Freddie Making $$, Colorado’s Turn, HAMP (2), HARP, GSE Accounting Windfall, Ed Pinto, Fixing Manufactured Housing, Where to Flip, CRA, Nevada HO Bill of Rights, HUD 40k Distressed Loan Sale, Silver Bay, Labor Force Participation

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(gov’t payback time) Freddie Mac posts second largest income to date – By Kerri Ann Panchuk – Freddie Mac posted first-quarter net income of $4.6 billion Wednesday morning, up slightly from $4.5 billion in the fourth quarter of 2012 and the second largest profit in the enterprise’s history. – Housingwire
and
Freddie Mac on Q1: $4.6 Billion Net Income, No Treasury Draw, REO Declines – by Bill McBride – Calculated Risk
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Federal judge questions constitutionality of Colorado foreclosure law – By David Migoya – The Denver Post – … U.S. District Judge William Martinez issued a preliminary injunction against the sale … until the judge can decide whether parts of state law are unfair to homeowners facing the loss of their house. At issue is a provision in state law that allows lawyers to assert that their client, typically a bank, has the right to foreclose on a property even though they might not have the original mortgage paperwork to prove it.

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(HAMP: has link to report) CBO Releases Report re GSE Principal Reduction Plan – On May 1, the Congressional Budget Office (CBO) released a report entitled, “Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness, – American Securitization Forum
also this summary of report
CBO Report Finds GSEs Responsible for 13 Percent of Underwater Borrowers
– Robert Ottone – National Mortgage Professional 
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HARP Share of Mortgage Market Moves Up to 34 PercentSouthern Daily Press – Mortgage refinance applications filed under the Obama administration’s Home Affordable Refinance Program’s guidelines took up a 34 percent share of the mortgage market last week, up from the previous week’s 32 percent figure. This is the highest percentage of HARP mortgages since this statistic was first tracked more than a year ago. In terms of loan-to-value ratios, borrowers with an LTV of over 105 percent took up 47 percent of all HARP mortgages. 
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This accounting tweak by Fannie Mae and Freddie Mac will mean $60 billion for the U.S. government – by Steven Pearlstein – …  Business is so good, … auditors have decided that those deferred tax assets might not be worthless after all. … next week, Wonkblog has learned that the companies are likely to unwind some of those earlier write-downs of “deferred tax assets,” resulting in a one-time boost to earnings of as much as $60 billion. … – Washington Post

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(Ed Pinto) Next home $ crisis – Feds prop market – by JOHN AIDAN BYRNE – The seeds of the next housing crisis are being sown this spring, according to a former chief credit officer at Fannie Mae – NY Post

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Fixing manufactured housing – Sober Look Blog – One of the casualties of the sub-prime crisis in the US has been the manufactured housing sector. … Part of the reason the manufactured housing sector failed to make even a modest comeback has been the Dodd Frank regulation. Mortgages on these homes have been viewed as “predatory” because of their high rate and small size. … U.S. Representative Stephen Fincher introduced the Preserving Access to Manufactured Housing Act … 
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(top 25) RealtyTrac: Where to Find the Biggest Flipping Profits – BY: ESTHER CHO – DS News – … The online foreclosure marketplace found flippers in Orlando, Florida averaged the highest gross profit at 63 percent. The average purchase price in the area was $103,701 in 2012, while the average flipped price was $168,677. Las Vegas came in second, where flippers saw a gross profit of 53 percent last year. Phoenix, a metro known for its rapid price gains over the last year, pulled in a gross profit of 44 percent, putting it at third.  … 
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Did the Community Reinvestment Act Lead to Risky Lending? – …  (NBER Working Paper No. 18609 , Sumit Agarwal, Efraim Benmelech, Nittai Bergman, and Amit Seru trace the effect of the CRA on both the quality and the quantity of mortgages originated … They compare the lending behavior of banks undergoing CRA exams within a given census tract in a given month (the treatment group) to the behavior of banks operating in the same census tract-month that did not face these exams (the control group). This comparison clearly indicates that adherence to the CRA led to riskier lending by banks …   – hattip Ira Artman
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Nevada lawmakers push for local Homeowner Bill of Rights – By Kerri Ann Panchuk – Housingwire 
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HUD to sell 40,000 distressed loans in 2013 – By Megan Hopkins – Housingwire 
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(about Silver Bay) Chicken to Buy Foreclosed Homes? REIT Does It – BY CARLA FRIED – Ycharts.com

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The BLS Jobs Report Covering April 2013: Lowest Labor Force Participation since 1978/9, weekly hours and wages down – By Hugh, who is a long-time commenter at Naked Capitalism. – 3 big reasons 

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