Mortgage Revenues, Monthly Home Payments, Annaly Worst Over?, Buying in Chicago, Lending Standards Tighten, Subprime Rises, Moodys Hates Eminent Domain, 244 Metros Better Off, Phil Hall on Larry Summers, Miami-Dade Up, Big DQs Drop, Trulia Asking Prices

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(looks at mortgage revenues at big banks and smaller originators) The Threat From Higher Mortgage Rates: Truth vs. Fiction – By Matt Koppenheffer – Motley Fool 
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(thanks rising rates) Chart Of The Day: Monthly Home Payment Soars 40% To 2008 Levels – Submitted by Tyler Durden – Zero Hedge 
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(from several perspectives) Is The Worst Over For Annaly? – Christopher F. Davis – Seeking Alpha
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(Chicago) Do rising rents mean it’s time to buy? – By Alby Gallun – … soaring rents and recovering home prices have made ownership more compelling to many Chicago-area residents. … In one River North tower, the cost of owning a condominium is about $300 less than the cost of renting a similar one. … – Crain’s Chicago Business

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Lending standards continue to tighten – Housing demand spikes – Brena Swanson – There is still a wide pool of potential homeowners hoping to lock in a mortgage, according to the Federal Reserve July 2013 Senior Loan Officer Survey. – Housingwire 
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Demand for Non-Traditional, Sub-prime Loans Up – BY: MARK LIEBERMAN – Adding to concerns of a new housing bubble, lenders reported an increase in demand for “non-traditional” and sub-prime mortgage loans and that they’ve responded to that demand by easing standards, the Federal Reserve reported Monday in its quarterly Senior Loan Officer Opinion Survey. – DS News 
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Obama Said to Call for Limited U.S. Mortgages Role – By Clea Benson & Hans Nichols – President Barack Obama will call for Fannie Mae and Freddie Mac (FMCC) to be replaced with a government mortgage reinsurer that would sustain losses only in catastrophic circumstances. – Bloomberg 
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(another nail in eminent domain coffin) Richmond’s eminent domain plan credit negative for RMBS – Moody’s - (Reuters) – The city of Richmond, California’s decision on July 30 to potentially use eminent domain to seize “underwater” mortgage loans is credit negative for U.S. residential mortgage-backed securities, Moody’s Investors Service said Monday. 
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(NAHB) 244 Metro Markets Show Improvement in JulyNational Mortgage Professional 
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Keep Lawrence Summers Out Of The Fed - BY PHIL HALL  – The idea of putting Lawrence Summers in charge of the Federal Reserve is the equivalent of putting a pyromaniac in charge of a matchbox factory – he’ll have a very strong interest in his duties, if only for all the wrong reasons. – Progress In Lending 
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(keeps 30yr fixed rate mortgage) Housing experts, lawmakers express support for Obama housing plan - By Vicki Needham – The Hill
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Report: Miami-Dade home prices up more than 13 percent in June – by Alex Viega – AP – Miami Herald  
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Q2 Delinquency Rate Decrease Represents All-Time High – BY: ESTHER CHO    – The national mortgage delinquency rate sunk to 4.09 percent in the second quarter of this year, representing a near 26 percent decrease from the same quarter last year, according to data from TransUnion. – DS News 
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Trulia: Asking Prices Decline in July – by Brad Finkelstein – The Trulia Price Monitor for July was down 0.3% on a seasonally adjusted basis compared with June, the first decline in seller asking prices on a month-to-month basis since last November. Year-over-year, prices are up 11%. – National Mortgage News

FHFA vs. Eminent Domain, Sand States, Freddie’s Profit, Tapering Tim?, Getting Better, Move-up Buyers, Home Price Gain Analysis, Affordability Fading, Repo Market Regulatory War, 5% Risk Share Exemptions, Doves at Fed, Student Loans, QE and Fed Balance Sheet, Closing Costs Rise

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FHFA opposition to eminent domain changes the game – An 800-pound gorilla joins the fightHousingWire 
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‘Sand state’ foreclosures are receding fast – Tim Mullaney, USA TODAY – STORY 3 HIGHLIGHTS
1. Fannie Mae is seeing many fewer mortgage loans go bad in California, Arizona
2. Florida now accounts for 29% of Fannie’s single-family home loan losses
3. Ohio, Indiana, Illinois and Michigan are home to 22% of Fannie’s losses
 
