karlaromeson

Thursday, July 5, 2012

SunTrust Jilted; California's Law and Basel III will NOT Help Mortgage Pricing

Tomorrow, on your day off, here is 3 ½ minutes of a few very clever creative bets that you can win.

Speaking of clever, a veteran male trader at Chase noted, "Michigan deployed talking urinal cakes to fight Driving Under the Influence. If one of them sounds like my Mother-In-Law I will start wearing Depends." That's darned funny.

The Census Bureau tells us that thirty-one places have "liberty" in their names. The most populous one is Liberty, Mo. (29,149). Iowa, with four, has more of these places than any other state: Libertyville, New Liberty, North Liberty and West Liberty. Thirty-five places have "eagle" in their names; eleven places have "independence" in their names. The most populous one is Independence, Mo., with a population of 116,830. Nine places have "freedom" in their names, one place has "patriot" in its name (Patriot, Indiana), and five places have "America" in their names. The most populous is American Fork, Utah, with a population of 26,263. And you wonder what those folks at the Census do all day...

Occasionally this commentary posts job searches. Today, SunTrust is looking for a seasoned industry veteran after being left at the altar. Must be present to win! Seriously, the MBA announced that instead of assuming the presidency of SunTrust Mortgage, Dave Stevens has agreed to stay on as President and CEO. "The past few weeks have been extremely difficult for me personally and professionally. After serious thought and consideration, I simply cannot leave the MBA at such a critical time for the industry and the association." Stevens said. "Frankly, at the end of the day, stepping away now when so much progress is being made and so much still left to be done, did not feel right."

A statement from SunTrust noted, "We have a strong leadership team in place, and continue to execute our business plan and serve the needs of the clients of SunTrust Mortgage." American Banker observed, "SunTrust's mortgage operations are still struggling with credit quality issues and repurchase requests, and the Atlanta bank has been trying to reshape the business. Last month, it appointed Peter E. Mahoney as executive vice president of mortgage strategy and Jack Wixted as executive vice president and chief risk officer."

On the other side of the Atlantic, Barclays CEO Bob Diamond stepped down amid increasing pressures related to investigations of possible Libor manipulation. "The external pressure placed on Barclays has reached a level that risks damaging the franchise -- I cannot let that happen," Diamond said. "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth." Marcus Agius, who resigned as chairman Monday, will take Diamond's spot until a permanent successor is found.

Well, out in "the land of fruits and nuts" they did it: California would become the first state to write into law much of the national mortgage settlement negotiated this year with the nation's top five banks, and expand it to all lenders, under wide-ranging legislation state lawmakers approved Monday. "Majority Democrats sent the homeowner protection package to Gov. Jerry Brown despite opposition from business and lending organizations and most Republican legislators." Once again, we see an illustration of the public's perception, and that of the popular press's, of an issue being different than that of the lending industry's. On the surface it sounds great. The legislation would require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while the lenders consider homeowners' request for alternatives to foreclosure. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law. "The protections would benefit all California homeowners, not just those whose mortgages are with the five banks that signed the national settlement in February. And many of the restrictions would become permanent, while those in the nationwide agreement will end after five years. It applies to all owner-occupied residences, but not commercial or rental properties."

The new law could easily and directly impact the price of mortgages to California borrowers as servicers say, "If these are the new rules, we don't want the servicing as much, and so let's pay less for it." Is the attorney general going to persecute investors who back their prices off due to it? The law lets homeowners sue mortgage providers if they violate state law, but only if there is a significant violation. (What is "significant"?) Homeowners could ask judges to halt pending foreclosures but could collect monetary damages only if the foreclosure took place. It requires lenders to provide a single point of contact for borrowers who want to discuss foreclosures or refinancing, with an exemption for lenders that process fewer than 175 foreclosures per year. It bans what are known as "dual-track foreclosures" by barring lenders from filing notices of default, notices of sale, or conducting trustees' sales while they are also considering alternatives to foreclosures like loan modifications or short sales. It increases penalties for banks that sign off on foreclosures without properly reviewing the documentation, a process known as robo-signing.

Lastly, under the "things that may increase the price of residential mortgages to borrowers," banks that are concerned about potential fair lending claims if they refuse to make residential mortgage loans that are not "qualified mortgages" or "qualified residential mortgage loans" should be equally concerned about the new proposed bank capital rules. On June 7, 2012, the Federal Reserve approved for publication three sets of proposed regulations to revise the risk based capital rules for banks to make them consistent with the new international capital standard, generally known as Basel III, and certain requirements of the Dodd-Frank Act. The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation followed suit on June 12, 2012. Conventional residential mortgage loans with loan-to-value ratios in excess of 80%, regardless of the presence of private mortgage insurance, could trigger material adverse capital requirements if the loans are held for investment and do not comply with certain regulatory underwriting criteria. Such loans could present the legal risk of loss under the "ability to repay" rules, the credit risk of loss under the "risk retention" rules and now increased capital charges under the implementation of Basel III:
http://www.klgates.com/proposed-basel-iii-capital-rules-06-18-2012/.

Here are some somewhat recent investor/agency updates, providing a flavor for the environment. They just don't stop. As always, it is best to read the actual bulletin.

With the Colorado fires, and the hurricane season, it is a good idea for underwriters and secondary marketing staffs to re-familiarize themselves with agency rules for lending in disaster areas. Rather than go into all the ins & outs, Fannie's is https://www.efanniemae.com/sf/guides/ssg/hurrelief/index.jsp and Freddie's is http://www.freddiemac.com/singlefamily/service/disastermgmt.html.

As part of its One Touch initiative, Wells Fargo Funding's has set a goal of minimum 50% funding for all first time clients, meaning that no more than 50% of such borrowers' loans could be suspended.

Wells Fargo Wholesale has issued a correction to an earlier announcement about changes to FHA Streamline Refinance mortgage insurance premiums stating that, for base loan amounts exceeding $625,000, the annual MIP paid monthly would increase to 0.25%. The annual MIP paid monthly for such loans will increase 0.25% (25 bps), not to 0.25%. FHA Non-Credit Qualify Streamline and Purchase Close calendars for the third quarter of 2012 are available via the Broker's First® website. The calendars provide the dates by which credit packages, conditions, and documents must be submitted.

