Angel Alban, Fed Owns 10% Mortgage Debt, Principal Forgiveness Deadline, MBA on Housing, Re-Default Problems, 70 DTI China Housing Slaves, UK Barista, FC Freeze Revenge?, HECM Upfront Draw

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Former Bank of America Executive Joins AmeriCatalyst and EuroCatalyst – Angel Alban is Appointed COO, Managing Partner of Strategic Housing Finance Advisory Firms – Globe Newswire   (congratulations Angel)
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The Federal Reserve owns 10% of all residental mortgage debt, increasing 5% per yearOC Housing News – … What is even more incredible is that through the Quantitative Easing Program (money creation) the Federal Reserve is purchasing $45 billion of mortgage bonds each month. This is about $540 billion of mortgage per year or of 5% of the existing resident mortgage debt. Since this program is expected to last several years (to suppress the mortgage rates) by the end of 2015 the Federal Reserve will 25% of the existing residential mortgages. … 


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Banks Increasing Mortgage Forgiveness as Deadline Looms – By Kathleen M. Howley – Bank of America Corp., JPMorgan Chase & Co. (JPM), and three other banks in last year’s agreement spent $42.3 billion in aid such as principal reductions, refinancings and home-equity loan forgiveness through the end of 2012, compared with $21.9 billion through the third quarter, … Forgiveness of primary mortgages rose to $6 billion from $2.6 billion. Banks are stepping up principal reductions to take advantage of terms that give extra credit for speedy resolutions before the bonus expires on Feb. 28. … – Bloomberg

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MBA economist sees home price recovery, but hurdles remain – By Kerri Ann Panchuk – Housingwire

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Barclays: Why Repeat Mods Have Been Making a Comeback – BY: ESTHER CHO – The pace of modifications is slowing compared to the 2010 peak, but repeat modifications are on the rise, according to a recent research report from Barclays. Not only are mods returning for seconds, but researchers from Barclays also found remodifications perform more poorly than first-time mods. – DS News 
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China Housing Slaves Helping Property Rebound: Mortgages – … Sheng is part of a generation of middle class that Chinese media has dubbed “fang nu, … Sheng, who paid 1.1 million yuan for the one-bedroom apartment on the city’s western outskirts and will be using about 70 percent of her salary to service her mortgage. … – By Bloomberg News

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It Is Twenty Times Easier To Get Into Princeton Than To Get A UK Part-Time Coffee Barista Job – Submitted by Tyler Durden – Zero Hedge 
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(FC Freeze Revenge?) Foreclosure delays: D.C., Maryland keeping homes but losing value – By Tim Devaney – … On average, it takes more than 1,000 days to foreclose on a home in the District and 531 days in Maryland, according to RealtyTrac. The national average is 414 days. “The bottom line is, D.C. is shut down for foreclosures,” said Mr. Fisher,  … – The Washington Times 
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(upfront draw?) FHA Official: More Reverse Mortgage Change Coming by August – by Jason Oliva – Reverse Mortgage Daily 
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