Housing is Smoking, PMI Stats, DeMarco Shutdown, Retiring Boomers Create Jobs, QM Critics, AG Jumbo Buyer, MBA on GSE Plan, $1T Exposure, CA FC Costs Jump $30k, Trulia Prices Up, 3 Mortgage Company Risks

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Why A Bunch Of Economists Expect The US Housing Market To Go On A Huge Tear – Mamta Badkar – Bank of America has again revised up its home price forecast to 8 percent for 2013, up from 4.7 percent. This is after a 7.3 percent rise in 2012. In a new report titled “Someone say House Party?”, BAML’s Chris Flanagan, Michelle Meyer, and Justin Borst write that “a positive feedback loop has begun”. – Business Insider
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MICA: More loans received mods or refis in 4Q – Private mortgage insurers saw a 75% year-over-year increase in the volume of loans with private mortgage insurance that were either refinanced or modified during the fourth quarter of 2012. – Housingwire 
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DeMarco prepares for final shutdown of GSEsOC Housing News 
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(retiring boomers create jobs?) The US Has Two Huge Economic Problems, And They Cancel Each Other Out Perfectly – Joe Weisenthal – Probably the two most-cited economic problems in the U.S. are: Long-term demographic headwinds, and U.S. unemployment. But good news! Those problems cancel each other out. – Business Insider

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QM Critics: Mortgage Rule to Set Up Another Meltdown – BY: TORY BARRINGER – … In an article released March 3, Edward Pinto and Peter Wallison, two fellows at the American Enterprise nstitute (AEI), assert that the QM rule is “simply another and more direct way for the government to keep mortgage underwriting standards low.” … more – The M Report 
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BREAKING: AIG launches unit to invest in whole mortgages – By Kerri Ann Panchuk – Insurer AIG intends to find and acquire residential whole loan mortgages as investments through a newly created business unit called Connective Mortgage Advisory Co. Connective will create correspondent relationships with lenders, underwrite loans and support loan purchases. … (leverage) its United Guaranty mortgage insurance subsidiary’s knowledge of the mortgage market to identify whole loans as investments. – Housingwire 
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MBA economist sees taxpayer risk in latest FHFA GSE plan –  Posted by Kerri Ann Panchuk – … “Ed DeMarco has the right idea that he doesn’t want both firms spending money independently to build systems on their own,” Brinkmann said. But he added, the problem of developing a new system where the GSEs own it is that “all the money they spend is less money that comes back to the Treasury.” Brinkmann continues to support a move to a situation that mirrors the Ginnie Mae-model, where a government agency “actually relies on private companies” to deal with the risk.  … – Housingwire
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Banks are still exposed to $1 trillion in unsecured mortgage debtOC Housing News… the poor loanowners who are still $1 trillion underwater. … They are renting from the bank with a feeble hope … that will never come to pass. This false hope is important as it keeps the sheeple paying  … Some lender somewhere holds that paper; therefore, lenders have $1 trillion in unsecured mortgages –  debt not backed by any collateral value. At current prices, if those houses were liquidated, … lenders would lose a $1 trillion dollars. The banking system couldn’t absorb losses of that magnitude. Thus we have market supply manipulation, …

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($30k cost per house – white paper) California Homeowner Bill of Rights creates $30K in legal exposure – California’s Homeowners Bill of Rights will add an estimated $30,000 of legal exposure into each and every non-judicial foreclosure, according to a white paper released by Robert L. Jackson and Associates. – Housingwire
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Trulia: Asking House Prices increased in February, Inventory not expected to bottom in 2013 – by Bill McBride – Calculated Risk 
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(3 mortgage company risks) The Challenges Of Hedging Enterprise Interest Rate Risk – by Rob Kessel & Bob Gundel – MortgageOrb

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