The Wells inspection requirement for private sewage disposal systems may not apply to some properties in Iowa as per state requirements. In cases where a customer states that a transaction is exempt from the inspection, Iowa Senate File 261 should be consulted.

Under new rules that will come into effect on June 18th, Wells will be using different credit scores to assess risk. For loans not submitted via Direct Express, the credit report generated by Wells and ordered from Equifax and/or Credco will be used, while loans submitted via Direct Express will continue to use the information from the credit report generated by Direct Express.

As per agency requirements, construction-to-permanent transactions will not be permitted as Purchase transactions as of June 18th. Wells will continue to allow construction-to-permanent transactions as Rate/Term or Cash-out refinances. The LTV/CLTV/TLTV calculation for construction-to-permanent transactions has also been revised such that the value will be calculated using the current appraised value of the property and must comply with the product's Rate/Term or Cash-out refinance guidelines. Super Conforming Mortgage Program loans, as they require construction to be complete, are not affected.

The Wells non-branded Consumer Handbook on Adjustable Rate Mortgages disclosure has been updated and should be used for all loans registered after June 25th. The old CHARM/ARM disclosure should be discarded.

Citibank has updated its Ineligible Originator List, which is posted on the Citi Correspondent website in the elfno section. The list, which shows brokers, correspondents, and other originators and parties that are not permitted to be involved in the origination of any loan submitted to Citi for purchase, is revised regularly, as is the Appraiser Monitor/Ineligible List (also in the elfno section of the site).

Loans on condos in Georgia that are registered after June 23rd will be subject to Citi's upcoming LTV/CLTV/HCLTV restrictions. For borrowers with FICO scores over 740, all of these values will be capped at 70%, while for those with FICO scores less than 740, they will be capped at 60%.

Due to Freddie's decision to retire the program in August, Citi will no longer accept Freddie Mac Alt 97 Mortgage registrations on or after June 23rd.

All this continues to make the markets, and interest rates, be an afterthought - there just isn't much going on. Good news of stability, or hoped-for stability, could nudge rates higher, while evidence that our economy is slow tends to nudge rates lower. Yesterday we learned that, for the first time since July 2009, US manufacturing has decreased. However, the economy has grown for the 37th consecutive month according to the nations' supply executives in the latest Manufacturing ISM Report on Business. And Construction Spending beat expectations, rising to its highest level in almost 2.5 years in May as investment in residential and federal government projects surged.

By the end of the day, the third quarter started off with new record high closing prices set on 30-year FNMA 3.5% through 4.5% coupons as 10-year notes rallied nearly 3/4s of a point to 101-17+ (1.58%) per Thomson Reuters. "The supply/demand dynamics were very strong today with the sell/buy ratio reported at 1:3. Indeed, mortgage banker selling was light at around $1.5 billion, while the weak data contributed to active buying from real money despite the price levels with the Fed, of course, a steady player." Agency MBS prices were marked higher (better) by over 1/4 point on 30-year FNMA 4.0s to nearly 1/2 point on 3.0% coupons. But will the price improvements make it onto rate sheets?

Today we'll have May's Factory Orders (expected higher) and an early close for the bond market - look for liquidity to dry up. Many companies are closing early - do LO's really expect to lock loans in, and lock desks to be open, at 5PM on the day before a holiday? In the early going our 10-yr is at 1.60% and MBS prices are down.

Very punny, part 1 of 2:
52 cards = 1 decacards
1 kilogram of falling figs = 1 FigNewton
1000 milliliters of wet socks = 1 literhosen
1 millionth of a fish = 1 microfiche
1 trillion pins = 1 terrapin
10 rations = 1 decoration
100 rations = 1 C-ration
2 monograms = 1 diagram
4 nickels = 2 paradigms
2.4 statute miles of intravenous surgical tubing at Yale University Hospital = 1 IV League
100 Senators = Not 1 decision

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/07032012-basel-iii-california-mortgage.aspx

fdic fannie mae lendingtree freddie mac

Wednesday, July 4, 2012

First Horizon's Buybacks; Buyback Legal Chatter; Basel III and Construction Loans; Congress Snubs Small Business?

I have been subtly warning groups during speeches, and writing in this commentary, about the implications of Basel III. Most of the focus is on servicing & the value of it. But did you know that under the new Basel III rules, construction lending would likely go into the “high risk commercial real estate” category and require a 150% risk weighting? "Lenders would seek deals where a developer would contribute a substantial amount of cash equity; while banks would be less likely to let developers rely just on the equity from appraisals" per American Banker. And the government and the Fed are asking why banks aren't lending? This is just another reason.

Last month we sold the house where my kids grew up, and I had a handyman remove the doorframe where we marked heights on birthdays. I am not mentioning this to turn the daily into a Hallmark card, but because it reminded me of one thing that the press seems to forget: a house is a home and not a share of stock. And when it comes to that, the popular press seems to forget that people need a place to live, that people want a good school district for their kids, a place to get to know the neighbors, a place to create an emotional attachment. I could go on and on, but there are very concrete reasons why people who are underwater on a house still make the payments, why many who supposedly saw the real estate decline didn't sell their home, and why so many people don't care about minute fluctuations in the price of housing based on the latest metric.

I'll get off my soapbox, and get on with business: I think that the last time the S&P/Case-Shiller Home Price Index went up was during the Eisenhower Administration - until now. Seriously, for the first time in eight months the S&P/Case-Shiller Home Price Indices rose over levels of the previous month. Data through April 2012 showed that on average home prices increased 1.3% during the month for both the 10- and 20-City Composites. Prices are still down 2.2% for the 10-City and 1.9% for the 20-City over figures for one year earlier but this is an improvement over the year-over-year losses of 2.9% 2.6% recorded in March. This report followed Monday's news that New Home Sales jumped 7.6% in May to 369k and was up 19.8% from a year ago, and last week's Existing Home Sales, Housing Starts and NAHB HMI which all contained some positive signs.

