Barrons on GSEs Fading Away, Taper in September?, Two Million Missing Households, Purchases Increase, S. Florida, Against Eminent Domain (3), Dodd-Frank in 1 Chart, Fannie Forecast, CFPB’s Constitutionality?, Time to Buy a Home?, Weaker Reps and Warrants


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Barron’s Recap: Fannie and Freddie Will Fade – Nelson Hem, Benzinga – … Barron’s position is that investors ought to realize mortgage giants Fannie Mae and Freddie Mac will not be coming back. Also, home buyers should understand the alternatives to government-backed mortgages will be more expensive. …  It includes a table showing whether Fannie Mae and Freddie Mac were better stewards of capital than Wall Street since before the financial crisis. … 
5 reasons the Fed’s taper will begin in SeptemberSober Look Blog – Little doubt remains at this stage that the Fed will begin slowing its securities purchases this September. The central bank under Bernanke’s leadership has been highly focused on data and will consider the following 5 broad indicators to reach its decision.

(Demographics and household formation) Sorry, Mom and Dad: The Kids Aren’t Moving Out Yet – by Trulia – … More Than Two Million Missing Households – While other measures of the housing recovery are chugging along – like foreclosures, prices, sales, and construction – household formation is lagging. Thanks to years of below-normal household formation, the number of “missing households” has accumulated. … – Forbes

(healthy sign) Survey: Current Homeowners Increase Purchases, Investors Exit Market – BY: ESTHER CHO – Current homeowners are playing a bigger role as housing market participants amid a sharp slowdown in investor activity, according to data from the Campbell/Inside Mortgage Finance HousingPulse Tracking survey. – DS News 
South Florida housing prices up by double digits in June – BY MARTHA BRANNIGAN – MIAMIHERALD.COM 
SIFMA and (11) Other Associations Submit Comments to Congress Opposing the Use of Eminent Domain to Acquire and Refinance Underwater Mortgage Loans – press Release with links to all 11 letters –
Rep. Campbell Reintroduces Eminent Domain Measure to Protect GSEsNational Mortgage Professional – Rep. John Campbell (R-CA) has reintroduced The Defending American Taxpayers from Abusive Government Takings Act, legislation to stop reckless city and county governments from enacting profiteering schemes that seek to cash in on the plight of underwater homeowners through the arbitrary seizure of private home loans. … 
Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects – by Laurence E. Platt – K&L Gates 
(must look) Why Dodd-Frank Will Not Succeed At Fixing Wall Street (In 1 Chart)The Huffington Post – By David Winograd
Fannie Mae Sticks to Predictions of Increased Growth – BY: TORY BARRINGER – . On the housing front, Fannie Mae predicts mortgage rates will rise gradually, averaged 4.7 percent in Q4. The surge in rates is expected to continue dragging down refinancing activity into next year. For all of 2013, total mortgage originations are forecast to decline to $1.65 trillion from an estimated $2.03 trillion in 2012, with refinance share dropping to an estimated 62.0 percent. Meanwhile, home sales are expected to rise 8.0 percent throughout 2013—little changed from previous forecasts. … – The M Report

New lawsuit challenging CFPB’s constitutionality filed – Barbara S. Mishkin – Constitutional challenges to the CFPB’s authority have not ended with Director Cordray’s confirmation last week as CFPB Director.  Yesterday, a lawsuit was filed against the CFPB in federal district court in Washington, D.C. by two targets of the CFPB’s crackdown on the debt relief industry which claims that the agency’s structure violates the Constitution because it “insulates [the CFPB] from political accountability and internal checks and balances.” CFPB Monitor 
(questions to ask yourself) It’s Not Everyone’s Time to Buy a Home – Carl Richards – NY Times
Third JPMorgan Chase RMBS rolls the dice with weaker reps and warrants – By Christina Mlynski – … Compared to other post-crisis reps and warrants plans, this deal employs an anemic standard, which includes materiality factors, the use of knowledge qualifiers as well as sunset provisions that allow for certain representations to expire within three to six years after the closing date, analysts with DBRS suggested. … – Housingwire


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