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(helps to extend sequester?) Freddie Mac reports $5 billion profit, will repay Treasury $4.4 billion – By Katerina Sokou – Washington Post 
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(metamorphosis from Turbo Tim to Tapering Tim?) Is it Tim’s time to lead Fed? – By JONATHON TRUGMAN – NY Post

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Majority of Americans expect housing fundamentals to rise – Christina Mlynski – Housingwire 
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Survey: Move-Up Buyers Nearly Ready to Take Action - BY: TORY BARRINGER – The M Report
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Analysts Address Truths and Untruths of Home Price Gains – BY: ANDY BETH MILLER – …  recent U.S. Housing Market Update from Capital Economics suggests that the information reported in indices may not exactly measure up. … – The M Report 
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OC housing affordability fading fastOC Housing News 
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(4 problems from central planning) The regulatory war on repo will have unintended consequencesSober Look Blog – In addition to the pending Basel-based regulation on minimum leverage ratio (see post), US regulators are pushing to set the minimum supplementary Tier 1 leverage ratio for the eight “systemically important” US banks to 5%. Once again, this is expected to hit the repo market as well as other assets with low risk weights. 
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(5% risk share exemptions) Proposed new rule under Dodd-Frank Act – BY VERONICA GORDON AND ROBERT SIEGEL – Key exemptions in the Dodd-Frank Act allowed lenders to securitize risky mortgages – Mortgage Crisis Watch 
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The US Federal Reserve is set for a dovish replacement for Ben Bernanke – Why ex-US Treasury secretary Lawrence Summers and Fed vice-chair Janet Yellen are leading contenders as chair – Kenneth Rogoff – theguardian.com 
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Only 40% Of Federal Student Loan Borrowers Are Currently Making A Payment – Submitted by Tyler Durden – Zero Hedge 
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(timing) Reader Question: Does the Fed Balance Sheet Properly Reflect QE Announcements? - Mike Shedlock – … “Hi Mish I hope you can explain something. Everyone talks about QE of $85 billion per month, but where does the alleged money go?  The fed’s balance sheet doesn’t reflect it. … – MISH’S Global Economic Trend Analysis    
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Mortgage Closing Costs Up 6% in 2013 – BY: TORY BARRINGER – … according to a report from Bankrate.com. The average closing cost across the United States rose over the year to $2,402. Origination fees increased 8 percent to $1,730—accounting for the bulk of the increase in closing costs—while third-party fees rose 1 percent to $672. – The M Report

Rising Rate Effects, Private Label Litigation, Kroll Looks at FNMA, Basel 3 and Risk sharing, Unemployment Seasonality, Dodd Frank – Risk Retention – Guarantees, DQs Plummet, Fed Shakeup, Employment 1955-2013, Eminent Domain, CFPB Complaint Department, Pew Study on Ben

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A New Survey Shows That Surging Mortgage Rates Aren’t Freaking Out American Homebuyers – MAMTA BADKAR – Mortgage rates have been rising for some time now. Fannie Mae’s July national housing survey showed that 62% of respondents think mortgage rates will continue to rise over the next 12 months, this is up from 57% in June. – Business Insider 
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As mortgage rates rise, ARMs finding favor – Tim Mullaney, USA TODAY – Adjustable-rate mortgages are starting to creep back into the real estate market as fixed-rates move from their all-time lows. 
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(2008 private label deals) DOJ and SEC File (Civil) Suits Against Bank of America
BY PHILIP R. STEIN – Mortgage Crisis Watch 

also
(mortgage-related) JPMorgan Reveals It Faces Criminal and Civil Inquiries
– BY JESSICA SILVER-GREENBERG AND BEN PROTESS – NY Times DealBook

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Kroll digs into Freddie data to prep for potential risk-sharing securitizations – Kerri Ann Panchuk – Housingwire  
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Fitch: Basel III Treatment for GSE Risk-Sharing Deals Unclear – BUSINESS WIRE – MarketWatch 
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(on Unemployment numbers – 3 charts) Seasonality adjustment magic aside, private payrolls are growing in a linear fashionSober Look Blog 
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(retaining 5%) Dodd-Frank Risk Retention Would “Dramatically Shrink” CLO Market, Managers Say -  Kerry Kantin – Forbes

