Housing Priced in Gold, Non-Agency REITs, Using GSEs as Stimulus, FC Backlog Decline, Fed Stops NPL Data Series, Year In Review, DQs Up FCs Down, Occupy Wall Street Debt Forgiveness, Give Ben Room To Print, Radar Logic On Housing, QE Not Effective?, Reverse Mortgages

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Be sure to read my post from Saturday,

Financial Repression. I want to share with you the single most important thing that I learned in all of 2012.

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(house prices in ounces of gold chart) Chart of the Day    – … the median single-family home price divided by the price of one ounce of gold. … it currently takes a relatively low 105 ounces of gold to buy the median single-family home. …the recent uptick has home prices once again testing resistance of a steep seven-year downtrend channel. 
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The Uncertainty In Annaly Could Now Be Faced By Non-Agency REITs – by Regarded Solutions – … “Wednesday, December 26, 7:10 AM The Obama Administration considers expanding its mortgage-refinance program to include those loans not held by the GSE’s. … As of now, this is just chatter and sort of a “trial balloon” that the administration is floating to get a feel for the market reaction. … – Seeking Alpha

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Administration Planning to Use Fannie and Freddie to Provide More Stealth Stimulus – Yves Smith – The Obama Administration is planning to launch yet another mortgage refi program, this one targeting subprime borrowers who are current on their loans but underwater, extending the government support of the mortgage market to yet another borrower group. … But there is still a risk of bad incentives allowing the GSEs to serve yet again as stuffees. From the Wall Street Journal … – Naked Capitalism

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Decline in foreclosure backlog may give false hope – By Kimberly Miller – Palm Beach Post

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Fed Truncates Non-Performing Loan Data Series; Is the Fed Hiding Something? – Mike Shedlock – Reader Wendy pinged me with a question I have no answer for: What happened to the Fed data series on non-performing loans? Here is the link:  Assets at Banks whose ALLL exceeds their Nonperforming Loans (LLRNPT). – MISH’S Global Economic Trend Analysis 
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(long, link to pdf) 2012 Year in Review – by David Collum – “I was just trying to figure it all out.” ~ Michael Burry, hedge fund manager – Peak Prosperity Blog

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LPS: Mortgage delinquencies increased in November, “In Foreclosure” Declines - by Bill McBride – Calculated Risk 
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Top Tax Expert Confirms Our Doubts About Occupy Wall Street’s Debt Buying/Forgiveness Scheme - Yves Smith – As readers may recall, we expressed serious reservations about the tax consequences of a program launched by Strike Debt, an Occupy Wall Street working group, to buy distressed consumer debt from debt collectors and forgive it. These concerns have been confirmed by a top tax expert, Lee Sheppard. (details borrower’s harm and breaking IRS rules) – Naked Capitalism

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(using 6.5% unemmployment target gives Ben more room to print money) Bernanke hints at earlier monetary policy change – Matthew Kidman – The Sydney (AU) Morning Herald

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(housing – below the surface) Report: Price Gains Driven by Composition Changes, Not Appreciation – BY: ESTHER CHO    – … Radar Logic found prices in October are now 6.9 percent higher than a year ago, … the analytics company explained the price increase is mainly the result of a decrease in distressed sales, or “motivated sales,” … – DS News

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(QE not effective?) A Record $2 Trillion In Deposits Over Loans – The Fed’s Indirect Market Propping Pathway Exposed – Submitted by Tyler Durden – Zero Hedge 
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WSJ Op-Ed: A Disservice to Seniors Interested in Reverse Mortgages – by Elizabeth Ecker – Reverse Mortgage Daily 
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