http://www.justhomemortgages.com One of the largest collections of current information and news about home mortgages. Tue, 09 Mar 2010 00:18:39 +0000 http://backend.userland.com/rss092 en NYT: The Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. Presidency of Barack Obama - New York Times - President - United States - Barack Obama More: continued here http://www.justhomemortgages.com/2010/03/08/nyt-plan-to-pay-homeowners-to-sell-at-loss/ Reuters - The Obama administration has more work to do to help struggling U.S. homeowners, despite signs of a stabilizing housing market, a senior Treasury official said on Monday. More: continued here http://www.justhomemortgages.com/2010/03/08/more-work-ahead-on-housing-market-treasury-reuters/ AP - Real estate investment trust Glimcher Realty Trust said Monday it has extended and changed its agreement for its $470 million unsecured credit facility with its lenders, including KeyBank National Association and Bank of America NA. More: continued here http://www.justhomemortgages.com/2010/03/08/glincher-realty-alters-credit-facility-terms-ap/ First Palmetto Mortgage Inc. in Greenville, S.C., was acquired by Countybank, according to published reports. Curtis Mortgage reportedly merged with Northstar Bank and will operate as Northstar Bank Mortgage. The two acquisitions follow Rockville Bank's recent acquisition of Family Choice Mortgage Corp. and North State Bank's recent acquisition of the ... http://www.justhomemortgages.com/2010/03/08/banks-continue-to-acquire-mortgage-firms/ The Mortgage Bankers Association, along with 13 other associations issued a letter to the U.S. Department of Housing and Urban Development. The groups claim HUD is going too far by applying the Secure and Fair Enforcement for Mortgage Licensing Act to servicing employees who handle loan modifications. Imposing SAFE requirements ... http://www.justhomemortgages.com/2010/03/08/lenders-issue-safe-warning/ Mortgage production during 2009 climbed 68 percent from 2008 at Fairway Independent Mortgage Corp., according to a news release. Growth was strongest in New England, where volume increased 144 percent. The company noted that a large share of the region's activity was in Massachusetts. More: continued here http://www.justhomemortgages.com/2010/03/08/fairway-boasts-boosted-business/ The volume of commercial real estate financing during 2009 declined 56 percent from 2008, HFF Inc. reported. HFF's chief executive officer noted in the report that the company has observed improvements in some sectors of the commercial real estate capital markets during the past quarter. But HFF still sees a ... http://www.justhomemortgages.com/2010/03/08/hffbusiness-sinks/ Navy Federal Credit Union reported that originations last year were up 9 percent over 2008. The credit union also announced that it now provides 100 percent financing. The higher loan-to-value is available on loans up to $650,000. More: continued here http://www.justhomemortgages.com/2010/03/08/credit-union-offers-100-ltv/ There isn't much in terms of economic data this week, however some of the key reports include Thursday's unemployment claims report, Thursday's trade balance report, Friday's February retail sales report and consumer confidence report.Related posts:How Do Treasury Auctions Work? ...Quicken Loans Capital Markets Update – High Durable Goods Orders Show ... http://www.justhomemortgages.com/2010/03/08/capital-markets-update-%e2%80%93-treasury-to-auction-74-billion-this-week/ Making your guests feel at home doesn't have to cost a fortune. And if you're already decorating an extra bedroom, there are ways to save money along the way. After all, it's the attention to small details that contributes to an overall homey look. Here are some ... http://www.justhomemortgages.com/2010/03/08/guest-room-decorating-10-tips-for-a-cozy-look/ Posted To: MND NewsWireEquity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents ... http://www.justhomemortgages.com/2010/03/08/the-week-ahead-treasury-auctions-highlight-slow-econ-calendar-until-friday/ Posted To: MBS CommentaryGood Morning. Happy Monday. I don't know what the weather was like this weekend where you live, but here in the DC/Baltimore metro area we finally had