Little Impact, Rentals, QM Safe Harbor, It’s Over!!, Prices Rise, Obama-Romney, REO Discounts, Default Risk, Yves Smith, Lending Drop, Home Sales, Annaly, Chicago Sales

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Fed’s latest stimulus may have little impact on mortgage borrowers – By Danielle Douglas and Brady Dennis – Washington Post

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(good charts too) Demand growing for new type of ABS: residential rental income securitizationSober Look Blog

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Shiller: Despite Current Rental Boom, Americans Are Loyal to Homeownership – by Elizabeth Ecker – Reverse Mortgage Daily

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Cordray downplays importance of safe harbor on QM – By Jon Prior – Consumer Financial Protection Bureau Director Richard Cordray told a House committee Thursday that mortgage lenders would still not be safe if the bureau elects to grant a safe harbor provision to the upcoming Qualified Mortgage rule. – Housingwire
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(good to know!) Deutsche Bank claims housing correction complete – By Jon Prior – Housingwire

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August Home Prices Rise 6.3% Year-Over-Year: RE/MAX – BY: RYAN SCHUETTE – The M Report
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Silence on U.S. Housing Doldrums Makes Obama, Romney Sound Alike – By Clea Benson – … “The lack of talking about housing policy is not because it’s not important,” said Mark Calabria, director of financial regulation studies at the Cato Institute, which promotes free- market policies. “It’s because there’s not an easy answer.” …Bloomberg

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(6 reasons) Why REO Discounts Vary So Greatly: FHFA – BY: ESTHER CHO – … FHFA stated there are at least six reasons to explain why REO discounts vary so greatly. The first three are the condition effect, characteristics effect, and market effect. Those explanations are directly related to the property value of houses. The last three explanations are: buyer-related effect such as risk aversion, seller motivation effect such as loss aversion, and stigma effect. These are what FHFA called indirect mechanisms. … – DS News 
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Risk of Default for New Loans Slightly Higher in Q3: UFA – BY: ESTHER CHO – … With 100 as the average, the risk index rose to 113 from the previous quarter’s revised 111. This means UFA estimates the risk of default on newly originated mortgages (both prime and nonprime) will be 13 percent higher than the average of the 1990s. … – more – DS News

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Mirable Dictu! Has Someone Noticed the IRS isn’t Enforcing Tax Laws in the Mortgage-Industrial Complex? – Yves Smith – Reader Deontos highlighted a post on Reuters by two Brooklyn Law School professors, Bradley Borden and David Reiss, on a subject near and dear to our hearts, the abject failure of the IRS to take interest in widespread, probably pervasive, violations of REMIC, the part of the Federal tax code that governs mortgage securitizations.Naked Capitalism

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Mortgage Lending Dropped 10% in 2011, Bank Regulator Data Show –  By Joshua Zumbrun – Bloomberg Businessweek

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2011 Lending Data Reveals Declining Conventional, FHA Activity – BY: TORY BARRINGER – … The data showed that the total number of originated loans of all types and purposes fell by about 780,000 – 10 percent – from 2010 to 2011, partly because of a 13 percent decline in refinancings.  … more – DS News
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Existing Home Sales in August: 4.82 million SAAR, 6.1 months of supply – by Bill McBride – Calculated Risk
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Annaly Will Reduce Its Dividend, But The Balance Sheet Remains Strong – Patricia Moses – Seeking Alpha

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Chicago-area home sales post best month in 5 years  – Chicago RE Daily

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