HELOC Comeback, Wells $100mm Expansion, BofA Settles, Defaulter Comeback, AZ Rising Prices, 40% GA Underwater, TBTF Tax, FFA Pick, REITs and MSRs, IRS Excess Inclusion Income, Five Ten & DB, Tax Payers and Non-Payers


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(lots of details) Equity credit lines and second mortgages are making a comeback – Banks increasingly are willing to let owners tap their home’s equity. But unlike the bubble years, lenders are demanding excellent credit for the best rates. – By Kenneth R. Harney – LA Times 
Wells Fargo breaks ground on $100 million mortgage expansion in Iowa – by: JENNIFER BJORHUS – Star Tribune – The expansion comes as its mortgage business shifts amid fledgling housing recovery. … It’s the fourth office building at the bank’s Jordan Creek Campus in West Des Moines and includes a training center, parking garage and enough room to eventually house about 1,800 workers. Construction should be done in two years. … 
Bank of America Settles Class Action Brought By Mortgage Investors – BY PHILIP R. STEIN AND SACHA BOEGEM – … The announcement of the settlement was included in Bank of America’s quarterly earning statement  … Bank of America said the settlement resolves claims on about 80 percent of the unpaid principal balance of Countrywide-issued residential mortgage-backed securities, and 70 percent of similar claims against the bank overall. … – Mortgage Crisis Watch 
(new company) Are Previous Defaulters Making a Comeback? – BY: ESTHER CHO – … the AfterForeclosure Loan Eligibility App … The application gives borrowers who have lost their home to a foreclosure or short sale an idea of where they stand in terms of being able to qualify for a loan again. … they will receive a detailed report of whether or not they are eligible to repurchase … According to a release, 23 percent of users passed and were found to be eligible to purchase … – DS News

(Arizona) Rising home prices in the SW Valley pushing out investors – By Cassandra Strauss – Experts say homebuyers in the Southwest Valley will see higher prices but less competition from investors. – The Republic | azcentral.com 
More than 40% of Georgia homes underwater – By Arielle Kass – The Atlanta Journal-Constitution 
Cost of being Too Big to Fail: Now just $28 million – By Stephen Gandel – A small Fed tax will do little to rein in big banks. – … On Monday, the Fed finally announced its plans to implement a tax on the nation’s largest banks and other financial firms that are deemed “systemically important.” What’s the cost of being Too Big to Fail? A mere $28 million. … – CNN Money 
Fed looks at retroactive regulation fee for big banks – The Federal Reserve has proposed collecting an annual fee from about 70 big banks and other financial institutions to help pay for regulating them. The fee, which would be determined based on assets, would begin with the 2012 calendar year and would total about $440 million. – Reuters 
White House expanding list of choices for FHFA pick – By Vicki Needham – The Hill 
(video) Mortgage REITs Likely to Become More Active in Securitization, Lawyer Says – NAREIT1 – Van Deusen provided some analysis of “excess mortgage servicing rights” and why they’re important for mortgage REITs. Excess mortgage servicing rights refer to a portion of the servicing rights that are created when an originator or seller of loans … – Youtube 
Regards REITS: IRS Provides Guidance on the Treatment of Excess Inclusion Income for Pass-Through Entities  – Ropes & Gray (A bad thing for REITS to have)
Five Ten Gets Deutsche Bank Loan to Buy Rental Homes – By Heather Perlberg & Jody Shenn – (Bloomberg) — Deutsche Bank AG (DBK) arranged a $100 million credit facility for asset manager Five Ten Capital LLC to buy, renovate and rent U.S. single-family homes. 
55% of Americans Say Their Income Taxes are Fair; 46.6% Paid No Income Tax in 2011 – Mike Shedlock – MISH’S Global Economic Trend Analysis


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