Hard to Get, Goosing Mortgages, Seconds Grow, RE is Feudal, TBTF Nuke, CDS and QRM, FHA Direct Endorsement, $50mm for 2BR, MISH on Stimulus, Banks Love Fed, Refis to Shorter Terms

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Why Is It So Hard to Get a Mortgage? – Doug LebdaChairman, Chief Executive Officer, Founder, LendingTree.com – Huffington Post 

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Here We Go Again: The Goosing Of The Mortgage Market – John Mason – Seeking Alpha

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Second mortgages rebound as banks’ confidence in housing market seems to grow – By Kenneth R. Harney – … Researchers at Equifax, … say total outstanding balances of residential second mortgages at banks rose in the latest month for the first time in nearly five years. Though the jump was relatively small — about three-tenths of 1 percent — analysts say any increase in the amount of second mortgages is a bellwether event,  … – Washington Post
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A modern day feudal system for real estate – Wall Street and large real estate investors crowding out entry level buyers to hike up rents and outbidding buyers. – Dr. Housing Bubble
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Going Nuclear: Too Big to Fail, Redux? – By ROBIN GOLDWYN BLUMENTHAL – Derivative levels are higher than they were at the height of the financial crisis, … concentrated  … JPMorgan Chase, Citigroup, Bank of America and Goldman Sachs. … In case anyone cares whether Dodd-Frank or the Volcker Rule defused those financial weapons of mass destruction known as derivatives, they can start worrying.  … – Barrons
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(on QRM & much more) Blaming Regulation, Again, for Restricting Mortgage Lending – BY PETER EAVIS – … Banks like JPMorgan are currently willing to hold all sorts of assets that face regulatory uncertainty, … One such asset is credit-default swaps, … So perhaps the protests over regulation mask other concerns. (of holding mortgages) … low interest rates — rates that are so low that banks cannot make enough money on the interest to make up for the risks of holding them. … NY Times Dealbook

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(Direct Endoresment) CAP Credits FHA for Its Useful Ignorance, Allowing Mortgage Fraud to Continue – By: David Dayen –  … It would be one thing if Wells Fargo were the only perpetrator here. But the Wells suit is one of six that the government has issued against mortgage originators who lied to the FHA. And for all we know, they’re still doing it. You would think that, at some point, the FHA would have noticed the bad originations on practically all the loans they insured going back to 2001. But FHA did nothing … – FireDogLake

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(attention class warfare people) 2-bedroom Manhattan apartment for $50 million – By Jennifer Karmon – Yahoo Homes
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US Runs 4th Straight $1 Trillion-Plus Budget Gap; More Stimulus? You Already Got It; Welcome to Slow Growth – Michael Shedlock – If stimulus worked, then why isn’t it? The US has $1 trillion deficits for four years in a row. If that’s not stimulus, what is? … Welcome to slow growth for as far as the eye can see. Unfavorable demographics coupled with a mountain of debt seals the fate. … – MISH’S Global Economic Trend Analysis

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(banks thank the Fed) Fed’s pledge to buy more mortgage-backed bonds helps banks bottom line – Dan Harris – Examiner.com

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(30 to 15 shorter terms = delevering) Consumers are flocking to shorter loan terms – Refinancing priorities take turn toward caution – By Jenifer B. McKim – Boston Globe 

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For Rob Chrisman’s latest daily post, click here.

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