70-30 Purchase-Refi, Lou Holtz and Wells Fargo, Refi Party Over?, UW Guidelines Loosening?, FHA, On 30 Year Fixed Rate,, Scandal?, Shiller on Prices, Japanese QE, Tax Chart, Japan Helps US Homebuyers, Foreign Treasury Holdings

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Getting ready for a more normal purchase-focused market –  Posted by Jonathan Corr – Is the mortgage origination market reverting to the mean? By that, of course, I mean the traditional 60/40 or 70/30 relationship between purchases and refinances. – Housingwire 
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(realtor refi volume replacer) Wells Fargo Taps Notre Dame Coach for Mortgage Boost – By Dakin Campbell – Wells Fargo & Co. (WFC), the largest U.S. home lender, is turning to former University of Notre Dame football coach Lou Holtz and a captive audience of real-estate agents to attract new business as the pace of U.S. mortgage refinancings is set to drop to the slowest since 2008. – Bloomberg Businessweek

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(Refi party over?)
Drop in Home Loans Takes Toll on Banks
– BY JESSICA SILVER-GREENBERG AND BEN PROTESS – NY Times Dealbook 
and
Is the party over for mortgage lenders?
– by Danielle Douglas – Washington Post

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Signs of Easier Money for Mortgages – By TARA SIEGEL BERNARD – … Some regional banks and credit unions are even offering products that vaguely resemble the more aggressive financing that became all too common during the boom days … The piggyback loan … is back … some credit unions, including Navy Federal and NASA Federal Credit Union, are offering 100 percent financing … The big difference … is that the loans are not being made to just anyone but to borrowers who can afford to pay them back (at least for now). … – NY Times 
and
(3 big reasons for big growth) Mortgages with 10% or less down are on the rise – Julie Schmit, USA TODAY – More mortgage lenders are offering conventional loans with down payments well below the 20% or higher levels of recent years

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Obama budget projects $943-million bailout for key housing agency – By Jim Puzzanghera and E. Scott Reckard – Chicago Tribune

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(thoughtful) Is the 30-year fixed rate mortgage a risky product?OC Housing News 
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SCANDAL? 2 stories
Can Dodd-Frank fix mortgage servicing if we don’t know what went wrong?
– Posted by Mike Konczal – … But a new obstacle to this has arrived on the scene: federal regulators blocking the release of records they have collected documenting illegal abuses. A heated exchange broke out at a Senate hearing this week, where Sen. Elizabeth Warren (D-Mass.) asked regulators from the Office of the Comptroller of the Currency and the Federal Reserve why they were not sharing the results of their investigations into mortgage servicing abuses and illegal activities with Congress and the people who were subject to abuses. – Washington Post Blogs

and
IFR Scandal: Magnitude of Mortgage Servicing Failure – posted by Alan White – … Worse, Senator Warren extracted an admission from bank regulators and the “independent consultants” at a hearing on Thursday (short version here) that neither the regulators nor the consultants checked the tally, which was produced by the bank servicers themselves. … – Credit Slips

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(interesting – Shiller wrote this) Why Home Prices Change (or Don’t) – By ROBERT J. SHILLER – NY Times 
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Unlike Fed, BOJ’s QE Won’t Unleash Hot Money – By Ansuya Harjani – CNBC

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(graphic) Where Does Your Tax Dollar Go? – Submitted by Tyler Durden – Zero Hedge

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(Japan QE limits investor choice) Bernanke Gets Japanese Assist in Helping Homebuyers: Mortgages – By Jody Shenn – … Japanese investors venturing into the U.S. home-loan market typically favor debt from Ginnie Mae, which helps finance borrowers with down payments as low as 3.5 percent, because it carries an explicit government guarantee … – Bloomberg Businessweek
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FOREIGN HOLDINGS OF US DEBT ROSE TO $5.66 TRILLION – BY MARTIN CRUTSINGER – AP ECONOMICS WRITER 

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