How’s this to grab one’s attention: “Congressional Subcommittee REFUSES Small Business Brokers and Appraisers a Seat at the Table.” The notice from the NAIHP goes on, “For the second time in a week, the Subcommittee on Insurance, Housing and Community Opportunity, Chaired by Rep. Judy Biggert (R-Illinois), refused small business housing professionals the right to be represented during Congressional testimony.” Here you go: http://www.naihp.org/.

Yes, there are plenty of rumors that the agencies are hotly pursuing buybacks to recoup taxpayer losses, and that the agencies are losing personnel except for QA & auditing. But that reasoning doesn't help companies like First Horizon National Corp. It "cited new information it recently received from Fannie Mae as the basis for incurring the $272 million charge this second quarter. About $250 million will go to repurchase loans made with "inadequate or incorrect" documentation, and $22 million is being charged to address pending litigation." I don't make this stuff up.

Last week I received a legal question about buybacks. "I was asked by a former customer of a major investor's correspondent lending group about how others are handling repurchase/make-whole requests on older vintage loans. His experience has been that the investor will ask to be reimbursed for losses associated with loans that have been foreclosed and disposed of without being given an opportunity to refute the alleged rep and warrant deficiency. He has had to hire a law firm to argue each of these requests and the major investor has backed off each time. Normally, when a correspondent is still active, there is obviously leverage against the correspondent under an implied or actual threat of being terminated as a customer if a make-whole is not made, and when an investor is no longer in the correspondent business, I've heard rumors of it being more inclined to back down but sometimes taking a former customer to court or 'saber rattling'. Needless to say, it is expensive to have a lawyer prepare a rebuttal to a make-whole request, just to have the investor ultimately back-off – what to do?”

I turned this over to attorney Brian Levy, who wrote, "Your question about investor willingness to sue originators over repurchase claims is difficult to answer with specificity. My clients have been able to settle and/or avoid litigation in every engagement that I have undertaken in this area. That does not mean, however, that the threat of investor repurchase litigation over individual loans is not real or that litigation is not occurring, but it has been my experience that these disputes can be resolved (or dismissed) through extensive and detailed settlement negotiations and information exchange. Litigation over individual repurchase claims may be fairly unusual now, but so were repurchase claims entirely prior to 2007-2008. Due to the unique nature of each originator’s position and the facts around applicable repurchase claim(s), however, it would be reckless to assume one will not be sued on specific claims based on what is generally occurring in the industry or based on what may have been past investor appetite for litigation (although these are important elements to consider in one’s strategy).”

Brian goes on. “For example, much depends on the facts and circumstances of the loan(s) in question, whether there are any other relationships between the parties that can be leveraged (loans in the pipeline, warehouse lines etc.) the overall quality, stability and reputation of the originator and, significantly, the parties’ tolerance for risk, availability or need for reserves and the desire for finality. Moreover, investor and originator appetite for lawsuits may change over time as strategies can change in organizations and as the few cases that have been filed begin to yield decisions that are more or less favorable to one side or another. Even the tenor of discussions or lack of attention to the matter can impact a party’s willingness to file a lawsuit. All of these issues should be explored with legal counsel as part of an originator’s comprehensive repurchase management strategy." (If you'd like to reach Brian Levy with Katten & Temple, LLP, write to him at blevy@kattentemple.com.)

Here are some somewhat recent conference & investor updates, providing a flavor for the environment. They just don’t stop. As always, it is best to read the actual bulletin.

Down in California, it is time again for the CMBA's Western Secondary conference. (I've been wandering around that San Francisco conference since 1986 - if those halls could talk...) The CMBA has presentations on "QM, QRM, the CFPB, Agency Direct Delivery - Reviving the Lost Art of Servicing Retained Execution, Compliance issues Facing State Licensed Mortgage Banks Today and How Regulatory Change will Impact Your Business and the Secondary Market, Manufacturing Quality - Steps to Produce a Quality Loan (Operation Focus)," and several other topics. Check it out.

In light of the increasing number of non-conforming transactions where the departure residence is retained by the borrower and is in a negative equity position, Wells Fargo issued a reminder that underwriters must weigh any and all risk factors evident in the loan file. Each case should be weighed individually, as there are only so many situations underwriting guidelines can predict. The Wells Seller Guide now states that, in a case where the departure residence won’t be sold at the time of closing and is in a negative equity position, paying down the lien or using additional reserves to cover the negative equity may be required to reduce overall risk.

Wells has issued another reminder that a signed Borrower Appraisal Acknowledgement is required for all loans. The Acknowledgment, whether it’s the Wells-issued form or a custom document, must include the property address, complete lender name, borrower name, borrower signature, and borrower signature date. If the form has checkboxes where the borrower can make a choice, these boxes must be ticked.

Due to changes to FHA Single Family Annual Mortgage Insurance and Up-Front Mortgage Insurance Premiums announced by HUD back in March, one of which requires lenders to determine the endorsement/insured date of the FHA loan as part of a Streamline Refinance transaction, Refinance Authorization results will need to be submitted to Wells with the closed loan package. These results are necessary to ensure that the accurate MIP was applied. This applies to all FHA Streamline Refinances with case numbers assigned on or after June 11, 2012, while loans purchased through Pass-Thru Express are excepted.

Wells’ government pricing adjusters are set to change on July 2nd. For VA loans with scores between 620 and 639, the adjuster will go from -0.750 to -1.500. The adjuster for loans with scores between 640 and 679, currently at -0.250, will change to -0.500. This affects Best Effort registrations, Best Effort locks, Mandatory Commitments, Assignments of Trade, and Loan Specified Bulk Commitments.

How sensitive are our markets to European news? Sure, instead of buying our 10-yr yielding 1.65% you could buy a Spanish 10-yr yielding 6.74%. But there is instability, evidenced by this note from an MBS trader yesterday: "News of Merkel stating Europe would not have shared liability for debt ‘as long as she lives’ caused Treasuries to immediately surge higher, only to be met by better real money selling of 7s. While the selling did help to stall the rally, the true relief didn't come until Reuters posted a correction to its initial release, re-quoting Merkel as having said Europe would not have ‘total shared’ liability for debt as long as she lives. The amendment took Treasuries off the highs ahead of the 2yr auction..."

