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Foreclosure threat subsides for more Miami households

Fri, 24 May 2013 19:10:05 +0000

The percentage of Miami-area mortgages in some stage of foreclosure declined in March, signaling positive movement in the South Florida market.

http://www.miamiherald.com/2013/05/24/3414227/miami-foreclosure-rate-down-but.html

Miami Herald

Martha Brannigan

Michigan Senate committee approves bill to shorten foreclosure redemption period

Fri, 24 May 2013 18:58:23 +0000

A debate is stirring in Michigan over legislation that aims to shorten the redemption period for homeowners in foreclosure.

http://www.detroitnews.com/article/20130524/POLITICS02/305240365/Bill-shorten-foreclosure-redemption-period-advances?odyssey=mod|newswell|text|FRONTPAGE|p

Detroit News

Gary Heinlein

OCC: $2.3 billion foreclosure review checks cashed or deposited

Fri, 24 May 2013 18:48:32 +0000

Payouts from the Independent Foreclosure Review settlement continue, with $2.3 billion in checks now cashed or deposited by homeowners impacted by foreclosures back in 2009 and 2010.

Sacramento housing market nears normal

Fri, 24 May 2013 18:23:15 +0000

An analysis by RealtyTrac Inc. shows Sacramento’s housing market headed for a more normal pattern, with new-housing permits growing briskly in early 2013 and foreclosures dropping sharply, writes the Sacramento Business Journal.

http://www.bizjournals.com/sacramento/news/2013/05/24/sacramento-housing-market-moves-toward.html

Sacramento Business Journal

Ben van der Meer

A sign of the times? New Vista Asset Management shifts focus to originations

Fri, 24 May 2013 18:17:19 +0000

As the nation's default inventory shrinks, New Vista Asset Management is shifting its focus to the originations side of the market.

New lending guidelines make it easier for seniors to get a mortgage

Fri, 24 May 2013 18:07:27 +0000

A new policy revision allows seniors to use certain retirement account balances to supplement their incomes for underwriting purposes, helping increase their likelihood of getting a mortgage, an article in The Washington Post says.

http://www.washingtonpost.com/realestate/mortgage-giants-make-it-easier-for-retirees-to-secure-loans/2013/05/23/a51924ce-c162-11e2-ab60-67bba7be7813_story.html

The Washington Post

Kenneth R. Harney

Jessica Simpson lists one home, keeps the other

Fri, 24 May 2013 17:44:07 +0000

When Jessica Simpson bought Ozzy Osbourne’s former Hidden Hills mansion in March, she was in full mom mode, making space for 9-month-old daughter Maxwell and baby No. 2. Now Simpson is saying goodbye to her other home for good, writes Zillow in a blog post.

http://www.zillowblog.com/2013-05-24/jessica-simpson-letting-go-of-beverly-hills-bachelorette-pad/

Zillow

Catherine Sherman

Markets remain shaken after Bernanke talk

Fri, 24 May 2013 17:40:04 +0000

Financial markets experienced a few tumultuous days of trading after Federal Reserve Chairman Ben Bernanke testified before Congress this week.

http://online.wsj.com/article/SB10001424127887324659404578501062352381882.html

The Wall Street Journal

Judy Shelton

Bank of the Ozarks expands in Florida

Fri, 24 May 2013 17:37:57 +0000

Bank of the Ozarks is building a new regional headquarters in Florida, following a recent expansion in the south.

http://www.americanbanker.com/issues/178_101/bank-of-the-ozarks-in-arkansas-plans-florida-headquarters-1059387-1.html

American Banker

Chris Cumming

Housing recovery falls back to 54% back to normal

Fri, 24 May 2013 17:31:49 +0000

Thanks to a big — but probably temporary — drop in construction starts, the housing recovery took a step back last month, writes Trulia, whos housing barometer shows that the market is 54% back to normal in April, down from 56% in March.

http://trends.truliablog.com/2013/05/housing-barometer/

Trulia

Jed Kolko

Mortgage Builder Software utilizes Kroll Factual Data products

Fri, 24 May 2013 17:30:49 +0000

The big topic in the mortgage industry is compliance. With this in mind, companies are revamping their technology designs to make sure they meet all of the local and national servicing standards.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.13849

