Another Secondary Marketing Risk, Cordray on QM, More Investment Purchases, New Zillow Tool, Libor Timeline, Granny Pods, Originator and Correspondent Risk, ZIRP Less Effective

BillCoppedge_26Nov2011original content selection by

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There have been technical difficulties with our webserver, plus I have been on vacation with limited time and web access. MNC hope to be back up to full speed by August 7.


Cordray admits mortgage lending outside of QM unlikely – By Jon Prior – … “It’s hard to know what will happen in the long run in the mortgage market. In the next couple, maybe three years, there is unlikely to be a lot of lending done outside of QM,” Cordray said. “It’s important to be more inclusive.” … – Housingwire

RealtyTrac: Houses purchased for investment rise 65% – Posted by kpanchuk – … Last year, 1.2 million U.S. properties were acquired for investment purposes, up from 749,000 in 2010. … – Houswingwire
HARP 2 : Fannie Mae Dominating Freddie Mac In HARP Loan Volume – Rob Chrisman – The Mortgage Reports

Here’s Zillow’s Exquisite New Home Price Forecasting Widget – Rob Wile – The top right shows absolute movement in Zillow’s home value index; middle shows year-over-year change, and the bottom month-over-month. Phoenix is looking good. Carson City, not so much. Via Zillow. (It may take a moment to load…but it’s worth the wait!) – Business Insider

(timeline chart begins in 2008) Libor and the Financial Crisis – The New York Fed learns that Barclays is reporting false Libor rates. “We know that we’re not posting, um, an honest” rate, a Barclays employee told a New York Fed official in April 2008, according to transcripts.NY Times

Could “Granny Pods” Be the Next Reverse Mortgage Alternative? – by Elizabeth Ecker – With many older Americans preferring to remain with their families rather than moving into a nursing care or assisted living community, a new solution has begun to gain popularity among the retired population and is expected to meet the rising demand of baby boomers for senior housing options: Granny pods. – more quite interestingReverse Mortgage Daily

(of Interest to Originators/Correspondents) Nationstar Acquires Aurora Bank Servicing Rights – BY ROBERT SIEGEL AND SACHA BOEGEM – … If Nationstar now continues to demand the repurchase of loans on which Aurora had previously made such demands (and/or pursues additional claims), originators/correspondents should consider requiring adequate documentation in support of all these claims, such as proof of Nationstar’s entitlement to pursue the claims on loans purportedly owned by Aurora … – Mortgage Crisis Watch

The Bernanke Put Is Dying – Charles Biderman – … Bernanke, Geithner and Obama apparently hoped that building a bridge over the problems of bad loans by dropping interest rates to almost zero would enable the economy to safely get to a recovery. The only problem is that we have run out of bridge and are no where near a recovery. … That means that Bernanke, Geithner and Obama have given trillions in wealth to bond holders. Ever wonder where the money has come from to buy all the Treasury offerings? One source of cash is the trillions in bond profits resulting from Fed actions. In other words, it is a ponzi scheme. The Fed gives profits to bond holders who then buy more bonds at ever higher prices. … The Bernanke put is dying. When the Fed demonstrates that the next easing will not work even to boost stock prices, then the stock market will collapse and the Black Swan will enjoy its meal. – Forbes


For Rob Chrisman’s latest daily post, click here.

To subscribe to Joe Garrett’s news letter, send an email to  jgarrett at garrettmcauley dot  com


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