Chris Whalen on Housing, Annaly, FHA Shrinking?, Costs Up, Defaults Down, builder Confidence, BofA Originations, 16X Leverage, Housing Starts, Beige Book, Consumer Comeback, QC, AMCs

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Chris Whalen must reads:


Reality Check: Is the US Housing Market Really Recovering? – Chris Whalen – Institutional Risk Analyst

and
Reality Check: Is the US Housing Market Really Recovering? Part II
Zero Hedge

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How A Mortgage REIT Could Run Out Of Earnings With Current MBS Rates – Tim Plaehn – The news release from Annaly Capital Management (NLY) announcing a $1.5 billion stock repurchase authorization should put mREIT investors on notice that all may not be well in the leveraged MBS business. – Seeking Alpha

and
Annaly Capital Management’s 12.4% Dividend Yield: The Bull And Bear Case – by Qineqt – Seeking Alpha

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Ellie Mae reports FHA-backed mortgage market share shrinking – Posted by kpanchuk – … “During the past six months, FHA loan (closings) have dropped from 28% to 19% while conventional loans have risen from 64% to 72%,” reported Jonathan Corr, chief operating officer for Ellie Mae. He attributes this switch in activity levels to increases in FHA insurance premiums that took place in April as well as HARP 2.0 initiatives. … – Housingwire

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No Wonder People Can’t Keep Up With Rising Transportation And Housing Costs – Mandi Woodruff- … Per the report, for every new dollar consumers add to their annual income, they pay another $1.75 for housing and transportation. … – Business Insider
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New Lows for First and Second Mortgage Default Rates: S&P/Experian – BY: ESTHER CHO – … the lowest level in its more than 8-year history, according to data from the S&P/Experian Consumer Credit Default Indices. (has details) – DS News
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Home builder confidence rises to highest level in six years – By Tiffany Hsu, Los Angeles Times – Home builders are buoyed by an increase in serious buyers who have expressed interest in buying new single-family homes. 
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BofA mortgage originations beat correspondent exit – By Jacob Gaffney – … In its third quarter results, Bank of America funded $21.2 billion in residential home loans and home equity loans … In the year-ago quarter, correspondent originations equaled a comparative $15.9 billion. … – Housingwire

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New Investment Vehicle Lets Investors Bet On Mortgages With Insane 16x Leverage – Matthew Boesler – Business Insider
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Bank of America says housing has ‘begun to turn,’ but mortgages still bring banks headaches – (AP) – … reported Wednesday that mortgage originations jumped over a year ago — up 18 percent to $21 billion. But the mortgage unit still lost money as the bank worked through problem mortgages issued before the crisis. … – Washington Post
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Housing Starts increased sharply to 872 thousand SAAR in September – by Bill McBride – Calculated Risk

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(Beige Book) Housing Is Bright Spot in Update on Economy – By KRISTINA PETERSON and JEFFREY SPARSHOTT – Wall Street Journal

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This Is The Biggest Economic Story In The World – Joe Weisenthal – (14 charts show comeback for American consumer) – Business Insider

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(QC) Tyler Sherman On Ensuring Data Quality – by Phil Hall – … Quality control on the front-end is the future for loan originators – if it’s not already. But that doesn’t necessarily mean they have to forgo quantity either. It means that they’ll have to change their business processes to ensure quality performance without lengthening the origination process or producing any mistakes as they increase volume. … – MortgageOrb
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(keeping regulators happy) How AMCs Help Lenders Expand Into New Markets – by Brian Levine – MortgageOrb
 
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For Rob Chrisman’s latest daily post, click here.

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