DeMarco vs. Liberals (4), Short Sales, Ally Repurchases, FN NPL Sale, The Next Bernanke, Seconds and Short Sales, Twenty-Somethings, ‘Actual’ Home Sales, Wells Slips A Bit, Merkley’s Plan, MA Email Ruling, Home Sales Charts, FHFA GSE Unwind Plan?, Bottom Is Over, Cordray Suggests Reforms, DQs Rise

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Back from vacation.

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DeMarco Section:
FHFA’s loan-balance ruling more about politics than policy – By Mark J. Riedy  – In turning down a Treasury proposal last week to allow Fannie Mae and Freddie Mac to reduce loan balances on some of the mortgages held as investments by those agencies, their federal regulator planted a flag declaring their rights to act independently and follow their best judgment – San Diego Union Tribune 
 
and
White House Must Free Fannie Mae, Freddie Mac On Principal Reduction, Remove Ed DeMarco – Peter S. Goodman – The Huffington Post

and
Debt, Depression, DeMarco – By PAUL KRUGMAN – NY Times 

and
Ed DeMarco is wrong; It’s time for him to go – By Liz Ryan Murray, policy director, National People’s Action – The Hill

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Other News:

Short sale dynamics – short sales recorded the highest number of transactions in three years during the first part of 2012. What data do we have on short sales with second mortgages? – Dr. Housing Bubble

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HAFA short sales pick up slightly after rules eased – By Jon Prior – Mortgage servicers completed slightly more short sales under a government-funded program over the last two months after the Treasury Department relaxed rules at the start of the year. – Housingwire

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Ally Sees Increase in Fannie Requests as It Tries to Stem Mortgage ExposureWall Street Journal

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This Week in GSE Land: – Paul Muolo – We’ve been hearing whispers about a Fannie Mae nonperforming loan auction for several months now. We understand the GSE has been actively telling people it could happen by yearend or early 2013. A "request for proposal" for a loan sale advisor is supposedly in the works. We shall see. Keep in mind that the FHFA wants both GSEs to shrink their balance sheets every year. – National Mortgage News

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The Toughest Job in Washington: The Next Fed Chair -By DANIELLE KURTZLEBEN – Navigating through crisis is tough, but so is dialing back accommodative policies – You might say that Ben Bernanke has one of the toughest jobs in America … But save some pity for someone even less lucky: whomever takes his job next. Ben Bernanke’s term as Federal Reserve Chairman is up in January 2014, and the next chair will face a host of challenges: … plus the potential need to unwind unprecedented policy moves. – US NEWS

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Second mortgages hold short sellers hostageOC Housing News
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Housing Headwinds: US Birthrate Lowest in 25 Years as Twenty-Somethings Postpone Having Babies – Michael Shedlock – MISH’S Global Economic Trend Analysis   

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"Actual" New Home Sales First 6 Months of 2012 vs. Prior Years; Reflections on the Housing Recovery – Michael Shedlock – MISH’S Global Economic Trend Analysis 
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Wells Fargo remains top US mortgage lender but share slips – Reuters – Wells Fargo & Co. remained the largest U.S. mortgage originator in the second quarter, but ceded market share to its biggest rivals, Inside Mortgage Finance said on Wednesday. The fourth-largest U.S. bank made 32.4 percent of mortgages, down from a record 33.9 percent in the first quarter. The next three largest lenders — JPMorgan Chase & Co, U.S. Bancorp and Bank of America Corp — all gained share, according to the industry publication – Chicago Tribune 
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(read all of this) Senator unveils plan to refi 8 million underwater borrowers – Jon Prior – … Merkley describes how a Rebuilding American Homeownership Trust could be built by either the Federal Housing Administration, the Federal Home Loan Banks system or the Federal Reserve. The RAH Trust would sell bonds and use the funds to purchase mortgages from banks, credit unions and originators. Borrowers of these home loans would then be given three choices to refinance within three years. … – Housingwire 
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Massachusetts email constitutes binding real estate agreements – Posted by Jessica Huseman – Massachusetts real estate agents and lawyers should now be careful about what they put in emails: They could come back to bite you. Or, at least, contractually bind you to something you didn’t want to be contractually bound to. In late May, the Supreme Court of Massachusetts ruled in Feldberg v. Coxall that a series of emails between the buyer’s and seller’s attorneys, the final one attached a revised but unsigned offer to purchase two pieces of land from the buyer, created a binding agreement entitling the buyer to a notice of claim. – Housingwire 

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(lots of great charts) New Home Sales declined in June to 350,000 Annual Rate – by Bill McBride – Calculated Risk

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FHFA Revealed To Hire Consultant For GSE Receivership Strategies – by MortgageOrb.com – The Federal Housing Finance Agency (FHFA) has quietly hired New York-based PricewaterhouseCoopers LLP to create contingency plans for taking the government-sponsored enterprises (GSEs) into receivership. According to a Bloomberg News report that cites contract documents, the FHFA signed this agreement in May. – MortgageOrb
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(charts and commentary) Evidence Mounts: U.S. Real Estate Market Has Passed Bottom, Entered RecoverySeeking Alpha
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CFPB Director Outlines Proposals for Mortgage Lending Reform – BY: TORY BARRINGER – Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), laid out the agency’s aims to reform mortgage lending standards before a Congressional subcommittee Tuesday. – DS News
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LPS: Mortgage delinquencies increased in June – by Bill McBride – Note: "LPS has updated its extrapolation methodology. This improves estimates of market size (and includes wider coverage of both government and subprime products) and increases LPS’ estimate of the total first lien residential mortgage market by three percent to 50.4 million." LPS has kindly provided me with some updated historical data for the table below. – Calculated Risk

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