Colony FNMA Deal, New Zillow Tool, Mortgage Fraud, Freddie Pulls Homes, LIBOR Problems, Expanding QE3, Wells FHA Problems, Chicago, Freddie Short Sale Guidelines, GSE Repurchases, DQs, Seth Klarman, Rentals

mnc-bc-fay2

email signup          RSS News Signup          Fay Servicing          BC’s profile

————

Colony Capital to Acquire 10% Stake in Fannie Housing Pool – By ROBBIE WHELAN – … for $35 million. … Fannie Mae has structured the transactions so that it keeps majority ownership, while giving investors a small minority stake and pays them fees to manage the portfolios of homes. In the Colony transaction, for example, the firm said it will receive 20% of the cash flows generated by the rental properties in management fees. Of the remaining 80%, Colony will receive 10% in equity profit … – Wall Street Journal

and

(Blackstone and Waypoint mentioned too) Colony Spends $1.5 Billion on Homes as Next REIT Boom: Mortgages – By John Gittelsohn, Heather Perlberg and Jason Kelly – Bloomberg Businessweek

————

(great example of Zillow’s new pre-foreclosure tool) Exploring the rich foreclosure pipeline of Beverly Hills – 2 Foreclosures versus 86 in the distressed pipeline. New data features allow public to search for distressed properties. – Dr. Housing Bubble

and
(1.5mm homes) Zillow to show homes in foreclosure, before they are listed – Company expects some criticism for putting personal data at consumers’ fingertips – By Mary Ellen Podmolik – Chicago Tribune
————
Madoff Has Met His Match: Mortgage Fraud Crime of the Century – John Wasik – … Mortgage fraud took place on so many levels for so many years that it eclipses Madoff by a factor of 100. … – Forbes
————
Why is Freddie Mac pulling homes off the market? – Bruce Ross – Skip Murphy asks … I have real buyers, first time buyers, who are being told that they may not be able to purchase a foreclosed Freddie Mac home on which they have made a good offer because it is being considered now to be pulled from the market for a bulk sale to an investor buyer. – Redding.com
————
SIGTARP Advises Discontinued Use of LIBOR – BY: KRISTA FRANKS BROCK – … “Continued use of LIBOR for TARP while it is broken, unreliable, and remains potentially subject to manipulation undermines public confidence in financial markets and TARP and could put taxpayers at risk,” SIGTARP stated in its quarterly report to congress, released Thursday … – DS News 
and

(2 graphs) LIBOR converging with CD rates; CD transparency proves usefulSober Look Blog – It looks increasingly likely that going forward the dollar LIBOR curve will be set based on term deposit rates (discussed here). There simply is not enough term (longer than one week) interbank unsecured lending to determine LIBOR without the risk of potential manipulation (or perception of manipulation). 
————
With Bernanke On The Tight Rope, FOMC Will Expand QE3 In December – Agustino Fontevecchia, Forbes – . .. The real action will come in the December meeting, Goldman Sachs’ chief economist Jan Hatzius believes, where he expects QE3 to be expanded to $85 billion a month to make up for the end of Operation Twist, and the possibility of outcome-based rate guidance.  …

and
Bernanke Seen Attacking Jobless Rate With QE Through 2013 – By Joshua Zumbrun, Jeff Kearns and Catarina Saraiva – Bloomberg

————
Wells Fargo sends refunds to some FHA mortgage customers – By E. Scott Reckard, Los Angeles Times – The bank says the customers paid unnecessary fees for their loans. If customers cash the checks, they can’t later sue Wells Fargo.
————
(bucking national trend) Foreclosure activity jumps 34 percent in Chicago in 3rd quarter – By: Marissa Oberlander – Chicago RE Daily

————
RealtyTrac reports foreclosure declines in two-thirds of metro areas – By Jacob Gaffney – Housingwire 
————
(preventing fraud?) Freddie Mac: New short-sale guidelines are win-win for everyone – By Kerri Ann Panchuk – .. designed to prevent deceptive transactions that pop up in times of distress when servicers and borrowers are negotiating short sales,  … – Housingwire

————
(repurchase update) GSE repurchase requests drag third-quarter mortgage growth – By Christina Mlynski – Housingwire 
————
September delinquencies skyrocket 7.72%, foreclosure filings decline 20.4%, shadow inventory grows – The golden age of delinquent mortgage squatting continues. … from the report released by ForeclosureRadar.com that MLS inventory is NOT coming as foreclosure filings dry up. In California, the number of NODs declined 20.4% last month signaling that lenders are in no hurry to process their bad loans and push out the squatters. This slow processing creates a strong incentive for borrowers to strategically default …OC Housing News
————
Seth Klarman Goes Nuts On The Fed In His Latest Investor Letter – Linette Lopez – Business Insider

————

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

To subscribe to Joe Garrett’s news letter, send an email to jgarrett at garrettmcauley dot com 

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s