Consumers De-Lever, Loan Terms Ease, Big FHA Mortgages, Whither Home Prices, Rental Mania?, 12 FC Cities, Judicial Clog Continues, CFPB Changes?, Congress and FC Review, David Stockman on Housing

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(delevering continues) Just 16% of Refinancers Increase Their Mortgage Debt – By Nathalie Tadena – The majority of homeowners who refinance maintained or reduced their mortgage debt in the latest quarter, according to a report from mortgage-finance company Freddie Mac. Freddie Mac reported that 84% of homeowners who refinanced their first-lien home mortgage either maintained the same loan amount or lowered their principal balance by paying in additional money at the closing tableWSJ Real Time Economics Blog

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Demand, Credit Terms for Loans Both Ease in Q1 – BY: MARK LIEBERMAN – … The results in the quarterly (Fed) Senior Loan Officers Opinion Survey …… In the case of “traditional” mortgage loans, 1.5 percent of respondents reported “somewhat” tighter standings, while 4.6 percent reported standards easing somewhat, and 1.5 percent reported standards easing considerably for a net 6.1 percent easing. Meanwhile, 92.3 percent said standards were unchanged. … – The M Report 
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Are Big FHA Mortgages Really Risky? – Peter Miller – Just .75 percent of all FHA loans are for amounts in excess of $500,000 — and it’s a long way from $500,000 to $625,000 and beyond… See the chart at OurBroker.com – The new rules regarding bigger FHA loans impact few people but help with issues of policy and perception.
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Home Prices – Is The Boom Back? – Cullen Roche – Seeking Alpha

and
(4 charts) Housing Price Update  – Scott Grannis – Seeking Alpha

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(rentals window closing?) Investors Scramble to “Cash In” on Housing – BY MIKE WHEATLEY – Realty Biz News
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(slide show) 12 Cities Where You Can Get Great Deals On Foreclosures In 2013 – Lisa Mahapatra – Business Insider 
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RBS: 10-year Treasury yield will grow despite bond-buying strategy – By Christina Mlynski – Housingwire 
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Judicial foreclosure states continue to clog inventory pipeline – By Christina Mlynski – The majority of the states with the highest number of completed foreclosures for 2012 were nonjudicial foreclosure states, indicating that judicial foreclosure states are still plugging up the foreclosure pipeline. – Housingwire 
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Senate Republicans renew blockade of Obama’s Consumer Bureau pick – By Peter Schroeder – Senate Republicans are renewing their vow to block any nominee to head the Consumer Financial Protection Bureau (CFPB) unless major changes are made to its structure. … “The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington,” said McConnell. ” … – The Hill
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Senate Bill Would Replace CFPB Director With Five-Member Commission – BY HEATHER ANDERSON – Credit Union Times 
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Congress Begins Investigation of Botched Foreclosure Review Cover-Up Settlement – Yves Smith – The more people look at the abruptly-arranged settlement of the OCC/Fed foreclosure reviews, the more they realize something does not smell right. Elijah Cummings and Elizabeth Warren have started an investigation of the settlement: … –Naked Capitalism 
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(uh-oh they are going back to take a look) Lawmakers Ask for More Details on Abandoned Foreclosure Review – ESTHER CHO – Although the Independent Foreclosure Review (IFC) has concluded after regulators reached an $8.5 billion foreclosure settlement with 10 banks, questions still remain concerning the abandoned foreclosure review process and the terms for the current settlement. … Sen. Elizabeth Warren (D-Massachusetts) and Rep. Elijah Cummings (D-Maryland) sent a joint letter dated January 31 to the OCC and the Fed requesting specific information … – DS News 
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(opposite ends of the spectrum) The broke versus all cash buyer: Over 56 percent of Southern California home purchase came from FHA insured buyers and all cash buyers. Last month record level of buying from all cash buyers. – Dr. Housing Bubble – … For example, over 23.2 percent of Southern California home buyers used FHA insured loans last month.  These loans are no longer good deals even though they require only a paltry 3.5 percent down payment. …  A record 33.8 percent of all sales last month came from those with all cash in SoCal.  …

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The Second Housing Bubble Ends With A Bang, Not A Whimper, David Stockman Warns –  Submitted by Tyler Durden – … Critically, he points out we live in a world of boomers looking to be trade-down sellers, not one of trade-up buyers, as “the fast money will sell as quickly as they can and the bubble will pop almost as rapidly as it’s appeared. … – Zero Hedge

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