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Dodd-Frank Rules Impact Standard Subsidiary Loan Guarantees – By William R. Parish, Jr. – Law.com
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First mortgage delinquencies plummet – Few loans originated after 2010 fall deliquentHousingwire 
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The Federal Reserve Board May Be Headed For A Big Shakeup When Bernanke Leaves – DAVID KOTOK, CUMBERLAND ADVISORS – Business Insider 
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An Analysis of July Employment Numbers 1955 to 2013; Full-Time Employment Down Over 5 Million Since 2007 – Mike Shedlock – Reader Tim Wallace provides another excellent set of graphs on employment as shown below. – MISH’S Global Economic Trend Analysis

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Eminent Domain Mortgage Battle Is a Lose-Lose Situation – BY Shanthi Bharatwaj – TheStreet.com 
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(please don’t fine me) Watchdog’s complaint tracking gets results – Jayne O’Donnell, USA TODAY – The Consumer Financial Protection Bureau’s growing complaint database is a valuable guide for consumers shopping for financial services, says Director Richard Cordray in an interview.

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(great slides) Bernanke Wants 2% Inflation in a Deflationary World; Who Pays the Price? – Mike Shedlock – PEW Social Trends research shows a Record 21.6 Million Young Adults Live in Their Parents’ Home – Here are some clips from the fascinating PEW study. – MISH’S Global Economic Trend Analysis

Great STACR Reference, Taper Based on Next Unemployment Number, Foreign National Loans, FNMA Portfolio Shrinking, Interactive Home Price Map, 2 From Richmond CA, Case Shiller Double Digit Gain, OIG on Borrower Outreach, El-Erian on Taper, MBA on QRM, 11 Geographic Differences, GSEs dump FC Law Firms

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(save this link – great STACR reference) Freddie Mac takes the first step in transferring mortgage default risk to the private sectorSober Look Blog

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Fed’s Fisher says stimulus tapering should begin this fall – By Jim Puzzanghera – LA Times 
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(The August jobs report. ) MORGAN STANLEY: The Fed’s Decision To Taper In September Is Now Dependent On A Single Data Release – MATTHEW BOESLER    – Business Insider

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Foreign (homebuyer) investors carry unique risks – DBRS wants lenders aware of challenges – Jacob Gaffney – Housingwire 
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Fannie Mae mortgage portfolio continues to shrinkHousingwire – Fannie Mae’s mortgage portfolio continued to shrink, reaching a compound annualized rate of 18.4% in June, according to the government-sponsored enterprise’s monthly summary. 
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(Gotta see map) Watch American Home Prices Go From Hot To Cold To Hot Again In 9 Years [GIF] – ROB WILE AND WILLIAM WEI – Business Insider
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(typical populist rhetoric – no one will lend there in the future) California Mayor Attacks Lender ‘Greed’ With Eminent Domain Bid – By Michael B. Marois – Bloomberg Businessweek

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(Corruption at Richmond, CA) If I Bribe City Hall, Can I Reduce My Mortgage? – By Jonathan Weil – Richmond, California, sent the securities and real estate industries into a tizzy this week. The city said it is moving ahead with plans to use its power of eminent domain to seize home mortgages and restructure them for residents who owe more money than their homes are worth. – Bloomberg
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Case-Shiller Detects First Double-Digit Price Gain in 7 Years – BY: KRISTA FRANKS BROCK – The M Report 
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FHFA OIG: Borrower Outreach Critical to HARP’s Success - BY: ESTHER CHO     – Undoubtedly, broadening eligibility for (HARP) has allowed more borrowers to benefit from the program. However, HARP rules aren’t the only obstacles stunting refinance volume. A report from the Federal Housing Finance Agency Office of Inspector General (FHFA OIG) found a lack of borrower education is also a critical barrier to the program. – DS News 
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Fed tapering will be for wrong reason: El-Erian - By: Matthew J. Belvedere – CNBC

