CFPB on Dodd-Frank, Second GSE Lawsuit, Kroll Studies Freddie Data, Housing Chart, Hanson on Bubble, Gains to Slow, Delinquencies Drop, Asking Prices Up 10.7%, fewer First Time buyers, Output clock, Perry GSE Suit, Affordability Constraints, LO Comp, Prepayment Speeds Drop


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wow – lots from Housingwire today!

(link to guidelines) CFPB Breaks Down Dodd-Frank Mortgage Rules — Robert Ottone – The Consumer Finance Protection Bureau (CFPB) has announced the release of their Dodd-Frank Mortgage Rules Readiness Guideline (Version 1.0). The guide is meant to summarize rules passed down in January of 2013 and functions as a quick-guide for those looking for quick summation regarding some of the more nebulous aspects of the recent ruling. – National Mortgage Professional 
(second lawsuit after Perry Capital) Equity firm sues government over GSE shareholder holdings – By Christina Mlynski – Hedge fund Fairholme Capital Management filed two separate lawsuits in the U.S. Court of Federal Claims and the U.S. District Court to protect its rights as an owner of preferred Fannie Mae and Freddie Mac stock. – Housingwire 
(underwriting guidelines matter) Kroll digs into Freddie data to prep for potential risk-sharing securitizations – By Kerri Ann Panchuk – … The data released by Freddie is comprised of fully documented, fully-amortizing 30-year, fixed-rate mortgages tied to single-family properties. … 15.7 million mortgages with origination dates stretching as far back as 1999, with an end date of 2011. …These loans were then compared to data from the private residential mortgage-backed securities market. … more findings Housingwire 

The Chart That Housing Bulls Don’t Want You To See – Submitted by Tyler Durden – Zero Hedge 
Houses are Back in a Mega-Bubble…51% More Expensive to “Buy” than in 2003 to 2007Mark Hanson Blog 
Retirement hot spots a gold mine for investors – By Megan Hopkins – Housingwire – … “These popular retirement cities will very likely be an area of growth in the housing market over the next 15 years as baby boomers retire in greater numbers,” said Daren Blomquist, vice president of RealtyTrac. He added, “The baby boomer generation started retiring in 2011, a trend that will continue at least through 2029,  …

Report: Recent Price Gains Bound to Slow – BY: KRISTA FRANKS BROCK – Low inventories driven by reluctant sellers, high levels of underwater homeowners, and meager rates of new construction have all played a role in driving home prices upward of late, Radar Logic explains in its RPX Monthly Housing Market Report for April. As of April 2013, the analytics firm’s 25-metropolitan-area composite averaged $205.46 per square foot, up 13.1 percent year-over-year and up 2.7 percent month-over-month. This translates into a gain of 23.7 percent from the January 2012 low of $169.62. Prices though are still 26.2 percent below the June 2007 peak. – DS News 
Delinquencies See Biggest Year-to-Date Drop Since 2002 – ESTHER CHO – … according to Lender Processing Services’ (LPS) Mortgage Monitor report released Monday. Since the end of last year, the delinquency rate has fallen by more than 15 percent to 6.08 percent in May. “Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period … – DS News 
Asking Prices Up 10.7% in June – BY: ESTHER CHO     – Asking home prices took off in June, soaring 10.7 percent year-over-year, Trulia reported. Month-over-month, asking prices inched up by 1.5 percent and rose 4.1 percent on a quarterly basis. Trulia also tracked the 100 largest metro areas and revealed 99 markets experienced an increase in asking prices over the last year. … – The M Report

The Disappearing First Time Home Buyer – Fritz Pfister –  – .. First time home buyers accounted for only 28% of sales in May, down from 34% a year prior, and from the 40% norm. That’s huge. This means there won’t be as many dominoes falling this summer. Why is there a dwindling number of first time home buyers? The lack of jobs, increasing home prices, tighter lending guidelines, student loan debt, and rising interest rates are the primary culprits. Other than that, buying a home is easy. …

site of the day  (Continuously updates) United States Lost Output 
Investment group sues U.S. over Fannie, Freddie bailout terms – By Margaret Chadbourn – (Reuters) – A group of investors led by hedge fund Perry Capital LLC sued the U.S. Treasury in federal court on Sunday to challenge the 2012 changes of the bailout terms set for government-owned mortgage firms Fannie Mae and Freddie Mac. … The Treasury Department amended the bailout terms last year, forcing Fannie Mae and Freddie Mac to hand over most of their profits to the government, replacing a requirement that the companies pay quarterly dividends of 10 percent on the government’s nearly 80 percent stake. … 
(chart) A reversal of mortgage rate fortunes: Mortgage rates have another historical one day move as affordability begins hitting constraints.Dr. Housing Bubble 
Survey: Independent Mortgage Bankers rake in higher profits – By Brena Swanson – The average total compensation paid to loan officers recently hit $123,000, according to a new study of independent mortgage bankers from Richey May & Co. – Housingwire 
Rising mortgage rates propel Agency MBS prepayments down – By Christina Mlynski – Housingwire


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