Low Down Payments, High Margins, Buy vs. Rent, DQ by Loan Types, FC Starts Rise, CFBP Servicing Rules, CFPB Hiring Spies?, Low house Inventories, Reverse Mortgages, CW WL Deals, Danger Will Robinson

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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The resurgence of the low down payment market – The number of FHA insured loans has doubled from Q2 of 2007 to Q2 of 2012.- The dramatic rise in FHA insured loans in a time of historically low rates demonstrates two key aspects of the current American economy.  The first point is that many US households have the inability to save for an adequate down payment on housing.  … The second point is the American economy is still living on leverage. ... – Dr. Housing Bubble
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(expect to see more articles like this) Mortgage Rates are Prevented From Going Lower by Banks Who are More Interested in – PR Web – Mr. Nergarden of Real Estate Marketing Insider issued his warning regarding banks keeping mortgage rates higher in order to maximize profits today, and his opinion is that this will harm home sellers because the banks are raking in record profits while a lower interest rate might create more buyers for anyone looking to sell a home or advertising real estate. – Equities.com

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Way More Sense To Buy Than Rent – Based on the breakeven horizon. – Mamta Badkar – Zillow has come out with a new metric called the breakeven horizon to help prospective home buyers determine whether it makes sense to buy or rent in a specific metro. – Business Insider

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(5 excellent delinquency graphs) – Mortgage Delinquencies by Loan Type – Bill McBride – The following graphs show the percent of loans delinquent by loan type based on the MBA National Delinquency Survey: Prime, Subprime, FHA and VA. First a table comparing the number of loans in Q2 2007 and Q2 2012 so readers can understand the shift in loan types. Both the number of prime and subprime loans have declined over the last five years; the number of subprime loans is down by about 35%. Meanwhile the number of FHA loans has more than doubled and VA loans have increased sharply. An interesting point: Each loan type improved in Q2 2012, but the total delinquency rate increased. The reason is the shift in loan types – from prime loans to more FHA and VA loans. – Calculated Risk

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National, state foreclosure starts on the rise – AP Bloomberg – More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of unpaid mortgages even as they pulled back on home repossession. The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to the same month last year, foreclosure listing firm RealtyTrac Inc. said Thursday. – IBJ.com

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CFPB Outlines New Mortgage Servicing Regime – BY: TORY BARRINGER – The Consumer Financial Protection Bureau (CFPB) proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. – The M Report

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(CFPB hiring spies?) Consumer bureau seeks sleuths for bad bankers – By Jim McElhatton – The Washington Times – The federal government’s newly created Consumer Financial Protection Bureau is recruiting investigators in ads that suggest the agency plans to go undercover to pursue cases against banks, credit card companies and other financial companies.
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Low Inventory Adding to Home Prices and Decreasing Days Listed: Redfin – BY: ESTHER CHO     – As homeowners hold back from selling, home prices are benefiting, according to a report from Redfin, which tracked home prices in 19 U.S. markets. While prices remained flat month-over-month (-0.1 percent) from June to July, Redfin found prices rose 3.2 percent from July 2011 to July 2012. However, the number of homes for sale fell 28.1 percent during the same one-year period and also declined 5 percent from June. – DS News

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U.S. News: Reverse Mortgages Can Help Avoid Foreclosure – by Elizabeth Ecker – Reverse Mortgage Daily

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Countrywide loan credit improving without significant modifications – The credit performance on Countrywide loans serviced by Bank of America is improving at a rate faster than loans serviced by other large mortgage servicers — without a significant use of loan modifications. … Barclays Capital found that always current-to-delinquent roll rates on Countrywide subprime loans were cut by half to 1.1% in June from 2.2% in June 2010. …. – By Justin T. Hilley – Housingwire

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(danger Will Robinson! lots of details) CFPB Legislates Loss Mitigation Through Proposed Servicing Regulations – By: Laurence E. Platt – … Basically, Congress never needs to issue another law to address mortgage loan servicing because the Bureau reads subsection (k) to give it virtually unfettered authority to legislate through regulation merely by proclaiming an initiative to further the consumer protection purposes of RESPA. Never mind that RESPA never addressed loss mitigation, it did address loan servicing and, in the Bureau’s view, that empowers the Bureau to regulate loan servicing in all respects. … – K&L Gates

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