Say all you want about the market, bond prices and yields are not doing a whole heckuva lot. Tuesday the 10-yr closed at 1.63%, very close to where it’s been all week, although there was some intra-day volatility blamed on Europe. (European problems will be with us for years, and paying attention to intra-day swings can become wearisome after years…) For agency mortgage-backed securities, volume has been around “average” all week, with the usual buyers (the Fed, hedge funds, money managers, overseas parties) absorbing it. Up one day, down another – yesterday was down/worse by about .250, which was about the same as the 10-yr T-note. We could have been helped by the Conference Board’s Consumer Confidence index which dropped for a fourth straight month, to 62 from a revised 64.4 in the prior month, but nope.

No one is getting any younger... (Part 1 of 2)
I very quietly confided to my best friend that I was having an affair. She turned to me and asked, “Are you having it catered?” And that, my friend, is the definition of 'OLD'!

Just before the funeral services, the undertaker came up to the very elderly widow and asked, "How old was your husband?"
"98," she replied. "Two years older than me."
"So you're 96," the undertaker commented.
She responded, "Hardly worth going home, is it?"

Reporters interviewing a 104-year-old woman:
"And what do you think is the best thing about being 104?" the reporter asked.
She simply replied, "No peer pressure."

I feel like my body has gotten totally out of shape, so I got my doctor's permission to join a fitness club and start exercising. I decided to take an aerobics class for seniors. I bent, twisted, gyrated, jumped up and down, and perspired for an hour. But, by the time I got my leotards on, the class was over.

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/06272012-buybacks-legal.aspx

investment property wealth fdic homes

Boeing hikes 20-year market forecast to $4.5 trillion

LONDON (Reuters) - Planemaker Boeing Co hiked its 20-year market forecast, predicting demand for 34,000 new aircraft worth $4.5 trillion, on growth in emerging regions and as airlines seek efficient...

Source: http://feeds.reuters.com/~r/news/wealth/~3/ySOtGVswFdM/us-boeing-forecast-increase-idUSBRE8620CX20120703

freddie mac housing market investment property wealth

SunTrust Jilted; California's Law and Basel III will NOT Help Mortgage Pricing

Tomorrow, on your day off, here is 3 ½ minutes of a few very clever creative bets that you can win.

Here are some somewhat recent investor/agency updates, providing a flavor for the environment. They just don't stop. As always, it is best to read the actual bulletin.

...(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/07032012-basel-iii-california-mortgage.aspx

foreclosure underwriting interest remortgaging

Beverly Hills Housewife?s Former Mansion Suffers Damage in Huge Blaze

The Los Angeles Fire Department responded to a massive blaze at the former mansion of "Real Housewives of Beverly Hills" star Lisa Vanderpump on Friday.

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/GgwxfgHfI_A/

real estate houses investing interest rates

Home Used for Filming ?Giuliana and Bill? Listed for $2.395 Million

This property serves well as one of the Rancics' many home bases and the featured location for the show.

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/j7bahL6O8GI/

realtors foreclosure underwriting interest

See the Savings in a High Performance K. Hovnanian Chicago Home

A new K. Hovnanian High Performance home gives you eco-friendly efficiency and lower utility bills. But how much lower? Well, now you can see just how much you can really save with K.Hovnanian?s online energy efficiency savings tool. All you do is choose your state, region and community of choice (they?ve made it simple with [...]

Source: http://www.chicagolandrealestateforum.com/2012/07/04/see-the-savings-in-a-high-performance-k-hovnanian-chicago-home/

realty realtors foreclosure underwriting

Love or money for retiring advisers

NEW YORK (Reuters) - When financial adviser Joseph Barry left A.G. Edwards in 2007 to set up an independent shop, he already had a successor in mind: his son, Patrick Barry.

Source: http://feeds.reuters.com/~r/news/wealth/~3/Y2-oqqex1A4/us-funding-succession-idUSBRE8620JR20120703

wells fargo mls citi everbank

Celebrity Childhood Homes: Where Madonna, Jimmy Fallon and Kate Hudson Grew Up

Who grew up outside of Detroit and who called a ranch in Texas home? And who bought the home they spent part of their childhood in?

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/Io8REvnNrjI/

homes for sale realty realtors foreclosure

3 Easy Ways to Improve Life in Your Chicago Home

Whether you?re in the market for a new Chicago home or have been a homeowner for years, there are few things that can exponentially increase your quality of life. These are small things?tools and devices not generally included with a house upon purchase?that can save you significant time and effort in everyday circumstances. ? We?ve all seen the standard overhead garage door opener found in most homes?these contraptions hang down from the top of the garage ceiling and aside from [...]

Source: http://feedproxy.google.com/~r/dreamtown/~3/zMn0BhiTqJc/3-ways-improve-life-chicago-home

housing recovery short sale approval refinancing mortgage

Florida Mortgage Update for the Week of June 18, 2012

Mortgage markets improved last week, sending mortgage rates lower.
Related posts:

Florida Mortgage Update for the Week of June 11, 2012 Mortgage markets worsened last week, breaking a multi-week winning streak...
Florida Mortgage Update for the Week of March 12, 2012 Mortgage markets were mostly unchanged last week despite a series...
Florida Mortgage Update for the Week of October 31, 2011 Mortgage markets moved across a wide range last week before,...

Source: http://www.floridamortgageblogger.com/2012/06/18/florida-mortgage-update-for-the-week-of-june-18-2012/

refinancing mortgage real estate houses

Of Course the Borrower is Paying for Higher Lending Costs - Did Our Gov't Think Lenders Would?

Want some good news? My grades did not qualify me for admittance to Harvard (that is not the good news), but that institution put out good research material that is positive for housing this year. (Read: Harvard's State of Housing Report Says Home Construction Now Adding to GDP) Here is some on housing for 2012. If you have ADD, like me, at least click on "Signs of a Turnaround in the U.S. Housing Market: 2012 State of the Nation's Housing Report Released" and peruse the Executive Summary: jchs.harvard.edu. It is great for presentations and for selling anyone interested in investing in a mortgage bank or real estate firm.

