$1T Drop, Buybacks, QE Fail?, RE Strategy, FHFA Reps, Risk Weighted, Eminent Domain, Draining Duration, Low Weights, Alderman Burke, Gas Prices, D-F Attack, John Mason, Servicers Face CFPB

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Fed’s Q2 Flow of Funds: Household Mortgage Debt down $1 Trillion from Peak – by Bill McBride – Calculated Risk

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Mortgage bondholders push Wells Fargo, Morgan Stanley for RMBS buybacks – By Jon Prior – Private mortgage bond investors are targeting $73 billion in securities issued by Wells Fargo and Morgan Stanley in hopes of forcing the banks to buyback some of the underlying loans. – Housingwire
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Will Ben Bernanke’s QE3 Work? No, It’s Already Failed – Louis Woodhill – Forbes 

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Real Estate Investing Strategies: Buy or Sell Subject-to The Existing Mortgage – by Donna S. Robinson – Realty Biz News

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(has links) FHFA Announces Representation and Warranty Framework – BY ANDREW POMPA AND PHILIP R. STEIN – Mortgage Crisis Watch
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Fitch: U.S. Mortgage RWA Rules to Discourage High-Risk Lending – (BUSINESS WIRE) — Proposed U.S. regulations outlining Basel III-driven capital requirements for residential mortgage lending could increase borrowing costs for “plain vanilla” mortgage products, which are classified as Category 1 loans. Additionally, nontraditional mortgages, viewed as high risk by regulators, may be effectively eliminated from broad availability at regulated banks – MarketWatch

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Cities Weighing Mortgage Seizures Draw Attention in Washington – By Clea Benson – U.S. regulators and lawmakers are seeking ways to keep local governments from using the power of eminent domain to seize mortgages and cut borrowers’ debt, citing concern about the potential cost to taxpayers. – Bloomberg

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Bond Volatility Approaches Record Low as Fed Drains Convexity – By Liz Capo McCormick – …  said Ruslan Bikbov, a fixed-income strategist in New York at Bank of America Corp. “The perception of a longer Fed-on-hold and the fact that the central bank is taking negative convexity out of the mortgage-backed securities market will cause volatility to decline.” …Bloomberg

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Mortgage rates return to record lows – By Justin T. Hilley – The average 30-year fixed rate mortgage rate returned to record lows this week, while the 15-year set an all-time bottom, following the Federal Reserve’s announcement of a new bond purchase plan. – more numbers – Housingwire
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(Alderman Burke and Eminent Domain corruption) NEW CHICAGO MACHINE SCAM IN THE WORKS: EMINENT DOMAIN SEIZURE OF ‘UNDERWATER’ MORTGAGES – by Steve Bartin – hattip Patrick.net – newgeography.com

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(inflation adjusted gas prices) Chart of the Day
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Oklahoma, South Carolina, Michigan Join Dodd-Frank Attack – By Tom Schoenberg and Carter Dougherty – Oklahoma, along with South Carolina and Michigan, joined a lawsuit challenging the constitutionality of the 2010 Dodd-Frank Act that overhauled financial regulation and created the Consumer Financial Protection Bureau. – Bloomberg Businessweek

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Recovery In Housing? – John M. MasonSeeing Alpha

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Mortgage servicers face CFPB corrective action – By Jon Prior – Housingwire

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