FHA Delinquencies, GSE Putback Risk, Eminent Domain, Radar Logic, FC Pipeline, GAO on Servicer Outreach, Chicago Bidding Wars, LPS Data, Mortgage Fraud Myth, Lacker on Fed Limits, FNMA Confidence Survey

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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fhapix
Closer to a bailout? FHA’s mortgage delinquencies soar
By Tami Luhby @CNNMoney 
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FHA delinquencies increase for first time since January – By Jon Prior – … but still 23% higher than one year ago. The FHA serious delinquency rate still stands at 9.4%, more than double the 3.5% rate for the other the government mortgage financiers Fannie Mae and Freddie Mac. … Nearly 42% of FHA-backed loans modified in 2011 redefaulted after 12 months, compared to an 18.5% redefault rate for Fannie Mae mortgages and a 26.6% rate on loans packaged into private securities, according to data from the Office of the Comptroller of the Currency. …  – Housingwire

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Growing threat? Lenders say putback threat intensifying – by Kerri Ann Panchuk – … “I think the GSEs have been attempting to offset their own credit losses by pushing back as much of the liability,” said Steve Horne, chief executive officer of Wingspan Portfolio Advisors, … As a result, the process of scrubbing loans in the underwriting process to ensure they have the chops to survive put-back risk is becoming more challenging. Horne said he is seeing more elaborate file reviews and audits. “It becomes a battle of data as to who can make a better case as to whether a loan should be repurchased.” … – Housingwire
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(eminent domain) California Is Playing With Mortgage Fire – By Philip van Doorn – (TheStreet) — New rules by the California State Legislature and municipalities in San Bernardino County could greatly increase the cost of mortgage loans over the long term for the Golden State.
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Radar (Logic) Watching: (data) May 2012 – As I have noted in the past, since the home price index data provided by Radar Logic is more timely, unadjusted and un-smoothed it is particularly useful for gaining deeper visibility over our housing markets. As for the latest trends, it’s important to note that the 25-MSA Composite is showing the first year-over-year gains seen since mid-2010 while prices continue to bounce from the lows set in late-January. – Paper Economy – A US Real Estate Bubble Blog 

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… housing inventory looks to be low only because that is what is being presented. Orange County foreclosure pipeline twice the size of non-distressed MLS inventory. – data too and charts – Dr. Housing Bubble

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GAO Points Out Flaws in Regulator, Servicer Outreach Materials – BY: TORY BARRINGER – … One major problem identified with current communication materials is that they are too difficult for the general public to understand. The report found that while servicers and regulators worked with third-party consultants to develop outreach letters, they did not test the materials with the target audience. … – DS News

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(bidding wars in Chicago’s toniest neighborhoods) The housing crash ends — for some – By Micah Maidenberg – Crain’s Chicago Business

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(3 charts plus stats) LPS: Mortgages in Foreclosure still near record high, Much higher in Judicial States – by Bill McBride – LPS released their Mortgage Monitor report for May today. According to LPS, 7.20% of mortgages were delinquent in May, up slightly from 7.12% in April, and down from 7.96% in May 2011. LPS reports that 4.12% of mortgages were in the foreclosure process, down slightly from 4.14% in April, and up slightly from 4.11% in May 2011. This gives a total of 11.32% delinquent or in foreclosure. It breaks down as: … more – CalculatedRisk

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LPS: Foreclosure Inventory Near All-Time High – by MortgageOrb.com – The nation’s foreclosure inventory remains near an all-time high, with 4.12% of all active mortgages in the foreclosure pipeline, in addition to the 3.2% that are 90 days or more delinquent but have not yet begun the foreclosure process, according to new data from Jacksonville, Fla.-based Lender Processing Services (LPS). According to LPS Applied Analytics Senior Vice President Herb Blecher, the situation is more nuanced when looking at the breakdown between states that apply judicial versus nonjudicial foreclosure processes. – MortgageOrb

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The Myth of Mortgage Fraud – by Peter G. Miller – If you’ve spoken with anyone who’s gotten a mortgage recently you’ve probably heard the same complaint: the loan application process has become excruciatingly complex. … Today’s picky and perfectionist loan application process is allegedly justified by mortgage fraud worries but grilling loan applicants does little, if anything, to prevent the widespread occurrence of mortgage fraud. Why? Because mortgage fraud is incredibly rare. …Ourbroker.com

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Fed’s Lacker Says U.S. May Be Close to Maximum Employment – By Kathleen Hays and Jeff Kearns – Federal Reserve Bank of Richmond President Jeffrey Lacker said the U.S. may already be close to maximum employment from a monetary policy standpoint and that policy makers can’t do much more to cut the jobless rate – Bloomberg Businessweek

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Fannie Mae Survey Shows Increasing Confidence in Housing Market – By Emma Fidel – Confidence in the U.S. housing market is increasing among Americans at the same time that most believe the country’s economy is on the wrong track, according to Fannie Mae (FNMA) (FNMA)’s June 2012 National Housing Survey. Americans expect home prices to rise 2 percent on average in the next year, the highest estimate since the government- sponsored mortgage company began its monthly survey in June 2010. – Bloomberg Businessweek 

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