Prepays Fast, FNMA and Nationstar, Clear Capital Report, Phoenix, GSE FC Prevention, Ben’s Thank You Notes, Easy On Servicers, New Home Sales, OCC Reports, Pending Sales Decline, Policy Fade, Mods Stats, Squatters, Redwood Jumbos, Rate Lows, Buffett-IBM-Rescap, HECM & Retirement Plans

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(QE3 and ZIRP Magic) Mortgage Prepayment Rate Reaches Highest Level Since 2005 – By Heather Perlberg and Jody Shenn – Bloomberg
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NMN: How Fannie Mae propelled Nationstar into mortgage stratosphere – Posted by jgaffney – Housingwire 
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(good reading) Home Data Index Market Report October 2012Clear Capital

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(beware Phoenix) The Housing Bubble in Phoenix Is an Utter Fraud and Scam
– Gary Anderson, Strategic Default Books    – (on cash buyers, QE, and the wealthy)Business Insider

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FHFA: GSEs prevent 129,000 foreclosures in 2Q – By Kerri Ann Panchuk – … Half of the borrowers receiving foreclosure-prevention relief in the second quarter saw their monthly mortgage payments slashed by more than 30%. Another 29% of loan mods included some type of principal forbearance. … – Housingwire

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(Ben’s friends) Ben Bernanke’s thank-you notes – By MJ LEE  – … In July, the Fed chairman sent letters of gratitude to five Democratic members of Congress after they delivered speeches on the House floor urging fellow lawmakers to reject the “Audit the Fed” bill authored by retiring Texas Republican Ron Paul, the central bank’s chief antagonist. … – Politico
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Quelle Surprise! Mortgage Settlement Monitor Advocates Going Easy on Servicers Since We Don’t Dare Ask Them to Spend Money to Meet Their Contractual Obligations – Yves Smith –
The mortgage settlement looks to be every bit as bad as cynics predicted. … detailed reporting on the settlement terms came from attorney Abigail Field, … her important finds was that the servicing standards, touted as one of the key victories in the deal, were worse than a joke. They didn’t simply call on servicers to obey existing law; … – Naked Capitalism
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Silver Lining in New Home Sales Provides Reason For Recovery – by Bondsquawk – … Despite failing to meet expectations, the data continues to be supportive of the housing recovery as the 3-month average continues to tick higher … moreSeeking Alpha
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OCC Reports Q2 Findings on Loan Performance and Mods – BY: ESTHER CHO – … The percentage of current and performing mortgages stood at 88.7 percent at the end of Q2, a slight drop from Q1, … The share of mortgages past due 30-59 days was 2.8 percent, a 12.1 percent quarterly increase, but a 7.5 percent drop from a year ago. On the other hand, seriously delinquent mortgages, which are those that are 60 or more days past due or held by bankrupt borrowers whose payments are 30 or more days past due, fell 0.8 percent from Q1 to 4.4 percent, the lowest level in three years. … – DS News

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August Pending Home Sales Show Surprising Decline – BY: MARK LIEBERMAN – After reaching a two-year high in July, the Pending Home Sales Index (PHSI) fell in August to 99.2, the lowest level since April, the National Association of Realtors (NAR) has reported. Analysts had expected the index to rise to 102.2, but the index declined in three of the four census regions. – The M Report

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GSEs, housing policy fade as a political issue – By Jim Kim – Fierce Finance

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(mods – interesting stats) Foreclosure Crisis Year Six – posted by Alan White – Credit Slips

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Allowing delinquent mortgage squatting causes more strategic defaults than crashing prices – … On the other side, if banks don’t foreclose, borrowers know they can quit paying and live payment-free indefinitely. This method has the advantage for banks of providing an illusion of collateral value backing their loans, but recent data shows banks build an even larger shadow inventory that must eventually be liquidated. ... – OC Housing News
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Why Is Redwood the Maytag Repairman of Jumbo MBS? – Paul Muolo – … But here’s the obvious question: How come no one else in this industry has stepped up to the plate like Redwood except for a few fluke bonds here and there? … – National Mortgage News
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Long-term real yields hit another record low, punishing US saversSober Look Blog

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Buffett, IBM vie for ResCap – By JOSH KOSMAN – Big Blue appears as though it will be giving Warren Buffett a run for his money in the $2.4 billion auction of the mortgage-servicing portfolio of bankrupt ResCap, The Post has learned. – And that might be fine with the Oracle of Omaha. – NY Post

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Using a HECM Reverse Mortgage to Strengthen Retirement Plans (Fifth of a Series on How, Why and When to Take a Reverse Mortgage) – Jack Guttentag – The Mortgage Professor

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