Bernanke’s Successors, Corelogic Buys Case-Shiller, Shiller Says Buy Now, Housing Costs climb, 4 Originator Worries, CFPB Mortgage Database, HAMP Defaults (3), IO Loans Back, McBride on Housing, Libor Replacement

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Bernanke Successors?

Possible Fed Successor Has Admirers and Foes – By BINYAMIN APPELBAUM – Janet L. Yellen – NY Times 
and
(other possible Fed contenders) If Not Yellen at the Fed, Perhaps One of These – By BINYAMIN APPELBAUM – NY Times 
and
The New York Times Holding A Candle For The Triumphant Return Of Tim Geithner – By Jon Shazar – Dealbreaker.com 
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OTHER NEWS:

CoreLogic Acquires Case-Shiller U.S. Home-Price Indexes – By John Gittelsohn – … for $6 million … , adding a widely used measure of U.S. property values to its real estate data. … Fiserv Inc. (FISV), a financial-technology company based in Brookfield, Wisconsin, owned the Case-Shiller indexes and licensed a portion to Standard & Poor’s. The S&P/Case-Shiller Home Price Indices will retain their brand name, according to CoreLogic’s statement. … – Bloomberg

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Shiller: Now Is ‘Auspicious Time to Buy a House With a Fixed-Rate Mortgage’ – By Dan Weil – Money News
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Housing Rebound in U.S. Hampered by Own Success as Costs Climb – By Shobhana Chandra & John Gittelsohn – Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find. Suppliers of glass, drywall and wood products, who reduced output during the slump, are testing the vigor of the rebound by boosting prices before committing to restore capacity. – Bloomberg

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(top 4 originator worries) Survey: Originators Worried over Regulations, Shift in Market – BY: TORY BARRINGER – The M Report 
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CFPB Mortgage Database: Invasion of Privacy or Market Necessity? – BY: ESTHER CHO – … The National Mortgage Database is a joint effort with the Federal Housing Finance Agency (FHFA) and will include information such as borrower profiles, payment history, and the mortgage product and terms, but will not provide information that would give away the personal identities of the borrowers, according to the agencies. … – DS News 
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(HAMP) Homeowners defaulting in loan modification program, report says – By Danielle Douglas – The report from the special inspector general for the Troubled Asset Relief Program said the Treasury Department’s Home Affordable Modification Program, or HAMP, has failed to ensure that mortgage reductions are sustainable. Home loans modified in the third and fourth quarters of 2009 are now defaulting at a rate of 46 percent and 39 percent, respectivelyWashington Post

and
Modified mortgages show ‘alarming’ default trend – Ruth Mantell – … The oldest permanent modifications (HAMP), which launched in 2009, were redefaulting at a rate of 46.1% as of March 31, according to the report from the special inspector general …  HAMP’s permanent modifications from 2010 have redefault rates ranging from 28.9% to 37.6%. … – MarketWatch 
and
HAMP Borrowers Continue to Default – Did Obama’s Program Fail? – BY MIKE WHEATLEY – … However, the report notes recent HAMP modifications have shown better results and are performing better than ones issued years earlier. … – Realty Biz News

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(interesting comparison) The return of the prodigal interest only loan: The appearance of safety is bringing back our favorite mortgages. – Dr. Housing Bubble 
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(sees a bright future) A few comments on New Home Sales – by Bill McBride – Now that we have three months of data for 2013, one way to look at the growth rate is to use the “not seasonally adjusted” (NSA) year-to-date data. … Note: For 2013, estimates are sales will increase to around 450 to 460 thousand, or an increase of around 22% to 25% on an annual basis from the 369 thousand in 2012. … Based on estimates of household formation and demographics, I expect sales to increase to 750 to 800 thousand over the next several years. …Calculated Risk

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Bernanke Says Alternatives to Libor Being Considered – By Kevin Costelloe – Bloomberg Businessweek 
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