Fay Servicing, Freddie Says Get Bigger, Rand Paul vs. John McCain, Milk the GSE Cow, Housing Starts, Global Monetary Easing, Apps and Closings Drop, Alabama MERS Decision, Lumber Futures, Brooklyn & CA Bubble, Deflation Pressures, Freddie Streamline Mods, LO Comp, Buying Beats Renting


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(about my employer – hiring originators is what makes us different – ask me why) Fay Servicing Embarks in Hiring Spree of Originators – By Amilda Dymi – National Mortgage News


(get bigger or go away?) Freddie Mac to charge mortgage servicers for low activity – Freddie Mac is telling mortgage servicers to expect a $7,500 fee for not selling at least $5 million in unpaid principal balance per year to the government-sponsored enterprise. … Freddie Mac mortgage servicers Freddie Mac with an aggregate UPB of less that $25 million will also be assessed the fee. The fee is new to Freddie Mac and far outstrips similar fees at Fannie Mae. … – Housingwire 
(must read) Rand Paul Upsets Senate’s Apple Witch-Hunt – Posted by Tom Lindmark – But Then What 

(milk that cow!) Federal government to keep juicing the GSEs: Compass Point – By Kerri Ann Panchuk – … As long as the housing agencies can turn considerable profit, analysts at Compass Point Research & Trading expect little political capital or incentive to enact large-scale GSE reforms … – Housingwire 
(2 great charts) Housing Starts decline sharply in April to 853,000 SAAR – by Bill McBride – Calculated Risk 
(GME = Global Monetary Easing – good things happen with everyone printing) MORGAN STANLEY: Here Are 6 Key Points To Remember About The Current Phase Of Global Monetary Easing – Sam Ro    – Business Insider
Mortgage Applications Fall Under Weight of Lower Refi Demand – BY: TORY BARRINGER – The M Report 
Closing Rates Fall in April as Purchase Loans Gain Greater Share – BY: TORY BARRINGER – The M Report 

Alabama Supreme Court MERS decision: Attorney guidepost – By Kerri Ann Panchuk – The highest court in Alabama upheld a lower court opinion that previously validated the ability of Mortgage Electronic Registration Systems to legally assign a mortgage. The decision creates precedent in Alabama, giving MERS a strong legal buffer in the state when similar challenges arise in foreclosure disputes. – Housingwire

(look at charts, comments) Is the massive drop in lumber futures telling us something? – Sober Look blog
From Brooklyn to California, Housing Bubble Threat Grows – By Prashant Gopal & Kathleen M. Howley – Bloomberg 
U.S. Economy In Second Month Of Deflation Pressures Bernanke On QE – Agustino Fontevecchia, Forbes– deflation is a central banker’s kryptonite, and Bernanke knows it.  – Housing has clearly recovered – Yet the American economy is stuck in second gear.  – …
Loan Modification and the Failure to Mitigate Damages – thoughts on Freddie Mac Streamlined Modification and more – BY ANTHONY NARULA AND PHILIP R. STEIN – Mortgage Crisis Watch 
(it’s a battle) LO Comp Bill a Subprime Effort? – By Brian Collins and Mark Fogarty – WE’RE HEARING that it is going to take a concerted industry effort to get a legislative fix for the QM rule on loan officer compensation. And consumer groups are already united in their opposition to a bill … The main thrust of the industry bill is to exclude certain fees and compensation from being counted toward the 3% points and fees cap in the qualified mortgage rule. ... – National Mortgage News

Zillow: Buying Beats Renting in 64% of Metros After 3 Years – BY: ESTHER CHO – DS News


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