Want some different good news? Yesterday oil declined below $80/barrel for the first time in about 8 months, and we find the major commodity index down 22% from its peak earlier in the year. So it should cost less to fill up that tank, or ge.t that gold "grill" at the cosmetic dentist.

Angela Merkel arrives at the Passport Control at the Charles de Gaulle airport.
"Nationality?" asks the immigration officer.

"German," she replies.

"Occupation?"

"No, just here for a few days..."

World War II humor aside, do we want Greece, and Europe, to overcome its current hurdles? Of course we do - but be careful what you wish for, as stability in Europe would tend to move our rates higher. (And they would, if it weren't for the fact that our economy is only limping along.) For example, this trader's note came across Wednesday: "The 10-year yield is 4 basis points higher this morning at 1.66% on news that Greece has formed a coalition government." Sure enough, Greece has formed a coalition government of New Democracy, PASOK, and Democratic Left, with Samaras to be the Prime Minister. I don't know all the specifics, but the "Troika" is expected to disburse within days the 1 billion euros from the March review that they have been holding waiting for the election outcome, and this should keep the government alive for about 1-2 months. If all goes well, Greece should receive the next tranche by late July or early August. However, the negotiations will be challenging, as growth is well below the program projections, fiscal consolidation is already off track, and reforms have been delayed during the long pre-election period.

And in Canada, Europe is hitting hard: Finance Minister Jim Flaherty and Mark Carney, the central bank governor, went public in a joint campaign to head off runaway inflation in the overheated housing sector. So the Harper government is trying to offset the negative impact of the central bank's pro-growth low-interest rate policy by making it harder for Canadians to take out mortgages. Flaherty said he acted to toughen mortgage rules for the fourth time in six years to slow the growth of a real estate bubble. He noted that the bursting of the U.S. housing bubble caused long-term damage to the American economy. He singled out the condominium market in Toronto as the most troubling hot spot. Buyers should conduct themselves prudently he said. "Some calming of the market is desirable." The government is tightening mortgages by reducing the maximum amortization for a government-insured mortgage to 25 years from 30 years. It is also lowering the maximum amount Canadians can borrow when refinancing a property to 80 per cent from 85 per cent of the value of their homes. Flaherty has complained in the past about people using their homes at ATM machines. And government-backed mortgage insurance will no longer be available for homes with a purchase price of more than $1 million.

The adage, "Don't put all your eggs in one basket" is being carried out by the OCC and Dodd Frank. Evaluating and limiting counterparty risk is a big deal, whether you're a mortgage company, a bank, a vendor, or a Realtor, so although this update applies to banks (a rule limiting the amount of lending exposure financial institutions can have to a single counterparty), watch for similar moves for everyone.

The average loan to value ratio of closed loans broke through 80% in May, the highest level since Ellie Mae began tracking these details in August of last year. (Read: Ellie Mae: Origination Insight Report for May) The average LTV was 81%, up from 80% in April and driven by an easing of LTVs on conventional refinances. Before MI companies pop the champagne, most believe that it is a sign that HARP 2.0 is helping more borrowers. The LTV of both closed and denied loans has risen steadily from 82% in August to 88% in May while debt to income ratios (DTI) and FICO scores have remained relatively unchanged. Many underwater borrowers have been attracted by the rate changes in HARP but have not successfully refinanced. Refinancing represented 54 percent of closed loans in May, down 2 percentage points from April. As might be expected, there were substantial differences in the profiles of loans accepted and denied by FHA and conventional lenders. What was surprising was the additional leeway FHA lenders appear to grant to purchasers over those refinancing.

I received a distressing/distressed note from a "governmentally aware" reader who was in a hearing yesterday with the CFPB. It would seem that a lack of knowledge of how a mortgage is originated, and how borrowers are helped by the mortgage industry in general, is still a big stumbling block. "The CFPB seems so out of control it is frightening. The brokers and bankers were again in full agreement. For almost 30 years I thought they would never agree on the color of the sun, but watching the CFPB deflect answers has brought them together. One person brought up that the issue was disclosures, and the CFPB responded with confusing answers that made it seem it was more concerned with deadlines than with doing what was right for borrowers and the health of the housing market. January 21^st is looming! The CFPB seems to be micromanaging the issues from LO comp that a company might pay a 175% year-end bonus if you help engage in steering to what percentage can be placed into a 401k. Forget ERISA or the IRS - the CFPB spent more time figuring out pat answers and deflection strategies than anything else. It sounded like 100% of the feedback opposed the Flat Fee and they have no alternative."

The reader went on. "On one topic the CFPB claims unfettered exemption authority while on another claiming extremely limited. Then they claimed they had undertaken studies but when one member asked what study, suddenly it was 'life experience and observations of human nature.' Where is Barney Frank? He's the only one smart enough who can fix this mess. Dodd is off with his contributors in the motion picture industry. Barney broke it, then he can fix it - the CFPB doesn't seem to understand every 'hair brain' idea is going to cost the consumer more."

This certainly leads right into the next topic, reported by the Financial Times, that, "Most US homeowners are paying above-market mortgage rates, new data show, indicating that government efforts to spur refinancings have yet to fully benefit households despite ultra-low headline borrowing costs. 'Many Americans are able to take advantage of lower interest rates. Many people have refinanced or bought homes,' Ben Bernanke, Federal Reserve chairman, said on Wednesday at a news conference. But he added: 'Mortgage access is much tighter than it's been in a long time.' But figures from CoreLogic, a housing data provider, show 20.5 million of 39 million creditworthy "prime" borrowers are paying rates of more than 5% while just 5.7 million households are enjoying rates of less than 4%. The data speak of a credit divide that the Fed and Barack Obama's administration have struggled to close despite numerous schemes to enable borrowers to refinance into cheaper mortgages. That gap is having an impact on consumer spending, which makes up roughly 70 per cent of US economic activity, as a greater share of borrowers' cash than necessary is being spent on housing.
The impact is also being felt in the White House, where Barack Obama faces a November election and has recently pushed Congress to pass new legislation designed to further increase mortgage refinancings. Experts argue that borrowers generally should be refinancing when their mortgage rates are at least 1 per cent higher than the market rate for a new home loan. In theory, more than 20 million borrowers should be refinancing. But many of these borrowers are 'trapped', according to Senator Robert Menendez, who has introduced legislation to ease access to refinancings for borrowers for whom the fall in house prices have left them with insufficient equity to refinance."