MortgageOrb

Staff

Hudson City Bancorp, M&T Bank merger hits regulatory roadblock

Fri, 24 May 2013 17:17:34 +0000

The merger between Hudson City Bancorp and M&T Bank was put on hold after the Federal Reserve raised concerns about M&T's anti-money-laundering program, The Wall Street Journal reports.

http://online.wsj.com/article/SB10001424127887323336104578501391006045364.html

The Wall Street Journal

Robin Sidel

Fed payments to Treasury fell significantly in 1Q

Fri, 24 May 2013 17:15:38 +0000

As the Federal Reserve's interest income dropped in quarter one, profits on the central bank's balance sheet fell 36% year-over-year.

http://www.bloomberg.com/news/2013-05-24/fed-s-payments-to-treasury-down-36-in-1st-quarter-from-year-ago.html

Bloomberg

Joshua Zumbrun

Gold slides on Fed uncertainty

Fri, 24 May 2013 17:13:05 +0000

Gold fell for the third time in four days as signs of a rebounding economy revived fears that the Federal Reserve will scale back its monetary stimulus.

http://www.bloomberg.com/news/2013-05-24/gold-heads-for-best-week-in-a-month-as-investors-weigh-stimulus.html

Bloomberg

Debarati Roy: Nicholas Larkin

Home builders buck market trend on Wall Street

Fri, 24 May 2013 17:04:09 +0000

Hovnanian Enterprises Inc. and other home builders bucked the market trend to post strong gains on the back of data that showed new-home sales continuing to recover, writes MarketWatch.

http://www.marketwatch.com/story/thursdays-movers-hewlett-packard-amd-2013-05-23?link=MW_latest_news

MarketWatch

Sue Chang and Saumya Vaishampayan

Annaly completes acquisition of CreXus

Fri, 24 May 2013 17:03:04 +0000

Annaly Capital Management completed its acquisition of CreXus Investment Corp. Annaly's commercial real estate business will operate under the new name, Annaly Commercial Real Estate Group.

Judge approves BlackRock's REIT settlement

Fri, 24 May 2013 16:52:11 +0000

A New York bankruptcy judge approved a settlement that BlackRock Inc.'s bankrupt real estate investment trust Anthracite Capital Inc. was reached with BlackRock and two banks.

http://www.law360.com/articles/444474/bankrupt-reit-gets-50m-in-deal-with-blackrock-lenders

Law360

Maria Chutchian

Rexford Industrial files for IPO

Fri, 24 May 2013 16:38:41 +0000

Rexford Industrial Realty is the latest REIT to join the IPO list. The firm plans to raise up to $300 million in its offering.

Homes going as quickly as they did during boom

Fri, 24 May 2013 16:18:31 +0000

Strong demand and still limited supply means homes are now selling nearly three times as fast as they normally would, writes CNBC. Average time on the market for homes in April was 46 days, a strong drop from 62 days in March and a steep drop from the normal pace of 90-120 days.

http://realestate.aol.com/blog/2013/05/23/homes-selling-fast/

AOL Real Estate

Diana Olick

Tornado damage not easy to quantify

Fri, 24 May 2013 15:41:29 +0000

CoreLogic Spatial Solutions is currently working on a new modeling system that aims to expedite and more accurately assess tornado property damage in the days following a storm.

Forthcoming RMBS deal feeds appetite of private-label market

Fri, 24 May 2013 15:25:49 +0000

A sizeable $8.7 billion nongency bid list submitted by Lloyds Banking Group to various securities dealers is due out next week, with banks looking to take advantage of a recent rally in private-label RMBS.

TARP transactions cost the federal government less than expected

Fri, 24 May 2013 14:00:48 +0000

The Troubled Asset Relief Program, which launched more than four years ago to stabilize both banks and the mortgage finance market, is costing the federal government less than initially expected.

