweek 

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(shadow inventory not counted) The growing optimism on housing is not justified – COMSTOCK PARTNERS – Credit Writedowns

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(chart too) Asia dominates new treasury purchasesSober Look Blog – Asia continues to dominate foreign purchases of US treasuries. The latest estimate show China, Japan, and Hong Kong represented the bulk of treasury purchases from abroad in Q1 20112. … The apparent return of China to the Treasury market during 1Q12 should, for the time being, have generated a welcome sigh of relief by Treasury officials as this large investor sold nearly 10% of their Treasury holdings in 4Q12 … 

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FOMC Member Biases, Statements Suggest No Drastic Changes in Next 2 Years - By Lujia Lin – DailyFX.com

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(what happens when rates finally rise?) The Cost Of Twisting (And The "Housing Recovery"): $100 Billion In Foregone NIM To The Primary Dealers – Submitted by Tyler Durden – Zero Hedge

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1 in 2 new graduates are jobless or underemployed - By HOPE YEN – Associated Press – Yahoo Finance

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(heating up?) Realty agents say low-ball offers on homes for sale, typically those that are 25% or more below list price, are disappearing in high-demand markets. – By Kenneth R. Harney – LA Times
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(mod success improves) Mortgage aid helps more hold off default – Under US pressure, lenders are offering rate cuts, extensions - – By Jenifer B. McKim – Boston Globe – … About 70 percent of the nearly 448,000 US homeowners who received mortgage help from lenders during the first nine months of 2011 are still up to date on their mortgages, according to (OCC).  That compares with an on-time payment rate of 37 percent for homeowners who received loan modifications in 2009, according to the report. The improving success rate for modifications comes as banks are under mounting pressure from federal and state officials to offer real relief to borrowers in danger of losing their homes.

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Illinois home prices halt 20-month price descent - By Justin T. Hilley – Housingwire

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Short sales top REO at JPMorgan Chase – By Jon Prior – JPMorgan Chase completed short sales on 61% of its delinquent mortgage liquidations in 2011, the most of any servicer, according to data compiled by the bank’s securities research group – Housingwire

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