Those in the biz know that one can chalk this up to borrower lethargy, worries about losing a job, not wanting to pay the upfront financing fees, the thought that rates will go lower. (Of course, investors in the high coupon MBS's, such as the Fed, money managers, pension funds, and insurance companies, don't mind the feet dragging while they're earning the high yields.) But most "in the know" say that one big hindrance is the uncertainty in the market place (will housing prices drop, will I lose my job, how long it will it take to pay for the fees, maybe I won't qualify now, etc.). And lenders are so worried about making a simple mistake, which could result in a buyback years down the road, that the cost of processing, underwriting, and verifying loans has skyrocketed, in addition to the regulatory and compliance costs that are heaped onto the borrower. The government didn't expect lenders to absorb those costs, did they?

The Philly Fed collapsing in May to its lowest level since August, and is consistent with a weak Empire State Survey in June and soft Chicago PMI in May. Jobless claims decreased by 2,000 to 387,000 in the week ended June 16, as the four-week average climbed to 386,250, the highest of the year. Existing Home Sales dropped 1.5% to 4.55 million in May, but constrained by tight supply, prices continue to gain. (Inventory slipped 0.4% to 2.49 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace. Listed inventory is 20.4% below a year ago when there was a 9.1-month supply.) Lastly on Thursday we learned that the Conference Board Leading Indicator Economic Index increased 0.3% in May to 95.8, after a decline of 0.1% in April, and a 0.2% increase in March.

After all that, stocks took it on the chin Thursday. There are those that believe money is a zero sum game, and every move in stocks results in a corresponding opposite move in bonds. That is incorrect, and although bond prices improved, they certainly didn't do so as much as equities sold off: the 10-yr improved by only about .250 and closed at 1.61%. (Agency MBS prices improved by less than .250.) Much of this was attributed to the reasons above.

These are from a book called Disorder in the American Courts, and are things people actually said in court, word for word, taken down and now published by court reporters who had the torment of staying calm while these exchanges were actually taking place. (Part 2 of 3)

ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you kidding me?
_________________________________________

ATTORNEY: So the date of conception (of the baby) was August 8th?
WITNESS: Yes.
ATTORNEY: And what were you doing at that time?
WITNESS: What do you think?
____________________________________________

ATTORNEY: She had three children, right?
WITNESS: Yes.
ATTORNEY: How many were boys?
WITNESS: None.
ATTORNEY: Were there any girls?
WITNESS: Your Honor, I think I need a different attorney. Can I get a new attorney?
____________________________________________

ATTORNEY: How was your first marriage terminated?
WITNESS: By death.
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.

...(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/06222012-cfpb-oil-wwii.aspx

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Tuesday, July 3, 2012

Manufacturing shrinks, first time in nearly three years

NEW YORK (Reuters) - Manufacturing shrank in June for the first time in nearly three years as new orders plummeted, according to one measure of the sector that provided a stark sign of the economic...

Source: http://feeds.reuters.com/~r/news/economy/~3/lNZ6OmaUGyg/us-usa-economy-manufacturing-idUSBRE8610QT20120702

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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 06/01/2012

Mortgage rates dropped to NEW all time lows last week, as fear is now in the air in the financial markets. We have been worrying about Europe for some time, and what the consequences will be if Greece drops out of the European Union. Last week we got the one-two punch as domestic reports showed [...]

Source: http://www.ptmortgage.com/blog/2012/06/04/chicago-illinois-mortgage-rates-week-in-review-for-the-week-ending-06012012/

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Lawmakers to AIG: Don?t Block Mortgage Refis

One of the nation’s largest mortgage lenders currently has policies in place that may work to prevent some borrowers from ...

Source: http://www.credit.com/blog/2012/07/lawmakers-to-aig-dont-block-mortgage-refis/

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Analysis: Investors may shun big Libor lawsuit and go it alone

(Reuters) - The stakes are rising in lawsuits against big banks over allegations they rigged benchmark interest rates, as some large investors may opt out of a massive class action and strike out on...

Source: http://feeds.reuters.com/~r/news/wealth/~3/3b8DauXI6Ms/us-barclays-libor-litigation-idUSBRE86217E20120703

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5 Things to Do in Chicago This Weekend: June 15-June17

This weekend leaves you with zero excuses to stay in?every Chicago neighborhood is calling you out for affordable (or free) fun! Practice throwing a tree trunk at the Highland Games, or let the kids brush up on their archery skills at the Family Sports Festival. If it’s a weekend just for you, catch free classical music performances at the Grant Park Music Festival or laugh yourself to tears at Vince Vaughn’s Comedy Showcase. And did we mention the city’s attempting [...]

Source: http://feedproxy.google.com/~r/dreamtown/~3/kdBjjyvueBY/5-things-to-do-in-chicago-this-weekend-june-15-june-17

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Vacation Rentals ? Huge Rents? Any Profits?

Borrowing from the boat owners’ passel of proclamations, may I suggest:�“The best two days of a vacation rental owner?s life are the day he buys it [...]

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/R_7VY_Zjt40/

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News Affecting Mortgage Interest Rates 01/31/2011

After a fairly quiet week, this coming week has�4 economic reports that can move mortgage interest rates. The most important report will be on Friday with the Unemployment Report. Analysts are predicting that unemployment will go from 9.4% to 9.6%. That would be good for the bond market therefore good for mortgage interest rates. If [...]