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Bernanke’s Gift – Tempering the Taper Tantrum – By: Michael_J_Kosares – The Market Oracle 
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A new QRM standard is just what the MBA ordered…but will it happen? – Kerri Ann Panchuk – ReWired at Housingwire 
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(11 geos mentioned) Huge Geographic DifferencesJohn Burns RE Consulting – The US housing market can no longer be painted with one brush, as the housing recovery is playing out very differently across the country. Here are some anecdotes gleaned from our consulting team …
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Fannie Mae and Freddie Mac Dump Their Foreclosure Barons — for Good — By Andy Kroll – … Most notably, Fannie and Freddie’s regulator announced (PDF) on Tuesday that the twins would soon shut down their network of high-powered foreclosure law firms around the country. These firms, paid to process foreclosures as fast and cheaply as possible, ran into trouble in recent years when some of these outfits were found to have backdated key legal documents and falsified signatures on affidavits. … – Mother Jones

Obama Urges GSE Shuttering, Origination Slowdown, Mel in September, STACR Lessons, South Florida, Home Prices, Basel III, Reverse Changes Coming, Mike Buttner Joins Hatteras, D-F 11 Part Series, Buy to Rent, 25% HAMP Defaults, Sellers on Rising Rates, "New" GDP, Fewer Foreign UST Buyers

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Obama to urge Congress to shutter Fannie, Freddie – By JULIE PACE, AP – CT Post

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The Inevitable Mortgage Banking Slowdown – By Matt Koppenheffer, David Hanson, and Alison Southwick – Motley Fool

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Senate Won’t Vote On Mel Watt’s Confirmation Until September – by MortgageOrb.com

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(3 lessons) Sobering Lessons from Freddie Mac’s Risk-Sharing Deal – by CLIFFORD ROSSI – American Banker BankThink
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Seven years after a peak, South Florida home prices climbing back  – BY DOUGLAS HANKS – MIAMIHERALD.COM – … New numbers from the S&P/Case-Shiller real-estate index for South Florida show home values up 14 percent this year. That’s the best 12-month gain since July 2006. “I don’t hear people say they’re worried anymore,’’ said Charlette Seidel, a co-managing broker at Coldwell Banker’s Coral Gables office. “Buyers are confident.” …
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Housing: “Drought of properly priced homes” – by Bill McBride – Some interesting comments on inventory in an article by Nick Timiraos at the WSJ: Home Prices Jump, but Headwinds Build … Mcbride says: I think we’ve seen the bottom for inventories in many areas, but many of the new listings are overpriced (no offer in the first 30 to 60 days suggests the property is overpriced). … – Calculated Risk

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Community Banks Are (Mostly) Pleased With Basel III - By Nora Caley – Recently approved rules will not affect mortgages as much as some had feared. – MortgageOrb eFeature
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FHA: New Reverse Mortgage Changes Coming in August - by Jason Oliva – Following Congress’ decision late Tuesday night to give the Federal Housing Administration authority to stabilize the Home Equity Conversion Mortgage Program (HECM), the agency says the long sought after changes could be arriving as early as August with implementation slated for October. FHA plans to issue a mortgagee letter – Reverse Mortgage Daily 
and
Senate Banking Committee Slam-Dunks FHA Solvency Act – by MortgageOrb.com – … Members voted 21-1 to advance the Federal Housing Administration Solvency Act of 2013, which would fortify the FHA’s finances by strengthening its underwriting standards, enhancing its lender accountability measures and reforming its reverse mortgage program. … 
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(lots of you know Mike) Hatteras Financial Corp. Advisor Hires Senior Managing Director, Risk & Strategy – (BW) – PYMTS.com – Hatteras Financial Corp. today announced that Michael Buttner will join the management team at Atlantic Capital Advisors LLC (“ACA”), the manager of Hatteras Financial Corp. and ACM Financial Trust, Inc., as Managing Director of Asset/Liability Risk and Strategy. 
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Dodd-Frank And The Next Financial Meltdown – Ted Kaufman (former US Senator – Delaware) – This is the last in an 11-part series on the failed promises of the Dodd-Frank financial reform package and the continued, dangerous imbalances in our financial system. – Forbes 
 
