CFPB Conflict, Down Payment Battle, Cordray (2), Property Prices Rise, Children Will Pay, REO Rental Buyers, FC Discounts Shrink, Home Prices Overheating?, Fed Rate Exposure, GAO FHA Worries, Unsinkable DeMarco, Repeating Mistakes?

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CFPB principles for mortgage originations conflict with each other

http://www.housingwire.com/rewired/2013/02/20/congressman-garrett-hud-lending-discrimination-rule-upends-ability-repay   by Kerri Ann Panchuk

NDP says: Ability-to-repay test versus disparate-impact test.   Complying with one can breach the other, but satisfy both anyway. – hattip Nom de Plumber
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(no surprise here) Housing stakeholders warn against strict mortgage down-payment requirements – By Vicki Needham – The Hill
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(another law case) Request filed to add more state AG plaintiffs in DC case challenging Director Cordray’s appointment – By Barbara S. Mishkin – Another case we have been following that includes a challenge to Director Cordray’s appointment is the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, … – Ballard Spahr CFPB Monitor 

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Senate Democrats Urge Reappointment of CFPB Leader – BY: TORY BARRINGER – Fifty-four Senate Democrats and Independents issued a letter to the president last week defending the Consumer Financial Protection Bureau (CFPB) and pledging to support the re-appointment of current director Richard Cordray. – The M Report
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FNC: Residential Property Values increased 4.9% year-over-year in December – by Bill McBride – In addition to Case-Shiller, CoreLogic, FHFA and LPS, I’m also watching the FNC, Zillow and several other house price indexes. – Calculated Risk 
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Saving the banks and baby boomers at the expense of future buyersOC Housing News

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Large institutional investors emerge in REO-to-rental market – By Christina Mlynski – … said Chief Financial Officer Timothy Cunneen of Smith Breeden Associates. “It appears these investors have driven home prices higher within some pricing points of their target cities.  Overall, large scale REO-to-Rental investors are helping accelerate the housing recovery,” Cunneen said. … – Housingwire
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Foreclosure discounts no longer as steep – By Kerri Ann Panchuk – During the peak of the mortgage crisis, foreclosed homes sold at a 25% discount on average, but the market is stabilizing and the price differentiation between a home’s foreclosed valued and original market value is beginning to narrow, FNC reported. – Housingwire 
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Are Home Prices Overheating Due To Lack of Inventory? – FEBRUARY 18, 2013 BY MIKE WHEATLEY – Realty Biz News 
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(technical – DV01 and NIM update) The Fed’s D-Rate: 4.5% At Dec 31, 2013… And Dropping Fast – Submitted by Tyler Durden – Zero Hedge
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The Unsinkable Edward DeMarco – by Phil Hall – There is an old joke that claims the only indestructible forces that will be able to survive a nuclear war are Styrofoam, cockroaches and Cher. I might add a fourth potential survivor to that list: Edward DeMarco, … – MortgageOrb 
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GAO Expresses Concern On FHA Risks – … “One such action would be to determine the economic conditions that the FHA’s primary insurance fund would be expected to withstand without drawing on the Treasury,” Dodaro added. “Recent events suggest that the two percent capital requirement may not be adequate to avoid the need for Treasury support under severe stress scenarios.  …MortgageOrb

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U.S. Homeowners Are Repeating Their Mistakes – By Brendan Greeley – … Last year, Christian Weller, a professor at the University of Massachusetts, looked at Federal Reserve data for households run by those over 50. The number of families with what Weller calls “very high risk exposure”—a low wealth-to-income ratio, more than three-quarters of their assets in housing or stocks, and debt greater than a quarter of their assets—had almost doubled between 1989 and 2010, to 18 percent. That number didn’t decline during the deleveraging years from 2007 to 2010; its growth just slowed to a crawl. … – Bloomberg Businessweek
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