Softening Up QM, Hensarling on D-F and GSEs, Declining Home Inventories, Freddie’s Profit, Manhattan Expensive, FHFA Statement, Builder Confidence Up, On Property Taxes, Mobile Home Parks, ARM Share at Quicken, 30yr Fixed Rate Mortgage, Delinquencies & Foreclosures Recede, GSE REO Inventory Declines, US Wage Suppression


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(already softening QM) Softer U.S. Mortgage Rule Said to Be Proposed at End of August – By Clea Benson – A new version of a rule requiring lenders to keep a stake in risky mortgages that they securitize will be proposed by U.S. regulators in the last week of August, … The 500-page draft regulation written by a panel of six agencies will replace a more stringent proposal for the Qualified Residential Mortgage rule,… –

Bloomberg Businessweek 
(Rep. Jeb Hensarling blasts) GOP chairman: Dodd-Frank smothering housing market – By Ben Goad – The Dodd-Frank Wall Street reform law is making it harder for middle class families to buy homes, the chairman of the House Financial Services Committee charged Tuesday.- The Hill 

Hensarling: Winding down Fannie, Freddie will take at least five years
By Vicki Needham – The Hill
Inventory Declining at a Slower Pace – BY: KRISTA FRANKS BROCK – Home inventories continue to decline in many markets across the country, but the pace of those declines appears to be slowing, which may in turn slow price appreciation in some markets, according to Realtor.comDS News 

Freddie Mac Records Second Largest Profit in Its History – BY: TORY BARRINGER – DS News

Good luck buying a home in ManhattanHousingWire Staff – NYC condos are seeing competition unrivaled in bubble years
(The Giant Lashes Back) FHFA Statement on Eminent DomainFHFA Press Release

NAHB: Builder Confidence improves in the 55+ Housing Market in Q2 – by Bill McBride – Calculated Risk 
US Property Taxes Wipeout Savings & ProfitMartin Armstrong – The American Dream and the pushing of home ownership is one of the biggest scams the politicians can pull off. The above home sold for $14,000 in 1956. Today, the property taxes are $10,000 annually.If you sell it today for even $200,000, the IRS looks at the difference as profit – not inflation. … more 
(has economics of mobile home parks) Renting Dirt to Owner-Occupants – BY BRIAN KLINE – Realty Biz News 
(now 20%) Quicken Pitches ARMs as Borrowers Balk at Rate Rise: Mortgages – By Jody Shenn and Heather Perlberg – … About 20 percent of Quicken applications are for adjustable-rate home loans, up from 5 percent earlier this year and last year, said Bob Walters, vice president of the firm’s capital markets group. … – Bloomberg Businessweek 
(optionality of 30yr FRM?) The Truth Behind the Obama Mortgage Reform Plan – PETER MORICI – President Obama wants private banks to use depositor and investor funds to write 30-year fixed rate mortgages at affordable rates. He won’t admit those goals and others imposed by Congress require the federal government to guarantee mortgages and banks against failure – hattip Phil Hall – Business Superstar 
MBA: Delinquencies, Foreclosures Recede to More ‘Normal’ Levels – BY: ESTHER CHO – DS News  

(text and graph) Fannie, Freddie, FHA REO inventory declines in Q2 2013 – by Bill McBride – Calculated Risk 
(4 charts too) Wages in the US remain suppressedSober Look Blog – … A large part of this wage dislocation can be explained by significantly higher use of part-time labor in the US. … 

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