Fix and Flip, Fixing GSEs, USDA Unintended Consequences, Serial Refinancers, Cramdowns, Zillow Forecast, Romney and Housing, Wells Dominates, Bitcoin, 30 Year Loans, Zillow’s Underwater Cities, Fleckenstein on Europe

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Are We Facing The End Of The Fix And Flip Market? – by Daniel Doran – … The problem is the influx of buy and hold investors who are willing to pay higher prices for these distressed properties.  … There is also no shortage of real estate guru’s who have switched their course materials available to new investors from fix and flip to fix and hold. … – Realty Biz News

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Fixing Fannie and Freddie – from WAPO editorial – … A more plausible worry is that Washington can’t resist using GSE profits to fund programs it can’t or won’t pay for through taxes or offsetting spending cuts. Last year, Congress and the Obama administration tapped the GSEs to pay for part of an extension of the Social Security payroll-tax cut. No one – not the private sector, not the GSEs themselves – can or will make the necessary investment in a modernized mortgage-finance infrastructure unless they know the new rules of the game. Treasury and the regulators have taken a step in the right direction. …Charlotte Observer

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(unintended consequences read this) USDA home loans, one of the last zero-down mortgage options, may disappear in some areas – By Elliot Njus, The Oregonian – … unless Congress intervenes, the USDA will eliminate areas that have outgrown the rural designation. New Census counts could make these areas ineligible for USDA lending starting in October. "If you’re selling a house in that area, you just lost 5 to 10 percent of your buyers," said Steve Emory, a mortgage banker with Northwest Mortgage Group in Portland. "You’re going to lose a certain percentage, and you don’t have that many people anyway." …
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(They’re back!) The Serial Refinancers – Cheap Mortgages Have Sparked a Trend; Should You Join? – By ANNAMARIA ANDRIOTIS – … To keep up with falling rates, almost 2.2 million homeowners have refinanced their mortgages at least twice since 2009 … – Wall Street Journal
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Cramdown and the Cost of Mortgage Credit – posted by Adam Levitin – Joshua Goodman at the Harvard Kennedy School and I have a new paper out examining the impact of Chapter 13 cramdown on the cost and availability of mortgage credit. – Credit Slips
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Zillow forecasts Case-Shiller House Price index to show small Year-over-year increase for June – by Bill McBride – … Zillow’s forecasts for Case-Shiller have been pretty close.  … – Calculated Risk

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(good read) What’s in Mitt’s secret housing plan? – BY MIKE KONCZAL – Romney may be plotting an ambitious restructuring of mortgages, but how aggressive will he be? – Salon.com
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(Wells compliments self) Wells Fargo says mortgage domination results from serving customers not ‘magic’ – Mark Calvey – San Francisco Business Times – Wells Fargo defended its role in handling one in three of the nation’s home mortgages as simply the result of doing a good job. "Serving customers very well means that more customers and clients choose us and reward us with their business," the bank said in a two-page memo to employees, …
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Lightning Fast, Dirt Cheap: Bitcoin Shows What Banking Could Be – Marc Hochstein – It took 11 minutes, tops, after I pushed the button for the equivalent of $5 to travel across the Atlantic. For this service I paid less than a penny – American Banker BankThink
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(who will make 30 year loans?) Shrinking Freddie, Fannie worries some – By Abha Bhattarai – Washington Post
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(slide show) 12 Cities Where Homeowners Are Deep Underwater – Mamta Badkar – … We drew on Zillow’s report to highlight 12 metros that still have very high negative equity and included the delinquency rate and loan-to-value ratio. We rank them by negative equity share, or the percent of homes that are underwater. … – Business Insider

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(bond buying plan) FLECKENSTEIN: The ECB Could Soon Unleash A ‘Very, Very Big Game-Changer’ – Matthew Boesler – … Fleckenstein thinks that accordingly, the death of the deflation trade has arrived: …    – Business Insider

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