MBS & Fed Meeting, Life of a Loan, Don’t Get Jack, Darn Rental buyers, El-Erian’s 4 Forces, Evans Rule, Eminent Domain Hydra?, Walter Loan, Derivatives Delayed, Bidding Wars, Southland CA, Rate Spike Chart


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(Big Fed meeting: Tapering and mortgage rates) In 2 Charts, You’ll Understand Why This Week’s Fed Meeting Is The Most Hotly Anticipated One In A Long Time – JOE WEISENTHAL – The Federal Reserve’s next meeting is this week. It’s a 2-day meeting that concludes on Wednesday, and it’s safe to say that it’s the most anticipated such meeting in a long time. … – Business Insider 
Don’t Fear the Taper – Posted by: ilene – There is no way to unwind.Zero Hedge
(good educational piece) Life of a Loan: The purchase mortgage – Posted by Brena Swanson – Housingwire 

(I bet they don’t get jack) Fannie Mae Shareholders Challenge U.S. Takeover in Suit – By Andrew Zajac & Clea Benson – Fannie Mae and Freddie Mac shareholders sued the U.S., alleging that the 2008 takeover of the housing lending giants was illegal and cost investors billions of dollars. – Bloomberg 
Fannie And Freddie Shareholders Slap U.S. Government With $41B Lawsuit – by MortgageOrb.com 
(those darn rental buyers?) Metro Phoenix median home-sales price up 60% from market low – By Catherine Reagor – The Republic | azcentral.com
EL-ERIAN: The Market ‘Sucking Sounds’ Are Getting Louder As Four Forces Come Together – Mohamed El-Erian, Contributor – Business Insider
1.  Greater market volatility forcing more formulaic and VAR-based accounts to reduce positions in an accelerated fashion
2.  Crossover investors trying to get back to their “home asset classes,” and finding it hard to do so in an orderly fashion- …  An outflow of funds from mutual funds and other accounts; and, of course,
4.  Reduced willingness among dealers to make markets and, in the process, resisting to hold much inventory
(lots about rates and the Fed’s ‘Evans Rule’) Central Banks May Finally Be Losing Control – MATTHEW BOESLER – Busness Insider
(this will not die. NY Fed paper justifies) “Eminent Domain” Back On Table Following Fed’s Latest Bailout Proposal – Submitted by Tyler Durden – Zero Hedge

Walter Secures $200 Million Loan to Fund Operations, Mortgage Originations – by Elizabeth Ecker – … The company borrowed the entire amount on June 6, … The loan comprises four lenders with Credit Suisse AG as the administrative agent among lenders Morgan Stanley Senior Funding, Barclays Bank and Bank of America … – Reverse Mortgage Daily 
U.S. Agency Said to Give Banks Two More Years to Push Out Swaps – Jesse Hamilton, Bloomberg News – JPMorgan Chase & Co., Bank of America Corp. and five other large banks have been granted a two-year transition period to wall off derivatives trading from bank units backed by U.S. federal deposit insurance. – SF Chronicle 
Bidding Wars Ease in May as Inventory Rises – BY: TORY BARRINGER – Competition among buyers continued to cool in May but remained fierce overall, according to Redfin’s Bidding War Report for the month. Redfin agents reported 69.5 percent of offers written in May faced competition, a decrease from 73.3 percent in April. Year-over-year, competition was mostly flat, rising 0.2 percentage points from 69.3 percent. … April’s monthly inventory increase—the largest since March 2010—was “the reason for the easin’” in bidding wars. … – The M Report 
Southland home prices soar 24.7% in May from a year earlier – The median price reaches $368,000 for all homes sold in the six-county region, the highest in five years. – By Andrew Khouri, Los Angeles Times – Southern California’s housing recovery surged last month as buyers scrambled for a short supply of homes.   – LA Times
(look at charts) More On The Spike In Mortgage Rates – Bespoke Investment Group – … To grasp how much of a shock to the system the rise in mortgage rates has been, we’ve just seen the biggest month-over-month spike on a percentage basis since at least 1998. …Seeking Alpha


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