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Morgan Stanley predicts buy-to-rent boom – By Jacob Gaffney – The buy-to-rent market is only a fraction of what it could be, according to a research report from Morgan Stanley. And, the investment banks sees four possible ways to get in on the action. – Housingwire 
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Wall Street firms become landlords in buy-to-rent industry – By Alejandro Lazo and Andrew Tangel – The foreclosure crisis enabled companies to buy tens of thousands of single-family homes at bargain prices. Now they are filling a growing demand for rentals. Prepare to send your rent check to a Wall Street address. – LA Times

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More Than 25% Of HAMP Participants Had Re-Defaulted As Of April – by MortgageOrb.com – … more than 306,000 borrowers have re-defaulted on their loans and more than 88,000 are at risk of following suit, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) said in its quarterly report to Congress, released July 24. …  This is of particular concern because the program has been revised several times and was recently extended to run until the end of 2015.  …
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Survey: Sellers Sweating Rising Interest Rates – BY: ESTHER CHO     – Rising interest rates aren’t just a burden for potential homebuyers. According to the latest survey from Redfin, 47 percent of sellers said they are worried about rising rates, expressing concerns that buyer demand will be lowered as a result. – The M Report 
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(Miracles with numbers manipulation) The New GDP - posted by Tom Lindmark – Well this didn’t take long. At 8:30 this morning, Uncle Sam suddenly shrunk. Federal spending fell from 21.5 percent of gross domestic product to 20.8 percent, while taxes declined from 17.5 percent to 16.9 percent. – But Then What Blog
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(fewer foreign UST buyers ensures QE continuing?) Chart Of The Day: Foreigners Are Quietly Getting Out Of Dodge – Submitted by Tyler Durden – Zero Hedge

Housing Mania?, DQs at Low, All Is Well in Phoenix, Good Time to Buy, Chicago, Bill McBride, Zillow Interactive Chart, Inland Empire, Data Manipulation, Taxes, Reverse Mortgages, Geithner Dark Horse, Mortgage Deduction, Abnormal Home Price Gains

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Survey finds housing market in mania: Two-thirds of potential buyers willing to use ‘aggressive’ buying tactics. Is the real estate market overheating and is the CPI missing it once again?Dr. Housing Bubble
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Balance for Seriously Delinquent Mortgages Hits 5-Year Low – BY: ESTHER CHO – DS News 
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(All is well) Recession over in Phoenix – Megan Hopkins – One of the hardest hit markets is now recession-freeHousingwire 
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(Q. Would NAR say otherwise?) More Americans Say Buying a Home is a Good Financial Decision – BY: ESTHER CHO – Americans hold a more positive view of the housing market, while an increasing share of renters plan to own, according to the 2013 National Housing Pulse Survey from the National Association of Realtors (NAR).  The M Report

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(Chicago) Home prices post another yearly gainChicago RE Daily – Chicago-area single-family home prices were 8.5 percent higher in May compared with the same month last year, the seventh straight year-over-year increase in a closely watched index. 
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(read it all lots of good stuff) Comment on House Prices: Real Prices, Price-to-Rent Ratio, Cities – by Bill McBride – Calculated Risk

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(interactive chart) Just In: Latest Monthly Home ValuesZillow Real Estate Market
Reports
 
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Inland Empire housing markets are still extremely undervaluedOC Housing News

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(most extensive list of data manipulation I have seen) When Bad Government Policy Leads to Bad Results, the Government Manipulates the Data … Instead of Changing Policy – Submitted by George Washington – Zero Hedge 
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(lots of facts good read) American Dream Slipping as Homeownership at 18-Year Low – By Prashant Gopal & Clea Benson – Bloomberg 
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Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business -  JOHN MCCORMACK – The Weekly Standard – (all this will do is cause the small businesses to convert to being corporations BC) 
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(reverse mortgage details) Urban Financial Sells to Investor Group in $80 Million Deal – by Elizabeth Ecker – Urban Financial Group will be acquired by an investor group affiliated with Walter Investment Management Corp. in an $80 million deal, the company announced Tuesday. The reverse mortgage business has long been operated under the ownership of Knight Capital Group. Knight has since merged with Getco LLC, a Chicago-based trading firm – more – Reverse Mortgage Daily
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Walter Investment subsidiary buys MSRs from UrbanHousingwire 
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(dark horse) Could Geithner End Up the Next Fed Chairman? – By Albert R. Hunt – Bloomberg 
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Eliminating Federal Tax Code for Mortgage Deduction Would Shrink Economy by $254 BillionNational Mortgage Professional – Eliminating the federal tax code’s deduction for mortgage interest could have a dramatically negative effect on jobs and economic growth if not paired up with other tax reforms to cushion the impact, according to a new study by the Tax Foundation. 