Fannie Mae profit hurts lenders

Fri, 24 May 2013 13:51:20 +0000

Fannie Mae posted a significant profit in the first quarter of 2013, but the surge in profit comes at a price for lenders.

http://www.bloomberg.com/news/2013-05-24/fannie-mae-winning-at-the-alamo-prompts-lender-angst.html

Bloomberg

Jody Shenn

Freddie Mac mortgage portfolio continues expansion

Fri, 24 May 2013 13:47:07 +0000

Freddie Mac bought $47.3 billion worth of loans in April and also liquidated $41.9 billion of loans, causing its mortgage portfolio to increase at an annualized rate of 0.6% in April.

Ralph Nader enters GSE debate, stands up for shareholders

Fri, 24 May 2013 13:19:05 +0000

A controversial, off-the-beaten path former presidential candidate has entered into the great debate over Fannie Mae and Freddie Mac. His dog in the fight? A desire to stand up for GSEs' shareholders.

http://www.albanytribune.com/23052013-nader-says-fannie-and-freddie-stockholders-stuck-in-financial-limbo-oped/

Albany Tribune

Offers remain high even in depreciating markets

Thu, 23 May 2013 21:27:14 +0000

In a recent survey released by Redfin, 41% of buyers indicated that low inventory caused them to consider paying more for a home in the second quarter of 2013. This is up from 34% in the first quarter and 26% in the fourth quarter.

CMOs offer significant yield: RBS

Thu, 23 May 2013 21:08:31 +0000

Now is an opportune time for long-duration investors to take a look at last cash flow collateralized-mortgage obligations as a result of sizable selling and higher rates.

Women triumph over men at managing their money, debt

Thu, 23 May 2013 20:53:35 +0000

The war raging between males and females is nothing new. But when it comes to who manages money better, women take the top prize, Experian says.

FNF buyout talks launch LPS stock

Thu, 23 May 2013 18:57:35 +0000

Talk that title insurer Fidelity National Financial and buyout firm Thomas H. Lee Partners are in advanced negotiations to acquire mortgage service provider Lender Processing Services is leading to a surge in the latter's stock.

Latest JPMorgan Chase RMBS deal carries geographical risk

Thu, 23 May 2013 17:55:09 +0000

Mega bank JPMorgan Chase issued its second private-label RMBS deal of the year, with high geographic concentration as the primary risk posted within the deal.

OIG urges for GSE reform to determine best course of action for housing

Thu, 23 May 2013 14:32:11 +0000

The Office of Inspector General highlighted three major GSE reform proposals on the table and the stakeholders who have offered them. The goal is not to promote a particular policy, but to provide useful information for the coming debates on Capitol Hill.

Census Bureau: New home sales ascend

Thu, 23 May 2013 14:27:10 +0000

New home sales ascended in April, rising to 454,000 homes sold. New single-family home sales inched up 2.3% in April, above the revised March rate of 444,000.

PennyMac bites back at The New York Times

Thu, 23 May 2013 14:01:45 +0000

The New York Times recently published an article critical of PennyMac. Not unsurprisingly, as the article was passed among trade players on LinkedIn, the voice of objection grew louder and louder. Usually in these cases, some venting is enough to calm the nerves. But not so. Because this time, the article is just plain wrong.

Fixed-mortgage rates continue to rise: Freddie Mac

Thu, 23 May 2013 13:58:37 +0000

Fixed-mortgage rates continued to climb for the third straight week, with the 30-year, fixed-rate mortgage slightly increasing to 3.59% from 3.51% last week, Freddie Mac said in a report on Thursday.

FHFA: Home prices continue climb

Thu, 23 May 2013 13:20:54 +0000

Upward momentum in home prices remained strong in the first quarter of this year due to the Federal Reserve’s quantitative easing program, which continues to help asset prices rise in the housing market.

Housing recovery fuels investor appetite for looming junk bond deal

Wed, 22 May 2013 21:09:06 +0000

What started off as a quiet list that was supposed to be sent to a couple of dealers spread like wildfire around bond investors. The forthcoming CDO deal is being offered in a large $8.7 billion list comprised of five all-or-none packages.

