Fay Servicing, Purchase Loans, 80% QM, Replace DeMarco, Harvard on Rentals, Phoenix Home Prices, HARP Expiring, Shiller Hates Owning, Obama Scorecard, Wells Fargo Hiring, Smaller Guys Grow, FHA Into a New Countrywide?, Krugman Loves Printing

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Fay Servicing Increases Annual Revenue by 250% – By Amilda Dymi – Chicago-based special servicer Fay Servicing reported a 250% increase in revenue for 2012 due to a “meaningful increase” in business volume from existing customers and incentive fees from pay-for-performance deal structures. – National Mortgage News 
and
Fay Servicing: Annual revenue rises 250% in 2012Housingwire 
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The Holy Purchase Loan: A Monty Python Grail? – By Garth Graham – National Mortgage News
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Bankers Estimate 80% of Mortgages Meet QM Standards – by Jason Oliva – Reverse Mortgage Daily

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(partisan?) Forty-Five Reps. Urge Obama to Replace DeMarco in Letter – BY: ESTHER CHO – DS News 
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(rentals) Harvard Study Examines Role of Investors in Atlanta – BY: KRISTA FRANKS BROCK – DS News
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Phoenix area home prices rise 34% in 2012 – By Catherine Reagor – … he rapid rise in home prices over the past 12 months means that many homeowners have regained more than one-half of the value their houses lost during the crash. … Investor home purchases in the Phoenix area began to decline in the fall, Orr said. Overall, about 36 percent of all home sales were cash deals last year. Early in 2012, cash deals made up more than 50 percent of all transactions .. – more – Arizona Republic

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(HAMP and HARP expire after 2013) Analysts: Congress Resistant to Housing Assistance Programs – BY: KRISTA FRANKS BROCK – … Keefe, Bruyette & Woods, a boutique investment firm, released its predictions of what actions the government is and is not likely to take to further assist the housing market. Generally speaking, “any large program expansions which require congressional approval are, in our view, not likely to go far,” said Brian Gardner, SVP of Washington research at Keefe, Bruyette & Woods. … – The M Report

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Shiller explains why owner-occupied housing is a poor investmentOC Housing News – … “Absolutely!” Shiller exclaimed. “Housing traditionally is not viewed as a great investment. It takes maintenance, it depreciates, it goes out of style. All of those are problems. And there’s technical progress in housing. Most people when the consider buying real estate completely ignore these realities. When it’s owner-occupied, they pay the maintenance as a lifestyle expense and fail to realize this cost of ownership weighs against the returns on their property (renters don’t pay for big maintenance items).  …

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Obama Scorecard highlights Midwest foreclosure crisis – By Christina Mlynski – The foreclosure crisis in the Midwest developed earlier and differently than in other areas of the nation. … “As this regional spotlight shows, the administration’s efforts have helped nearly 100,000 Detroit households avoid foreclosure,” said Deputy Assistant Secretary for Economic Affairs Kurt Usowsk … – Housingwire

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(Wells Fargo hiring)  Mortgage firms betting on continued recovery – Victor Epstein, The Des Moines Register – Wells Fargo Home Mortgage and other lenders increasing their staffs – … (WFHM) adding staff and facilities across the nation. Locally, it’s proposing to build a structure at its West Des Moines campus to accommodate 1,800 additional workers. … The home mortgage division expanded its headcount by 18 percent to 17,945 full-time employees during the 12-month period ended July 1, according to Fitch Ratings. … – USA Today

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(Guaranteed Rate, Stearns Lending) Analysis: Small lenders ride U.S. mortgage wave as big banks cut back – By Anna Louie Sussman – Reuters – … The five biggest U.S. mortgage lenders controlled just 53.2 percent of the market last year, … Inside Mortgage Finance data shows. As small lenders grow, that share could shrink to 40 percent of the $1.8 trillion mortgage market by 2014, a recent FBR Capital Markets report forecast. … – Yahoo News 
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(must read) Did the US make FHA into a new Countrywide at taxpayers expense?OC Housing News – … “By offering riskier terms than private competitors, the FHA today controls 56% — well more than half — of the total mortgage insurance market in terms of numbers of loans, talk about Too Big to Fail. So instead of complementing a robust private mortgage market, the FHA high cost loan limits and extremely low down payment requirements put it in direct competition with the private sector. “In addition, we know that as bad as that is, its single family insurance fund is flat broke. …
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(Krugman loves infinite money printing) Paul Krugman: “We Should Kick The Can Down The Road. It’s The Responsible Thing To Do” – Submitted by Tyler Durden – The below article, recreated in its grotesque entirety, is a real, serious Op-Ed written by a supposedly real, non page-view trolling, Nobel-prize winning economist, in a serious paper, the New York Times. It can be classified with one word: jaw-dropping. – Zero Hedge

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