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ECONOMIST: These Home Price Gains Are Not Normal, Sustainable, Or Believable – JOE WEISENTHAL – Svenja Gudell, a senior economist at home price website Zillow, has some sharp words about today’s Case-Shiller home price report, which indicated the fastest pace of annual price acceleration since 2006. – Business Insider

GNMA Loan Level Data, FHA Golden Nugget, What the Fed Controls, Overbidding, Hot in D.C., 8 in 10, LS 7.9% Rise, Harley Bassman, Larry Doyle on Larry Summers, Refi Drop, Mortgage Deduction, Zero Down, T-bill Supply Low, Fortress Servicing Deal, Moodys on PATH Act

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Ginnie Mae to Release Loan-Level DataNational Mortgage Professional – Ginnie Mae announced that beginning Aug. 2,  it will release loan-level data for newly issued single-family mortgage-backed securities (MBS). This file will be released on a daily basis. The loan-level disclosure file will contain 36 data elements including information regarding borrowers’ debt-to-income (DTI) ratios and credit scores.
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Lawmakers bury gold nugget for servicers in FHA reform bill -  Kerri Ann Panchuk – … The Senate Banking Committee tweaked the proposed ‘FHA Reform’ bill this week to include a provision that would allow the FHA to transfer subservicing duties to specialty servicers. Granted the bill has yet to reach the floor for a full vote, but the change could prove beneficial to servicers if the legislation ever takes effect. … – Housingwire 
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(good Fed primer) The Fed Doesn’t Control as Much as You Think It Does – Charles Hugh Smith – Of Two Minds 
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(overbidding) Survey Reveals ‘Aggressive’ Tactics Worried Buyers Are Willing to Use – BY: ESTHER CHO – Low inventory coupled with rising mortgage rates and home prices are leading prospective buyers to consider using “aggressive” tactics such as overbidding to obtain a home, according to recent survey from Trulia. – more – DS News 
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(hot in D.C.) Washington area homes fly off the listings fast – By Amrita Jayakumar – … This tight inventory is pushing up home prices, setting up bidding wars and pricing new home buyers out of a market that is still enjoying historically low mortgage rates. … – Washington Post 
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Eight in 10 Americans Say Owning Is a Good Financial Decision – BY: ESTHER CHO -   Americans hold a more positive view of the housing market, while an increasing share of renters plan to own, according to the 2013 National Housing Pulse Survey from the National Association of Realtors (NAR). – DS News

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Annual home prices rise 7.9% in latest LPS report – By Megan Hopkins – Housingwire 
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(rising prices cure many ills) More mortgage delinquencies cure on improved home prices – By Brena Swanson – Housingwire 
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(Harley Bassman’s 2 big reasons) ANALYST: Bernanke Is Definitely Going To Taper Soon, And It Has ‘Nothing’ To Do With The Economy – JOE WEISENTHAL – Business Insider
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(Big Banks want Larry) Why Larry Summers Will Be Next Fed Chair – Posted by Larry Doyle – Sense on Cents 
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May Sees Drop in Refinances as HARP Volume Hits 2013 Low – BY: TORY BARRINGER – The M Report 
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Tax Foundation: End of mortgage deduction equals 659,000 jobs lost – Posted by Kerri Ann Panchuk – Housingwire 
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Cross Collateralization – A Zero Down Financing Method – JULY 30, 2013 BY BRIAN KLINE – Realty Biz News 
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(chart) Treasury bill supply hits new lows – Since the beginning of the year the US treasury curve has steepened substantially, with yields on the short-end actually declining. – Sober Look Blog 
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Fortress Announces Successful Close of Second Mortgage Servicing Rights Fund – By Business Wire – Investors.com 
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(Moodys on PATH Act) Report: GSE Reform Won’t Take Shape for Another Few Years – BY: ESTHER CHO – DS News