FOMC shows willingness to taper asset purchases

Wed, 22 May 2013 18:30:12 +0000

The May Federal Open Market Committee meeting minutes reveal a number of participants are willing to put the breaks on quantitative easing.

And the top three homebuilder stock losers are...

Wed, 22 May 2013 15:59:48 +0000

With existing-home sales increasing in April and Ben Bernanke pointing to the housing market as a positive economic indicator of growth, all signs are pointing to a housing recovery. And yet, Wall Street is singing a different tune when it comes to three homebuilder stocks.

Bernanke forewarns against hitting the brakes too early

Wed, 22 May 2013 14:44:54 +0000

"A premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further," Federal Reserve chairman Ben Bernanke said.

Architecture Billings Index reverses recent gains

Wed, 22 May 2013 14:43:42 +0000

The Architecture Billings Index switched gears and fell to 48.6 in April from 51.9 last month, showing a decrease in demand for design services, the AIA Economics & Market Research Group said.

Existing-home sales remain below underlying demand

Wed, 22 May 2013 14:24:28 +0000

After falling in March, existing-home sales increased in April, although they were still not enough to meet underlying demand due to limited inventory and tight credit. All regions recorded year-over-year price gains.

Regulatory burden: CFPB settles RESPA enforcement based on HUD statute, brought to light by the FDIC

Wed, 22 May 2013 14:13:47 +0000

The regulatory rabbit hole goes even deeper: "We find it interesting that, in seeking disgorgement, the CFPB appears to have relied on the remedies available under Dodd-Frank Section 1055 rather than RESPA," writes Richard Andreano Jr.

Number of Americans in foreclosure plummets: LPS

Wed, 22 May 2013 12:33:22 +0000

The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.

Secret sauce behind Guaranteed Rate recent success

Tue, 21 May 2013 21:34:59 +0000

It’s not everyday a company can claim a 112% boost in originations year-over-year and a 183% jump in revenue over the same time period, making it No. 1 in growth for all private companies based in Illinois.

Mortgage apps tumble, refis drop to lowest since late March

Tue, 21 May 2013 21:29:33 +0000

"The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March," said Mike Fratantoni, Mortgage Bankers Association vice president of research and economics.

Increase in REIT conversions drive concerns over status: BDO

Tue, 21 May 2013 20:32:02 +0000

A recent surge in companies filing for real estate investment trust status could be leading to an increase in scrutiny over which companies should qualify, analysts claim.

Hardest-hit states record the most relief from servicers

Tue, 21 May 2013 16:25:16 +0000

States hit hard by foreclosures benefited the most from the $25 billion national mortgage settlement, according to data released by Joseph Smith, an independent monitor overseeing the distribution of aid.

QM likely to shrink mortgage lending space

Tue, 21 May 2013 16:04:49 +0000

"As the mortgage market strengthens, the rule should provide appropriate safeguards without becoming a straightjacket," said Kelly Cochran, assistant director for regulations with Consumer Financial Protection Bureau.

Checkmate: Jamie Dimon defeats proposal to split his role

Tue, 21 May 2013 16:01:45 +0000

A shareholder proposal to split the roles of chairman and CEO at mega bank JPMorgan Chase was defeated, allowing Jamie Dimon to hold on to his current titles.

Housing looks even better today than yesterday

Fri, 17 May 2013 17:43:22 +0000

"When combing through the GDP accounts, we estimate that total housing-related spending—beyond
just residential construction—accounts for a much larger share of the economy than some market participants currently may believe," Deutsche Bank analysts write.

Lots of chatter over the HECM program without a clear solution

Thu, 16 May 2013 21:41:59 +0000

The reverse equity debate inside the Rayburn House Office Building reached a boiling point Thursday as representatives from the Federal Housing Administration listened to lawmakers fire off questions about the importance, or lack thereof, of the reverse mortgage program.

VIDEO: HW's Jacob Gaffney discusses Texas housing on The Willis Report

Thu, 16 May 2013 20:09:54 +0000

HousingWire Executive Editor Jacob Gaffney discusses the Texas real estate rebound on The Willis Report.

