Celebrities, CFPB, MI Deduction, FN Nixes Low Down Payment?, Falling Foreclosures, Cloud Inventory, QRM Good and Bad, FHFA On Eminent Domain, Housing is Hot, Yellen on Banks, Homeownership Perceptions, CA Affordability, Treating Money Well

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Headsup from BCSometime this week, MNC will be migrating to Fay Mortgage News, where I am editor. Besides the blog, there will be increased exposure on Twitter, Google Plus, and Linkedin. No action by you required. You will still be on the email list. BC

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(Fun: you MUST look at this) NYC Artist Shows Us What Famous Celebrities Would Look Like as Normal People – hattip Rob Coppedge – Techebog 

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(Dave Stevens quoted, lots about housing) Don’t blame the CFPB for tight credit – By Lydia DePillis – Washington Post

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(thoughtful view) The Mortgage Interest Deduction Scam – Posted by Tom Lindmark – But Then What 
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Fannie (portfolio) reconsiders low downpayment mortgages – Fannie reconsiders low downpayment mortgages – HousingWire 
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(not mentioned – delevering hurts econ. growth) Falling foreclosures: A sign of borrower heroism – More Americans focus on debt reductionHousingwire 
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Inventory up, demand down, the standoff over cloud inventory begins – OC Housing News – In my opinion, the housing market has reached an important inflection point. … This is an opportunity to get out from under the debt on the house they really can’t afford, so many of them listed in hopes the rising bids would take them out at the ask. The influx of inventory has been significant. … event we all knew was coming — rising interest rates — came upon us sooner than anyone expected. 
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Revised QRM Rule may contain good and bad news – By Stanley Mabbitt – … It is rumored that the proposed revision would require that the 5% risk retention requirement for securitized, non-QRM mortgages be triggered if the borrower’s DTI is higher than 43% (which is the DTI level in the QM rule). …  However, there is speculation that the proposal may also increase the down payment requirement from 20% to 30%, … and lead to contraction in the mortgage market … – CFPB Monitor 
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FHFA Stiffens Its Stance On Eminent Domain – by MortgageOrb.com

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10 Stats That Show The Housing Market Is On A Crazy Tear All Around The Country – JOE WEISENTHAL – Business Insider  – Economist Mark Perry has been tweeting some great stuff this evening about how hot the housing market is around the country.

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Weekly Update: Existing Home Inventory is up 18.1% year-to-date on Aug 12th
by Bill McBride – Calculated Risk 

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Second Quarter Sees Prices Rising in 87% of Metros – BY: TORY BARRINGER    – The national median home price showed its strongest year-over-year gain in more than seven years last quarter, according to the latest quarterly report from the National Association of Realtors (NAR). – The M Report 
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(implies less leverage?) Fed’s Yellen Says Stance on Banks Hardened – Contender for Fed Chairman Says Crisis Made Her Rethink Views on Regulation – By DAMIAN PALETTA – Wall Street Journal

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(Harvard JCHS) Research: Housing Crisis Did Not Damage Homeownership Perceptions – BY: KRISTA FRANKS BROCK – DS News 
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California housing affordability declines as home prices rise – By Alejandro Lazo – Rising home prices in the Bay Area and other coastal markets made buying a home unaffordable for a big chunk of the state’s population last quarter, data show. – LA Times 
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(money goes where treated best) Swaps clients plan US bank exodus – By Mike Kentz – (IFR) – US banks are at risk of losing overseas swaps market share as European clients have begun making every effort to avoid getting caught up in costly cross-border derivatives rules that were finalised by the CFTC last month, and come into effect this October – Reuters

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