CFPB Picture Chart, Distressed House Inventory, MGIC Profit, Fed Controls Everything 6 Posts, Residential Slowdown, Bay Area Plunge, Purchase Market, Flipping Is Back, Frisco Texas, Eminent Domain 3-Fer

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(must see CFPB picture chart) What Is The CFPB Really Doing? - BY  TONY GARRITANO – Progress in Lending   (happy government propaganda? BC)
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(quite interesting) Is distressed house inventory actually twice as large as commonly reported?OC Housing News – One of the main problems with shadow inventory is defining exactly what it is. There is no commonly accepted definition. Corelogic has the most widely accepted definition which includes the number of distressed properties not currently listed on the MLS that are seriously delinquent, in foreclosure, and REO. Shadow inventory has been declining largely due to the can-kicking loan modifications with their 40% failure rate temporarily lowering the delinquency counts.
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MGIC moves to profit as new business grows 45%Housingwire – … The insurer’s return to profitability arrives as it benefits from a 24% year-over-year decrease in delinquent loans, improved credit quality and a sharp uptick in new business. …

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Bernanke Confirms: “If We Were To Tighten Policy, The Economy Would Tank” – Mac Slavo – STFPlan.com 
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Honesty from Bernanke – RefreshingMartin Armstrong

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It’s A Stock Market Stampede – JOE WEISENTHAL - One of the big stories of the year is the incredible return of investor money to US stocks. After the financial collapse, we saw a huge reluctance among investors to put money into equities, as they instead preferred bonds, or emerging market assets. That’s all changing this year, as the market hits record highs, and squashes the skeptics.Business Insider

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Federal Reserve System: Five Reasons Why The Fed Should Not Decrease Stimulus In September – By Joseph Lazzaro – International Business Times

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(more capital = safer banks = less lending = slower economy) Bernanke Says Too-Big-to-Fail Banks May Face New Capital Demands – By Jesse Hamilton – Bloomberg Businessweek

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(ironic because Ben started it) Bernanke says recent financial tightening `unwelcome’ - NY Daily News – Washington, July 19 — US Federal Reserve chairman Ben Bernanke Thursday said recent financial tightening which is associated with the rise in interest rates is “unwelcome”. 
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Purely Housing and Mortgage Related:

(3 reasons) What’s behind the slowdown in residential construction?Sober Look Blog – Given yesterday’s poor housing starts report, some economists are raising concerns about the sustainability of the positive momentum in residential construction. 
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Uh-Oh…SF Bay Area House Sales Plunge in June (Month-over-Month AND Year-over-Year)Mark Hanson blog 
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Survey: 54% of YouWalkAway Clients Past Due but Not in Foreclosure – BY: ESTHER CHO –    YouWalkAWay.com, a national foreclosure agency, recently released a June 2013 survey of its customers and found 54 percent are in pre-foreclosure, meaning they have defaulted on their mortgage but have not received an official foreclosure notice. The share is down from 2012, when 85 percent of YouWalkAWay clients reported they were in pre-foreclosure. – DS News 
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Refi-Dominated Market Giving Way to Purchases – BY: KRISTA FRANKS BROCK     – The M Report – The originations market has been dominated by refinances for some time, but purchases are beginning to make a comeback, according to Ellie Mae’s latest Origination Insight Report. … 
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Number of flipped homes rises 19% in seller’s market – By Megan Hopkins – It looks like flipping homes is coming back into style. At least that’s what RealtyTrac’s Midyear 2013 Home Flipping Report revealed. - Housingwire

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Frisco (Tx) Home Prices Rapidly Rising, Along With the Population - BY ALLISON HALLIDAY – Realty Biz News 
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Lost in the desert: Proponents of eminent domain cause a political stir in N. Las Vegas – By Kerri Ann Panchuk – Housingwire 
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Yves Smith adds … Read to the end. What the article does not make clear is that Mortgage Resolution Partners have never been interested in helping the people who really need help, that is, borrowers who are delinquent or facing foreclosure and won’t give them a mortgage modification (or one that isn’t loaded full of improper junk charges) or borrowers trapped in zombie title hell. No, it’s only for borrowers who are paying like clockwork but whose mortgages are underwater. Investors, who’d favor the use of eminent domain for dealing with borrowers under stress, are fighting tooth and nail, with the result that MRP’s greed is likely to kill the more legitimate uses of eminent domain. …Naked Capitalism 
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SIFMA Welcomes Campbell Eminent Domain LegislationSIFMA Newsroom

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