June 18, 2013
Posted To: MND NewsWire
Wells Fargo bank held a conference call on the outlook for the housing market on Tuesday, the first of several planned for 2013. The bank's economists Mark Vitner and Anika Kahn gave a fairly wide-ranging presentation about current economic and housing indicators which was geared primarily toward investors. The GDP has averaged 2.1 percent growth in the quarters since the recession ended four years ago. Vitner...Posted To: MND NewsWire
Mortgage rates have risen sharply over the last month and Freddie Mac , in its monthly Economic and Housing Market Outlook for June, focuses on what happens to the housing market recovery if those increases continue . Recent movements have raised rates from the 3.5 percent range where they have been for most of 2013 to just over 4.0 percent. While many market participants are concerned about the impact of higher...Nationwide housing starts rose 6.8 percent to a seasonally adjusted annual...
Posted To: MBS Commentary
MBS Live : MBS Afternoon Market Summary The day is winding down with MBS and Treasuries in roughly unchanged territory vs yesterday's latest levels. Morning economic data proved to be a non-event in terms of market movement, and the key motivation of the day looks more like a gentle "letting down of the guard" put in place yesterday afternoon. In other words, prices improved in stocks and bonds...Parties who acquire residential rental properties via a foreclosure or deed in lieu of foreclosure in Chicago are now required to provide an option to renew the lease or offer relocation assistance to a "qualified tenant."
Rep. Maxine Waters, D-Calif., sent a letter to Christy Romero of SIGTARP, calling for an investigation of Bank of America over allegations that the bank mishandled HAMP applications.
Nonagency RMBS are failing to trade at investor auctions at the fastest pace this year as prices tumble after a rally.
http://www.bloomberg.com/news/2013-06-18/mortgage-bond-auction-failures-reach-most-in-2013-as-prices-drop.html...Posted To: Mortgage Rate Watch
Mortgage rates began the day higher , though many lenders repriced in the middle of the day with improved offerings after bond markets began improving (mover lower in rate) into the PM hours. Even after those improvements, most lenders were still in slightly worse shape vs yesterday's latest offerings, but remain fairly close. Conventional 30yr Fixed best-execution rates remained in the 4.0 - 4....- Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered during a Senate committee hearing Tuesday morning. While the Department of Housing and Urban Development (HUD) considers changes to the HECM program, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to determine the best path forward for the program.
- The Consumer Financial Protection Bureau (CFPB) plans to grow its staff in order to meet its strategic goals and stay in compliance with its mandate to protect consumers, according to a written testimony from Stephen Agostini, CFO at the bureau. Agostini, who gave testimony before the House Financial Services Committee Tuesday, stated that over the next two fiscal years, CFPB expects its staff to increase from 1,214 employees in the Fiscal Year 2013 to 1,545 employees in 2014.
