Ben and Fed, Consumer Credit Up, Rate Rise Spurs Buyers, Boomer Divide, Geithner $peak$, Progress in Lending Mag, 107k HARP Refis, MSRs Gain Value, Geo Concentrated Jumbo Deal, UW Guidelines Loosen, Mortgage Banker sells House


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Ben Speaks & Fed – 3 posts

Bernanke defends QE3, hints tapering is imminent – By Brena Swanson – Housingwire 
and initial reaction was …
Bernanke Just Gave His Clearest Remarks Since The Taper Talk Began, And Markets Are Loving It – MATTHEW BOESLER – Business Insider – … The gist is this:
Just because the Fed may begin tapering soon, interest rates will still be pinned at current ultra-low levels for a long time. Bernanke said that the unemployment rate – a key indicator that will determine the future path of Fed monetary policy – probably understates the weakness in the U.S. labor market. … 
(jaundiced look at Fed) What Every Student in America Needs to Know About the Federal Reserve – Charles Hugh Smith – Of Two Minds



CONSUMER CREDIT SURGES – SAM RO – The Federal Reserve’s G.19 report on consumer credit outstanding is out. Credit jumped by $19.6 billion in May to $2.838 trillion, which was far higher than the $12.5 billion forecasted by economistsBusiness Insider

Fannie Mae: Rising Rates Could Force Potential Buyers Off The Fence – by – Rising mortgage rates combined with increasing home prices could force many buyers to act sooner rather than later, resulting in a flurry of sales activity over the next several months, Fannie Mae’s June 2013 National Housing Survey reveals.
(Rush to buy?) Survey: Mortgage Rate Spike Changing Consumer Attitudes –  BY: TORY BARRINGER – The M Report 
(several reasons) The baby boomer divideSober Look Blog – Gallup’s latest poll on personal finances found that the older baby boomers feel much better about their financial situation than those on the younger side of the Baby Boomer Generation

Geithner Racks Up Speaking FeesDaily Beast – Who knew that retirement could be  so lucrative? Apparently former Treasury secretary Timothy Geithner has joined the lecture circuit, having reportedly netted $400,000 with just three speaking engagements under his belt since leaving office in January
ONLINE MAGAZINE: July 2013: A Strategy For Future Success – BY PROGRESS IN LENDINGmany good articles 
FHFA Reports 107K HARP Refinances in April – 07/08/2013 BY: ESTHER CHO – The M Report 
(does not mention that if they are hedged that is a loss that must be taken, nor possible Basil 3 problems) Rate Rise Gives MSRs a Boost – By Ted Cornwell – WE’RE HEARING companies with a large volume of mortgage servicing rights on their books may have some bragging to do as they report second-quarter financial results. – National Mortgage News 
(jumbo deal. 74% CA concentration!) Nomura RMBS deal carries highest geographic concentration risk post-crisis – By Christina Mlynski –  … the top three states making up 94.4%, the credit ratings agency noted. To put it into perspective, 74% of the pool is comprised of mortgages on properties located in California, which is the highest concentration seen in that state in any post-crisis RMBS transaction, Kroll noted. … – Housingwire 
Mortgage lending loosens in June – By Brena Swanson  – … An uptick in jumbo, investor and higher LTV loans eased some of the slack. According to the MBA’s Mortgage Credit Availability Index report, which analyzes data from AllRegs Market Clarity product, the MCAI ticked up to an index score of 109.8 last month, growing almost 1% from 108.9 in May. The index evaluates credit scores, loan types and loan-to-value ratios to compute the score. … – Housingwire 
(Chicago) Luxury home sales rise 14 percent in first half – By: Abraham Tekippe – … A total of 228 homes sold for at least $1.5 million during the first six months of the year, a 14 percent jump from the 200 homes sold over the same period in both 2012 and 2011, according to brokerage Baird & Warner Inc., which analyzed information from Midwest Real Estate Data LLC. … it’s well below the 381 in the first half of 2006, when the market peaked, said Jim Kinney, vice president of luxury home sales at Baird & Warner. … – Chicago RE Daily 

A Retired Mortgage Banker Is Selling This Epic Delaware Beach Home For $7.5 Million – STEVEN PERLBERG    – Business Insider


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