Source: http://www.homemortgagenewsblog.net/news-affecting-mortgage-interest-rates-01312011.html

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Pending Home Sales Index Hits A 2-Year High

In May, for the second time in 3 months, the Pending Home Sales Index crossed the 100 barrier.
Related posts:

Pending Home Sales Slip In July; Creates Buyer Opportunity After 3 straight months of gains, the Pending Home Sales...
Low Florida Mortgage Rates and Affordable Home Prices Boost Housing Market The housing market continues to show signs of improvement, propelled...
Florida Home Sales Strong As Spring Selling Season Hits Despite sparse home inventory, the National Association of REALTORS reports...

Source: http://www.floridamortgageblogger.com/2012/07/03/pending-home-sales-index-2012/

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Chicago Revamps Historic Union Station

New improvements at historic Union Station make it a hot spot for cool events this summer! Mortenson Construction recently completed $25 million in infrastructure improvements to the Great Hall, a waiting area for Amtrak and Metra train passengers and one of the greatest indoor spaces in the United States, at Union Station and its attached [...]

Source: http://www.chicagolandrealestateforum.com/2012/06/30/chicago-revamps-historic-union-station/

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FHA Streamline Refinance ? New Program Will Help Some Chicago Area Home Owners Save Money

Starting in June, FHA will begin a new program that will help some home owners with FHA mortgages save a lot of money, but many other wise qualified homeowners won?t be able to take advantage of this new program. The new FHA program will allow borrowers who currently have an FHA mortgage to refinance with [...]

Source: http://www.ptmortgage.com/blog/2012/05/28/fha-streamline-refinance-new-program-will-help-some-chicago-area-home-owners-save-money/

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5 Common Mistakes When You Rent Out Your Property

Investing in a rental property is a great way to generate income, but it?s not always easy. Renting out your property also involves managing it — [...]

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/3B0c-Uvst_I/

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Chicago Area Home Buyers ? Current News

Chicago Home Buyers Taking the ?Wait-and-See? Approach Many people living in the Chicagoland area are still hesitant about buying a home. In a report released Thursday (June 7) by Fannie Mae, 41 percent of consumers polled believe house mortgages will rise in the next year. Also, 34 percent of consumers expect home prices to increase, [...]

Source: http://www.ptmortgage.com/blog/2012/06/13/chicago-area-home-buyers-current-news/

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Monday, July 2, 2012

UPDATE 2-All Nippon Airways plans $2.5 bln capital raising-sources

* Wants to raise money before JAL's September IPO-sources

Source: http://feeds.reuters.com/~r/reuters/financialsNews/~3/u0f-wJ03m8M/ana-capital-idUSL3E8I30RT20120703

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Will Bank Credit Downgrades Affect Me?

The interest rates and fees consumers are accustomed to paying for banking accounts, credit cards and other lines of credit may ...

Source: http://www.credit.com/blog/2012/06/will-bank-credit-downgrades-affect-me/

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Diane Keaton Buys Newer Pacific Palisades Home for $5.6 Million

Serial home flipper Diane Keaton has purchased a newer home in Pacific Palisades.

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/4zivUvOM_8w/

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Busy Homeowners: Stay Connected to Your Chicago New Home

Are you a busy Chicago real estate owner? Want to be able to keep track of your home and your kids while you’re on the go? Honeywell recently rolled out two new security and home automation products to make homes smarter. The LYNX Touch 5100 and Tuxedo Touch Wi-Fi allow homeowners to tell and control [...]

Source: http://www.chicagolandrealestateforum.com/2012/06/30/busy-homeowners-stay-connected-to-your-chicago-new-home/

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Reasons for Pursuing a Short Sale

Homeowners who purchased Phoenix Arizona Homes between 2002 and 2009 may owe more than their home is worth. Homeowners who refinanced or took out a home equity line of credit are in the same situation. Reports estimate that half of all homeowners in the Valley owe more than their home is worth. Many of these [...]

Source: http://www.ThompsonGroupAZ.com/reasons-for-pursuing-a-short-sale/

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Single-Family Permits

Were up by 26% when compared to this time last year. Visit (http://www.stlhba.com//documents/ContentDocuments/Permit_Report_Comp_5-12.pdf) to view monthly permit numbers. HBA members, visit (http://www.stlhba.com/pageloader.aspx?pageid=140) for the subscription form to receive detailed monthly reports. HBA staff contact: Stephanie Sikes (SikesS@hbastl.com).

Source: http://stlhba.hbablog.com/2012/07/02/single-family-permits-9/

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FHA Changes Its ?$1,000 Collections? Rule; Helps 1-In-3 FHA Borrowers

Starting July 1, 2012, the FHA is scrapping its $1,000 Collection policy. See how it affects your mortgage rates.

Click for the complete post : FHA Changes Its “$1,000 Collections” Rule; Helps 1-In-3 FHA Borrowers.

Source: http://feedproxy.google.com/~r/TheMortgageReports/~3/zi97RPiOpYA/fha-changes-its-1000-collections-rule-helps-1-in-3-fha-borrowers

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Housing Market: Double-Dip in 2011?

A few months have passed since I last offered an update on the state of the housing market. Since then, there have been a number of developments which suggest that 2011 could witness double-digit declines in housing prices, and that the long-awaited double-dip will finally materialize. In an analysis of the housing market, it’s difficult [...]

Source: http://news.mortgagecalculator.org/850/

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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 06/15/2012

Disaster in Europe is averted, at least for the next several days, as the pro-bailout New Democracy party won the Greek elections yesterday. The fear has been that if one of the opposition party?s against the bailout won, or if no party had the strength to form a coalition, Greece would withdraw from the Euro [...]

Source: http://www.ptmortgage.com/blog/2012/06/18/chicago-illinois-mortgage-rates-week-in-review-for-the-week-ending-06152012/

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Kleban Promoted To Co-Managing Broker Position

Realtor Barbara Kleban has been promoted to the position of Co-Managing Broker of Coldwell Banker Residential Brokerage’s two Evanston-based offices, according to a June 19 press release.
The announcement comes from several of Coldwell Banker Residential Brokerage’s dignitaries including President and COO of the brokerage, Fran Broude; North Shore Regional Vice President Patrick O’Rourke; and current Managing Broker Cornelia Steffes.
Kleban will co-manage the two Evanston-based offices with Steffes, which currently has a team of 112 licensed brokers. Kleban has four years of realtor experience under her belt, undertaking various roles at ...

