Shadow Inventory, Second Homes, QE3 (3), Romney Housing Paper, Cordray vs. Hesnarling, Low End Price Rise, Housing Recovery, Strategic Defaulters, FICOs & Short Sales, NY G-Fees, Refis Rise

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Shadow inventory declines by 1.2 million in 2012 – By Jon Prior – Housingwire

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Buying A Second Home Is Probably Not A Good Investment – Leonard Baron, Zillow – Business Insider 

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(whatever it takes) Fed’s Williams Calls QE3 ‘Essential’ – By Michael S. Derby – … “We will continue buying mortgage-backed securities until the job market looks substantially healthier,” Federal Reserve Bank of San Francisco President John Williams said. “We might even expand our purchases to include other assets,” … – WSJ Blogs

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QE3: The Funny Money Team Has Officially Crossed the Rubicon
– Nathan Lewis – Forbes

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(Legacy of Fed’s QE3 and Zero Interest Rate Policy … The Fed Is Systematically Destroying Social Security And The Retirement Plans Of Millions – Submitted by ilene – the trust fund is projected to be depleted ten years earlier – by 2023. By law, the money deposited in the SS trust fund must be invested in U.S. government securities … the trust fund, invested in government securities, needs to produce healthy returns. It won’t; it can’t. Thanks QE-genie Bernanke. ~ Ilene – Zero Hedge 
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Romney Campaign Releases Housing Paper Amid Roundabout – RYAN SCHUETTE – …  unveiled a housing white paper on Friday to reposition his message and salvage his campaign. The document, titled “Securing the American Dream and the Future of Housing,” prescribes several conservative policy must-haves. – The M Report

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House Questions Cordray on Leadership, Mortgage Disclosure – BY: KRISTA FRANKS BROCK – … Rep. Jeb Hensarling (R-Texas) called Cordray “an unlawful appointee and most probably an unconstitutional one as well.” He stated Dodd Franks “has made [Cordray] a very powerful appointee, but it has not made [him] a legitimate appointee.” … – The M Report

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Home Prices Rise Again, This Time on the Low End – By SHAILA DEWAN and NELSON D. SCHWARTZ – … the least expensive homes, whose values fell the most in the downturn and have weighed against any would-be recovery. Over all, the Standard & Poor’s Case-Shiller index showed an annual gain of 1.2 percent in the price of single-family homes across 20 cities in July, – NY Times 
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More Evidence Of A Housing Recovery – Scott Grannis – … For over six years the housing market has been adjusting, painfully, to new realities, and increasingly it appears that the adjustment process is complete. Prices have found a new equilibrium. … – Seeking Alpha

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(not lock up strategic defaulters?) FHFA-OIG Op-Ed: Placing Our Mission in Perspective – GUEST CONTRIBUTOR: STEVE A. LINICK – Recently, an article was published by the Chicago Tribune discussing the work of my Office, the (FHFA) Office of Inspector General. The piece, titled Mortgage cops taking tough stance (Sept. 13, 2012), implies that my Office is going to “lock up” anyone who strategically defaults on their mortgage. This is not the case, and I’d like to put in context what we are and are not doing. … – DS News

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On FICO’s Dubious Explanation of Why it Treats Short Sales the Same as Foreclosures – Yves Smith – April Charney sent me a link to a post which had a condescending explanation of a recent piece by FICO that warrants further discussion. The FICO article attempted to justify its position that someone who enters into a short sale gets his credit score dinged as badly as for a foreclosure. Yes, you read that correctly. – Naked Capitalism

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Cost of New York mortgages will increase the most with new g-fees – By Kerri Ann Panchuk – … “The planned upfront fee would increase 15-basis points in Illinois, 20 bps in Florida, Connecticut and New Jersey and 30 bps in New York,” Hu said.  … – Housingwire

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MBA: Mortgage Refinance Activity increases as mortgage rates fall to new survey lows – by Bill McBride – Calculated Risk

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