Pain Trade, Friday Rate Surge, Purchase Applications, Mortgage Minefield, Corelogic Buys DataQuick, Principal Forbearance Losses, Tight Credit for Homeowners, Regulation of Mortgage Servicing Act, Real Ownership Chart, All in Your Head, Robo Mod Goes Live, Dean Baker on Bubbles, Regaining Ben’s Mojo

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(Owning T-bonds and MBS) The Brand New ‘Pain Trade’ – JOE WEISENTHAL – Business Insider

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Friday’s “Catastrophic Surge” in Mortgage Rates – By John Maxfield – Motley Fool 
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All eyes are on housing supply and purchase applications data – OC Housing News – All parties in the housing industry are examining the latest data since the sharp increase in mortgage rates. … However, this is just guess work and housing data will be used to gauge the impact of mortgage rates. Two of the most important figures are the housing supply and number of purchase applications, basic supply and demand measurements. 
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WSJ Editorial Outlines The New Mortgage Minefield – by Elizabeth Ecker – …  writes American Bankers Association President Frank Keating in a Wall Street Journal editorial published this week.  … Even when lenders can prove they have done their best to serve their customers outside of those safe harbor requirements, the added costs will ultimately be passed along to the consumer, Keating writes. “This will make lending, even to many creditworthy borrowers, too costly,” he says. … the impact on the housing market could be dire … – Reverse Mortgage Daily

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CoreLogic to buy Marshall & Swift/Boeckh, DataQuick Information Systems – By Kerri Ann Panchuk – … DataQuick Information Systems is a well known provider of real estate data and analytics, assisting the mortgage originations and servicing industries with strategic information. DataQuick has a database of more than 120 million U.S. residential properties and can easily analyze credit profiles, flood-zone risk, fraud and property values. … – Housingwire

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Should Servicers Report Principal Forbearance Losses Now or Later? – BY: KRISTA FRANKS BROCK – Principal forbearance, a loan modification practice in which a loan servicer allows a borrower to delay payment on his/her loan for a specified period of time, apparently poses an accounting conundrum.  … (US) Treasury requires servicers to report losses at the time of modification on all loans modified through the Home Affordable Modification Program since June 2010, but non-HAMP loans are still open to the discretion of each individual servicer. – DS News

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Harvard Study: Tight Credit Remains Stumbling Block for Would-Be Homebuyers — … concludes The State of the Nation’s Housing Report, released by the Joint Center for Housing Studies of Harvard University.  … – National Mortgage Professional 
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Rep. DeLauro Reintroduces Regulation of Mortgage Servicing ActNational Mortgage Professional – … The Regulation of Mortgage Servicing Act would require mortgage servicers and lenders to improve communication with homeowners by creating a single point of contact for borrowers, end the dual track process of foreclosing while negotiating loan modifications, and require third-party reviews of loan modification and foreclosure alternatives before families are sent into foreclosure. By establishing national standards, this legislation will help homeowners negotiate and avoid the foreclosure process. … 
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(look at real ownership chart) Welcome Serfs to the new Housing System: How all cash investors are distorting the housing recovery and taking over the primary vehicle for wealth for Americans. – Dr. Housing Bubble – … With rates shooting up, you are going to see the appetite of many investors sour quickly. … 
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(all in your head – good read) Federal Reserve – How The Fed Made The Markets Tank
JOE WEISENTHAL – Business Insider 
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(robo mod goes live) Streamlined Modification Initiative begins – … for Fannie Mae and Freddie Mac servicers. … All eligible borrowers must make three on-time trial payments, the FHFA said. Once those payments are made, the loan modification takes permanent effect. The program expires Aug. 1, 2015. … – Housingwire

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(lots about housing) Are the Bubbles Back? – Dean BakerCEPR.net

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Bernanke’s First Mistake: Losing Control Of The Market As Rates Spiked, Can He Get It Back? – Agustino Fontevecchia, Forbes 
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