Housing Price REAL Reason, 11 Bernanke Cartoon, FHA’s MIP Rise, Cordray Upheld?, $30B Private MBS Amherst, FHA, Yves Smith, Walter Investment, GSE Risk Sharing, Private Label Bailout, Reverse Mortgages, Put Back Fear Drives Due Diligence


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(the REAL reason home prices are starting to improve) Recent home price increases are due to increased purchasing power and not economic conditionsOC Housing News 

(cartoon video) In an explosive interview, Federal Reserve Chairman Ben Bernanke sits down with Oprah and confesses to years of performance-enhancing economic dopingBrietbart.com 
(+10bp MIP) FHA raises mortgage insurance, for life of loan – By Christina Mlynski – … The FHA will also require most borrowers to continue paying annual premiums for the life of their mortgage loan. … – Housingwire 
Mortgage Regulations Approved Under Cordray May Still Be Upheld – Kate Gillespie – American Banker
Amherst predicts $30 billion in new originations for private-label securitization – Christina Mlynski – Housingwire
1. securitization (is) now economic, at least in limited size for pristine collateral, …
2. done primarily by non-bank originators, with real estate investment trusts holding the interest only bonds and subordinate bonds.
3. … Goodman noted that she does not expect bank originators to make a comeback for three reasons. …  
FHA Will Face Ongoing Scrutiny to Deal with “Broke” Status in 2013 – by Elizabeth Ecker – Reverse Mortgage Daily 
Quelle Surprise! Prosecutors Get Tough on Mortgage Fraud….At an Itty Bitty Bank – Yves Smith – One of the things that has been galling is watching various officials tasked to protect the public from financial services miscreants is to have them prattle meaningless statistics about how the number of actions of various sorts that they’ve taken is up relative to the previous incumbents … And even though the bank and its employees violated Fannie and Freddie standards, the loans performed well, in fact, very well …Naked Capitalism
Walter Investment closes on two purchases of Fannie Mae MSRs – By Christina Mlynski – … totaling $132 billion in unpaid principal balance, the firm confirmed Thursday. The company also said its completed its acquisition of Residential Capital’s originations and capital markets platform.  … – Housingwire

(Makes RWT Happy?) GSEs Push Forward on Risk Sharing – By Felipe Ossa – … Speaking at the American Securitization Forum’s 2013 conference, Mark Hanson, senior vice president of securitization at Freddie Mac, said the agencies hope to issue pilot transactions this year before setting up a more “programmatic approach.” “The commitment is as strong as ever to get that done in 2013, – National Mortgage News

(private loan and private label bailout) Menendez, Boxer plan bill to transfer bank losses to US taxpayerOC Housing News – …  Here’s how the scam works: Delinquent borrower’s loan is currently held on the banks’ balance sheet. Bank contacts the loanowner and offers them the ability to refinance with a government-backed loan under generous terms if they will only agree to make a few payments. Once the borrower agrees and makes three payments, the loan becomes a “permanent” modification, and the liability for future losses transfers from the bank to the US taxpayer. …  
FHA to Halt Fixed Rate Standard Reverse Mortgage Starting April 1 – by Elizabeth Ecker – …  Among the changes comes the consolidation of its Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. … details – Reverse Mortgage Daily 
(putback avoidance fear) How The Power Of Fear Drives Today’s Due Diligence – by Phil Hall – … “This is important to the industry and a positive thing,” says Allon. “The GSEs are saying, ‘Listen, originators, we’ve taken whatever you submit to us and we’ve been the filter. Now, you guys filter it out and don’t submit loans to us that don’t meet guidelines.’ It is a transfer of legitimacy for GSEs to the originators, which is fundamental to the recovery of the mortgage industry.” … moreMortgageOrb


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