Fay Servicing, Raise G-Fees?, Taper by September, GSE Quick Action, Charles Barkley Insights, New FHA Watch, QE Unwindable?, 100 LTV at Navy Fed, Ginnie’s Rockin’, 800 FICO Not Help, Introducing Jack Lew, Relaxing HARP, JUMBOs Low Rates, Rates and Apps

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Fay Servicing trains loan originators on how to become top-notched servicers – By Kerri Ann Panchuk – Housingwire  (ASK ME ABOUT FAY SERVICING – BC)
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FHFA Proposes Raising G-Fees – Robert Ottone – National Mortgage Professional

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(lots to read or just go to the end) Why the Federal Reserve will taper in September – Submitted by Eugen Bohm-Bawerk – Zero Hedge

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Hensarling sees quick action on Republican housing reform bill – By Erik Wasson    – House Financial Services Committee Chairman Jeb Hensarling (R-Texas) can foresee a vote on his bill to phase out housing giants Fannie Mae and Freddie Mac soon, following a committee markup before the August congressional recess. – TheHill.com

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(gotta love Charles) Everyone Who Tweets Is An ‘Idiot’ — And Other Insights From Charles Barkley – JULIA LA ROCHE    – Business Insider

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FHA Watch Vol. 2, No. 7, July 2013 – Edward J. Pinto – AEI.org
1. Spotlight on FHA Reform Legislation – Representatives and Senators Release Two Draft FHA Reform Bills
2. Spotlight on Insolvency – FHA’s Estimated GAAP Net Worth Equals –$26.21 Billion, with a Capital Shortfall of $46–66 Billion
3. Spotlight on Delinquency – Overall Rate Increases to 15.53 Percent in June from 14.46 Percent in May
4. Spotlight on Best Price Execution – FHA, VA, and USDA Pricing Dominance Increase
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(technical read) Quantitative Easing: Can it Be Unwound? – Yves Smith – Yves here. This post looks at the unwinding of quantitative easing in the UK and raises some concerns. – Naked Capitalism 
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Where 100% LTV Overdues Beat Prime Mortgages – Ted Cornwell – WE’RE HEARING at the height of the mortgage crisis Navy Federal Credit Union found that the delinquency rate on one of its special mortgage products remained below the industry’s overall delinquency rate on prime credit quality loans. But get this, that product was Navy Federal’s 100% loan-to-value product. … “We believe in taking a certain calculated risk,” Miller said. “We know our members. We never want to put a member into a loan that they cannot afford. … The program is designed to mirror the Department of Veterans Affairs 100% financing loan program, and is popular with members who may have used up their eligibility for the VA program … – National Mortgage News

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(June) Ginnie Mae Guarantees $41 Billion-Plus in MBSNational Mortgage Professional – … “This marks the second consecutive month that Ginnie Mae’s monthly issuance has topped $40 billion,” said Ginnie Mae President Ted Tozer. “The secondary market is still dependent upon the execution of the Ginnie Mae MBS to fulfill its liquidity needs.”  … 
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(still paying) Subprime Borrowers With Best Credit Score Denied Help – By Kathleen M. Howley – Travis Armstrong, a long-haul trucker, has made his mortgage payments for six years and has a credit score of about 800 that would entice most lenders. Because he owes more than his home is worth and his debt lacks federal backing, he’s stuck paying 7.5 percent interest, almost twice the rate of new loans. – Bloomberg 
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(get ready to see more of Jack Lew) A debt limit brawl could end Jack Lew’s ‘quiet period’ – By: John Carney – CNBC.com 
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Report Suggests Relaxing HARP Rules to Help More Borrowers – BY: ESTHER CHO – If two tweaks were made to the Home Affordable Refinance Program (HARP), refinancing activity could increase “substantially,” (FRBNY) … One change would be to remove the cutoff date that limits eligibility to Fannie Mae and Freddie Mac loans that were obtained by June 1, 2009. The second change would be to allow borrowers to refinance under the program more than once. … – DS News  
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Mortgages For Pricey Homes Now Cost About The Same As Loans That Get Fannie Mae Or Freddie Mac Backing – By Angelo Young – International Business Times

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(rates up, apps down, competition up) Analysts Anticipate Drop in Mortgage Banking Profits – BY: TORY BARRINGER – The M Report

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