FHA MIP Hikes, Bill Gross, 2012 Originations, East Coast – West Coast, Pulte Put-Backs, Ocwen, $10.6B MI, Force-Placed Insurance Class Action Lawsuit


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FHA insurance premium hikes will impact high wage earners most – OC Housing News – Housing markets in Coastal California are dominated by high wage earners. In the more affluent markets, the GSE conforming loan limit is $625,000, yet the FHA limit is $729,750. GSE conforming loans can be obtained with only 5% down with private mortgage insurance of around 0.62%. FHA loans previously could be obtained with 3.5% down with an PHA insurance premium of 1.25%. The FHA loan which only requires 3.5% down instead of 5% has been very popular despite the onerous insurance premiums because after a massive debt binge and severe recession, most potential homebuyers are still broke. 

(always a must read) Credit Supernova! – William H. Gross – PIMCO Investment Outlook

LPS: 8.6 million loans originated in 2012 – By Kerri Ann Panchuk – The year 2012 brought a consistent, albeit mild, housing recovery with the nation originating 8.6 million loans last year as the delinquency rate declined 32% from the peak reached in 2010, according to Lender Processing Services. – Housingwire 
(lots of stats) LPS: 2012 Trends for Delinquencies, Foreclosures, and Negative Equity – BY: ESTHER CHO – DS News 
Analysts Draw Uneven Price Picture For East, West Coasts – Krista Franks Brock – While home prices are expected to increase by 5 percent on the national level, analysts at Capital Economics say some regions are more likely to see little to no growth at all. While the Northeast is likely to experience no price gain this year, the West may experience nearly 10 percent. The main difference between the two coasts is their inventories–while the Northeast has a large supply ready to be dumped on the market when prices improve, the West has burned through its excess inventory – The M Report

Pulte provision raises mortgage “put-back” concerns, shares drop – By Mridhula Raghavan – (Reuters) – PulteGroup Inc,  the No.2 U.S. homebuilder, said quarterly profit jumped fourfold, buoyed by a rebound in the housing market, but a $49 million charge for potential loan repurchase obligations dragged down its shares. 
Ocwen Competing For Ally Bank’s Mortgage-Servicing Portfolio – DJ – By Andrew R. Johnson – Ocwen Financial Corp. ( OCN ) and another company are competing for a $122 billion mortgage-servicing portfolio being sold by Ally Financial Inc.’s bank, a person familiar with the matter said Thursday. Ocwen and the other company are “neck and neck” in bidding on the portfolio, this person said. – NASDAQ.com 
MICA insurers wrote $10.6 billion in new insuranceHousingwire – Insurers belonging to the Mortgage Insurance Companies of America (MICA) association wrote $10.7 billion worth of new mortgage insurance on conventional mortgage loans in December.

Firm Builds Up Force-Placed Insurance Class Action Lawsuit – By Amilda Dymi – Consumer protection law firm Gilman Law LLP is building up a class-action federal lawsuit that targets homeowner’s hazard, flood or wind insurance placed by CitiMortgage, Citigroup, American Security and Assurant Inc. – Mortgage Servicing News 


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