NY Affordable, Detroit Property Taxes, Current Pay Bailout, FNMA on Growth, HUD Talks, Foreign Rental Buyers, Gen X-Y Debt, Agency First Loss, Hot NPL Deals, MERS in KY, Paul Miller on Mortgage Banking,

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New York’s ‘Affordable Housing’ Isn’t Always AffordableThe Atlantic – Cities – .. ANHD charges that, under the Bloomberg plan, one affordable housing unit is as good as another. Take two units developed in Central Harlem in January 2011. Unit A is a studio that rents for $1,492 a month and serves a single resident making upwards of $100,000; Unit B is a three-bedroom apartment that rents for $531 a month that serves a family making about $37,000. Even though the second apartment addresses a “greater need” for affordability, both units count as a success. … – hattip IA

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Half of Detroit Properties Have Not Paid Taxes; Update on Detroit Bankruptcy - Mike Shedlock – The hollowing out of Detroit is nearly complete. All that’s left is a bankrupt shell of a city with no services and scattered citizens that do not pay taxes. … In bankruptcy, restrictions go out the window. So do union contracts and pensions. Since all of that needs to go out the window, what’s holding the governor back? … MISH’S Global Economic Trend Analysis 
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Federal program could bail out more homeowners - Borrowers released from mortgages don’t have to move for 3 months under Fannie Mae, Freddie Mac guidelines. – By MARILYN KALFUS – … . They’re meant to help those facing hardships such as a job loss, illness or the death of a spouse. Bottom line: Homeowners can turn over the house keys and erase their debt – even if they are still current on their payments. In the past, borrowers typically had to be delinquent before they could qualify for such help as a loan modification. …ORANGE COUNTY REGISTER

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Fannie Mae: Housing is ‘on a sustained growth path’ – 2013 purchase loan originations projected to rise nearly 19 percent – BY INMAN NEWS 
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(details) HUD talks property preservation, new Fannie Mae guidelines – By Megan Hopkins – Housingwire

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Foreign Buyers Hop on Rental Trend – By ROBBIE WHELAN – (buying expensive houses with strong Australian dollars) – hattip NDP – Wall Street Journal

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Report: Younger Generations Shouldering Greater Amount of Debt – BY: TORY BARRINGER – … Of the two groups, Gen X appears at first to be worse off, with the average person harboring a debt load of $46,972 compared to the Gen Y average of $28,930. However, SaveUp.com finds that more than 60 percent of Gen Xers’ debt comes from mortgage and student loans—considered “good debt” that helps build assets and job opportunities. … – The M Report 
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(private ownership of first loss and more) Limited Mortgage Finance Role for U.S. Government Gains Support – By Jody Shenn & Clea Benson – A bipartisan panel including former secretaries of the Department of Housing and Urban Development and retired U.S. senators is preparing to release a proposal for scaling back the government role in mortgage finance that would put taxpayer dollars at risk primarily under catastrophic circumstances. The blueprint, which the Washington-based Bipartisan Policy Center is scheduled to release Feb. 25, …Bloomberg

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(NPL deals are hot) Bad US mortgage loans now big business on Wall Street – By Adam Tempkin – Delinquent and defaulting mortgage loans to struggling US borrowers have become big business on Wall Street, as investors scoop up bonds backed by non-performing loans (NPLs). – Reuters
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Kentucky Court of Appeals rules in favor of MERS – By Christina Mlynski – Housingwire 
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Mortgage-Banking Boom Has Legs, FBR’s Miller Says – (TheStreet) — Mortgage banking, among the few sources of growth for banks amid low interest rates, is likely to remain a tailwind to earnings in 2013, FBR Capital analyst Paul Miller said in a report.

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