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The NINJAs Are Back: Buy Life Insurance, Get A No Doc Mortgage Loan For Free – Submitted by Tyler Durden – … FastFunds Financial Corporation … But there is a twist: “all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments.” In other words: buy life insurance, get a subprime, no doc mortgage for free. Ye olde days are truly back. … – Zero Hedge
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(housing) Indirect v Direct Taxation – a Lesson From China – Martin Armstrong
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(hope for housing?) JPMorgan layoffs reflect some hope – By Danielle Douglas – JPMorgan Chase’s impending layoff of 13,000 employees in its mortgage division reveals much of what the nation’s biggest bank thinks about the housing market: the worst is over, but optimism for the future should be tempered. … most of the employees receiving pink slips are those that were hired to handle mortgage defaults. … – Washington Post
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(underserved working class consumer) Looking Beyond The FICO Score – by Andrew Peters – … An entire class of potential home buyers is losing out, left behind by the government-backed loan programs designed to help them in the first place. – MortgageOrb
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Front Running the Fed – by John Burns – We are very bullish on housing, and already thinking through the impact that 3.5% mortgage rates can have if prices rise substantially due to the interest rate stimulus. The Fed has put 34% more purchasing power into the pockets of homeowners, and investors are taking advantage. – lots more – John Burns RE Consulting
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LPS: Home prices could skyrocket 35% without affecting affordability – By Megan Hopkin – … Dosaj made that bold assertion … a webinar hosted and moderated by HousingWire’s executive editor, Jacob Gaffney. Dosaj was joined by Christopher Whalen, … “I think given the magnitude of the drop that we saw, you almost had to have a rebound and that’s indeed what is happening,” Whalen said. … – Housingwire
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(LO Comp) An Easy Fix for Once? – By Brian Collins and Mark Fogarty – WE’RE HEARING that industry folks are hoping the Consumer Financial Protection Bureau will just use its regulatory authority to exclude loan originator compensation from the 3% points and fees cap. – National Mortgage News
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The Federal Reserve’s Printing Press Can’t Go On Forever – By: Michael K. Farr, President Farr, Miller & Washington, LLC – MSNBC
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Americans see biggest monthly income drop in 20 years – By Annalyn Kurtz – Feeling poorer? – Personal income decreased by $505.5 billion in January, or 3.6%, compared to December (on a seasonally adjusted and annualized basis). That’s the most dramatic decline since January 1993, according to the Commerce Department (CNNMoney)
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Consumer Spending in U.S. Climbs Even as Taxes Hurt Incomes – By Michelle Jamrisko – … Disposable income, or the money left over after taxes, dropped 4 percent after adjusting for inflation, the biggest plunge since monthly records began in 1959. The drop also reflected the lapse of the payroll tax holiday. … – Bloomberg
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Oklahoma Joins Ten Other States in Challenging the Dodd-Frank Act – POSTED BY EVAN BEDARD – … The state attorneys general are challenging Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which creates the “Orderly Liquidation Authority” and gives singular power to the Treasury Secretary to liquidate banks with only 24 hours’ notice and with no notice to creditors, including managers of state pension funds. … – LoanSafe.org
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(historical look) OP-ED: When the government backs mortgages – By David Min – Federal backing inoculates us against the perils of boom and bust. – LA Times
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California Homeowners Bill of Rights pushes foreclosure starts down to levels last seen in 2005. Florida takes foreclosure activity title away from California – Dr. Housing Bubble
Mortgage News Clips 