Bipartisan FHA Plan, CFPB Issues Clarifications, Banks Buy FCs, Purchase Apps tumble, JPM Investor Presentation, PRIMARQ Slide Show, mREITs Clobbered, Forelosures Drop (2), Chinese Buyers Love CA


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(Bipartisan) Senators unveil details on plan to stabilize FHA – By Vicki Needham – … Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking member Mike Crapo (R-Idaho) released a discussion draft that strengthens underwriting standards, improves lender accountability measures and overhauls the agency’s reverse mortgage program. …The Hill 

CFPB Finalizes Clarifications To Mortgage Rules – by – The Consumer Financial Protection Bureau (CFPB) recently finalized clarifications to Truth in Lending Act and Real Estate Settlement Procedures Act (RESPA) rules. The changes, first proposed in April, address concerns raised by industry stakeholders regarding qualified mortgages, mortgage servicing and higher-priced mortgage loans. The changes apply mainly to the ability-to-repay and servicing rules.

Banks Outbidding Private Equity Funds at Foreclosures, Believing They Can Beat Them at the Pump and Dump Game – Yves Smith – Naked Capitalism
Home Loan applications for purchases of new U.S. homes tumbled last month, a sign rising mortgage rates may have damped demand for builders, according an index released today by the Mortgage Bankers Association.- By John Gittelsohn – Bloomberg 
Survey: 57.5% of Housing Units in U.S. Are Owner-Occupied – BY: ESTHER CHO – Out of the over 132.4 million housing units in the United States, about 57.5 percent are owner-occupied, while 10 percent are vacant, according to data from the 2011 American Housing Survey released by released Thursday by the Census Bureau and HUD. – DS News 
(Investor presenntation from JPM) JPMorgan: At or above current mortgage rates “refinance volumes and margins will be under pressure” – by Bill McBride – … The good news is mortgage delinquencies are trending down, and purchases originations are up sharply year-over-year. However the refinance volumes and margins will probably fall off a cliff in Q3. … – more data – Calculated Risk
(PRIMARQ slide show – sell an option on your house) Who said you have to own 100% of your house?Sober Look Blog
Mortgage REITs Clobbered as Leverage Forces Sales – Mike Shedlock – Curve Watchers Anonymous continues to follow the rise in treasury yields. Here are a couple of charts. – MISH’S Global Economic Trend Analysis    
Foreclosure starts reach lowest level since 2005 – By Megan Hopkins – For the first six months of 2013, RealtyTrac reported a total of 801,359 U.S. properties with foreclosure filings, which include default notices, schedules auctions and bank repossessions. This is down 19% from the previous six months and a 23% drop from the first half of 2012. – Housingwire 
Foreclosure Filings Hit Six-and-a-Half-Year Low in June – BY: ESTHER CHO – Foreclosure activity was sluggish in June, dipping 14 percent from May and falling 35 percent from a year ago, according to RealtyTrac’s most recent foreclosure report. – DS News 
Chinese buyers heavily focused on California real estate: 70 percent of purchases made by Chinese buyers are all cash purchases. – … “(CNN Money) At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on U.S. homes. And nearly 70% of those pricey Chinese deals were made in all cash. Nowhere is the influx of Chinese homebuyers felt more strongly than in California, where more than half of the homes sold to foreign buyers went to Chinese nationals.” … – Dr. Housing Bubble

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