CFPB channels YouTube to help lenders with compliance

Wed, 15 May 2013 20:49:20 +0000

Compensating for the surge in mortgage rules, the Consumer Financial Protection Bureau released a handful of YouTube videos outlining various aspects of the new rules.

First-time homebuyers face harsh housing realities

Wed, 15 May 2013 16:49:04 +0000

Generation Y is saddled with student debt, but they still desire homeownership. And what they're looking for in a house may surprise you.

Scott Stratten: The number #1 reason to attend Real Estate Expo

Wed, 15 May 2013 15:44:44 +0000

Normally, just about everything social media guru and consultant Scott Stratten says is worth repeating, but this time doubly so.

Chris Brown is the neighbor listing agents love to hate

Mon, 13 May 2013 18:00:27 +0000

Every real estate agent has one – a homeowner living next to a listed property where the owner clearly has bad taste and ends up driving down curbside appeal and costing agents potential buyers. In the Hollywood Hills, Chris Brown is that guy.

Mass media takes MERS by storm and misses the big picture

Mon, 13 May 2013 15:20:42 +0000

Most housing publications – especially those focused on mortgage finance – have been covering the Mortgage Electronic Registration Systems issue for well over two years. And many judges across the nation have already weighed in on major MERS issues, but that's not stopping the mass media from turning MERS into another political thriller.

Earnings impact American/British stock exchanges very differently

Mon, 13 May 2013 15:01:25 +0000

Ken Elgarten of Société Générale said in a commentary on the US credit environment: "Earnings season winding down, with more than 90% of the S&P 500 companies reporting Q1 results with roughly 75% of those either meeting or beating forecasts."

Overbuilding in New York upsets market balance

Fri, 10 May 2013 20:23:42 +0000

From 2000 to 2010, new housing production exceeded household growth in the New York MSA. Net annual housing unit growth reached 0.6%, far greater than the corresponding population and household growth rates of 0.3% and 0.3%, respectively, according to the Census.

The insanity of the independent foreclosure review settlement

Fri, 10 May 2013 15:55:21 +0000

When New York Attorney General Eric Schneiderman pounced on Wells Fargo and Bank of America for violating terms of the $25 billion national mortgage servicing settlement, it became clear the mortgage finance system is perennially buried in quicksand – and no one is committed to its long-term rescue.

BofA shareholder gives Moynihan an earful

Thu, 09 May 2013 17:13:27 +0000

At Bank of America's shareholder meeting, a single shareholder suggested it might not be such a bad idea for the bank to put together an independent review system for its mortgage servicing operations.

Five things homebuyers need to know

Thu, 09 May 2013 16:43:18 +0000

All signs point to a housing bubble, FOX Business Network anchor Gerri Willis claims in a new report. Willis, who authored Home Rich, is prepping for a day-long special on the U.S. housing market on May 10th. To kick off discussions, Willis released a list of five things every homebuyer needs to know.

Ouch: The Daily Show takes down MERS, OCC

Wed, 08 May 2013 13:35:17 +0000

The Daily Show with Jon Stewart last night applied its unique brand of comical genius to a public/private sector takedown of certain elements of the national foreclosure settlement.

Mortgage market of the past may hold some clues for the future

Tue, 07 May 2013 21:05:13 +0000

We are all well aware of the extent to which GSEs and FHA currently provide liquidity to the U.S. mortgage market. I suspect consensus on this development is that it is far from ideal. Private, not public, capital should be supporting the mortgage market at least more than it does today.

Student loan debt situation mirrors the housing market

Tue, 07 May 2013 20:40:25 +0000

Student loan debt has caught the eye of the government, but coincidentally, some of the suggested solutions for education debt are beginning to mirror the housing market.

Cyber hackers: the modern Bonnie and Clyde

Tue, 07 May 2013 16:01:19 +0000

In the past, banks only had to worry about keeping their physical buildings safe and secure, but now, banks are required to bolster their cyber security to protect against eminent attacks from anonymous perpetrators.

CoreLogic home prices jump more than 10%, but it's no bubble

Tue, 07 May 2013 13:37:40 +0000

This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally. Experts predict prices will keep going up.