Source: http://feedproxy.google.com/~r/chicagoagentmagazine/news/~3/wXdZRqQucmQ/

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News Affecting Mortgage Interest Rates 08/09/10

This week we have�five relevant reports that could affect the bond market and therefore, mortgage interest rates. The first is the all important Federal Open Market Committee (FOMC)�meeting on Tuesday. This is where traders will scrutinize every word that is published from Bernanke and Company’s press release. Most important will be the wording on the [...]

Source: http://www.homemortgagenewsblog.net/news-affecting-mortgage-interest-rates-080910.html

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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 04/20/2012

The trend in the financial markets recently has been high volatility. Last week was relatively calm. Mortgage backed securities moved in a narrow range, and mortgage rates hardly moved from the beginning of the week through the end. The reports released last week were mostly disappointing and gave more proof that the economy is not [...]

Source: http://www.ptmortgage.com/blog/2012/04/23/chicago-illinois-mortgage-rates-week-in-review-for-the-week-ending-04202012/

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Sunday, July 1, 2012

Military Homeowners With PCS Orders Get Federal Protection

The government has issued guidance for how to work with military homeowners who have received Permanent Change of Station orders.

Click for the complete post : Military Homeowners With PCS Orders Get Federal Protection.

Source: http://feedproxy.google.com/~r/TheMortgageReports/~3/LxXtUiDTQsQ/military-homeowners-with-pcs-orders-get-federal-protection

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Mortgage Rates : Real-Time MBS Pricing, June 28, 2012

Real-time mortgage market updates for June 28, 2012. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.

Click for the complete post : Mortgage Rates : Real-Time MBS Pricing, June 28, 2012.

Source: http://feedproxy.google.com/~r/TheMortgageReports/~3/BCJLL4NAln0/mortgage-rates-real-time-mbs-pricing-june-28-2012

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Chicago Area Real Estate Residents Facing Higher Property Taxes

Chicago real estate residents might be in for quite the surprise next month when they receive their next installment of property tax bills. Not only will the bills be given out far earlier than previous years, but also the amount residents have to pay is likely to have increased as well. In fact, statements are [...]

Source: http://www.chicagolandrealestateforum.com/2012/06/29/chicago-area-real-estate-residents-facing-higher-property-taxes/

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Mortgage Rates Decline To Record Lows?Again

Why do I feel a sense of Deja Vu every time I write a post on this topic? Maybe because mortgage rates have been in a state of free-fall for the last year, and every week seems to offer the same story of new record lows. This week was no exception, as Freddie Mac reported [...]

Source: http://news.mortgagecalculator.org/mortgage-rates-decline-to-record-lows-again/

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News Affecting Mortgage Interest Rates 09/20/2010

This will be a quiet week even though several economic reports will be released from housing to FOMC. But overall, mortgage interest rates have been holding at these lower rates though this can change at a blink of an eye. The most important news for this week will be Bernanke and Company’s schedule meeting on [...]

Source: http://www.homemortgagenewsblog.net/news-affecting-mortgage-interest-rates-09202010.html

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30-Year Mortgage Rates Stay At Record 3.66%; 15-Year Rates Dip To 2.94%

Thee average 30-year fixed rate mortgage rate was 3.66% this week, and the 15-year fixed rate mortgage dropped to new lows. The Refi Boom continues.

Click for the complete post : 30-Year Mortgage Rates Stay At Record 3.66%; 15-Year Rates Dip To 2.94%.

Source: http://feedproxy.google.com/~r/TheMortgageReports/~3/tHrbVkxTcsU/30-year-mortgage-rates-stay-at-record-3-66-15-year-rates-dip-to-2-94

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Merv Griffin?s 39-Acre, Luxury Estate in La Quinta, CA Takes Price Cut to $9.5M

By the time Merv Griffin passed away in 2007 at the age of 82 from prostate cancer, the entertainer and talk-show host had amassed a fortune [...]

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/EMvdcZxLCAQ/

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Fed's Pianalto does not comment on policy, economy

(Reuters) - The head of the Federal Reserve Bank of Cleveland did not comment specifically on monetary policy or the U.S. economy on Thursday, according to remarks prepared for delivery.

Source: http://feeds.reuters.com/~r/news/economy/~3/IpqYKqFpzjU/us-usa-fed-pianalto-idUSBRE85R13S20120628

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5 Common Mistakes When You Rent Out Your Property

Investing in a rental property is a great way to generate income, but it?s not always easy. Renting out your property also involves managing it — [...]

Source: http://feedproxy.google.com/~r/ZillowBlog/~3/3B0c-Uvst_I/

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Thaddeus Wong Awarded With Loyola?s Damen Award

Thaddeus Wong, co-founder of Chicago real estate firm @properties, was recently awarded with Loyola University Chicago’s Damen Award.
The award, given to alumni for their professional achievements, and service and leadership in the community, is named after Loyola University Chicago’s founder, Arnold Damen, S.J. The university selects one recipient annually from each of its schools and colleges.
Wong, an alumni of Loyola University’s School of Continuing and Professional Studies, graduated in 1996. In addition to his recent recognition by his alma mater, he was also inducted in the Chicago Area of Entrepreneurship ...

Source: http://feedproxy.google.com/~r/chicagoagentmagazine/news/~3/g_OFsAGw6f0/

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News Affecting Mortgage Interest Rates 08/09/10

Source: http://www.homemortgagenewsblog.net/news-affecting-mortgage-interest-rates-080910.html

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CAR YPN Summer Mixer ? 6.14.12

The Chicago Association of Realtors? Young Professional Network hosted a Summer Mixer on the roof of Market in the West Loop. Guests networked alongside amazing skyline views of the city while advancing professionalism in the industry, getting to know their peers and enjoying cocktails and appetizers.

Source: http://feedproxy.google.com/~r/chicagoagentmagazine/news/~3/krgVZo2NHO8/

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