a change of pace from snow and ice: SUN ! Every field was occupied with some sort of sporting event ... http://www.justhomemortgages.com/2010/03/08/mbs-morning-benchmark-rates-higher-in-quiet-trading-environment/ Posted To: Pipeline PressWhen I was a kid, I used to pray every night for a new bike. Then I realized that God doesn't work that way. So instead I stole a bike and asked Him to forgive me. Neither strategy worked for four more banks, as the FDIC shut ... http://www.justhomemortgages.com/2010/03/08/credit-unions-expanding-loan-production-ready-for-buybacks-lender-rating-model-fha-approval-news-four-more-bank-failures/ Posted To: Mortgage Rate WatchI described last week as a roller coaster ride for mortgage rates. A busy schedule of economic data provided much of the motivation for movement in the rates marketplace with the release of the Employment Situation Report on Friday capping off the volatile action. The jobs ... http://www.justhomemortgages.com/2010/03/08/mortgage-rates-hold-near-best-levels-of-2010-as-benchmark-yields-rise/ Posted To: Community CommentarySince the inception of the Home Valuation Code of Conduct (HVCC) in May 2009, there has been much discussion, and misinformation, about the benefits and harm caused by the controversial agreement with the New York Attorney Generals office and the Federal Housing Finance Agency. This agreement, originally ... http://www.justhomemortgages.com/2010/03/08/the-ultimate-solution-for-the-appraisal-industry/ Posted To: MBS CommentaryDid anyone happen to catch Saturday Night Live this weekend? Alan, the lovable moron from "The Hangover" was the host. I suppose I should share his real name too: Zach Galifianakis. I usually watch SNL on Hulu whenever I have time...but this weekend I happened to be ... http://www.justhomemortgages.com/2010/03/08/mbs-lunch-support-found-at-mid-range-marks-preparing-for-more-debt-supply/ Posted To: The Garrett Watts ReportOur FOCIS –plus study has a section on Home Value Code of Conduct (HVCC) compliance. Warehouse lenders in particular are interested in whether a mortgage company has a written HVCC policy and what process lenders use to comply. Some lenders have an internal appraisal management ... http://www.justhomemortgages.com/2010/03/08/hvcc-is-here-to-stay-any-chance-for-improvements-to-the-process/ Posted To: MBS Commentaryridiculously flat trading in MBS and Tsy's low volume, sparse data calendar, looking toward auctions Did we mention flat trading? You'll rarely see MBS and Treasuries trade this flat for this much of the day. From 10:45 on, MBS haven't moved more than 1 tick and tsy's ... http://www.justhomemortgages.com/2010/03/08/mbs-afternoon-extremely-quiet-day-winding-down/ Posted To: MND NewsWireMortgage rates reversed course yet again during the week ended March 4 with the 30-year fixed-rate mortgage (FRM) once more falling below 5 percent. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97 percent with an average of 0.7 point compared to an ... http://www.justhomemortgages.com/2010/03/08/gses-long-term-rates-again-below-5-percent/ Posted To: MND NewsWireThe Mortgage Bankers Association (MBA), American Bankers Association (ABA), and the American Financial Services Association (AFSA) joined with 11 state and local mortgage lending groups on Friday to send a letter to the U.S. Department of Housing and Urban Development expressing concerns about the way in which ... http://www.justhomemortgages.com/2010/03/08/mba-servicing-specialists-should-not-be-required-to-obtain-safe-act-licensing/ Posted To: MBS CommentaryNo material change since 10:30AM MBS 4.5's unchanged on the day at 101-07 10yr note 4bps higher on the day to 3.72 Stocks were up, down, up, closed flat No data tomorrow either, then 3yr note auction at 1pm Fed Evans at 930am Big Picture: something's gotta ... http://www.justhomemortgages.com/2010/03/08/mbs-close-strong-vs-treasuries-but-lackluster-day-all-around/ During the fourth-quarter 2009, 134 mortgage-related lawsuits were tracked in the Fourth Quarter Mortgage Litigation Index announced by MortgageDaily.com and prepared in conjunction with Patton Boggs LLP. Case activity increased from 76 cases documented in the third quarter. It was the highest quarter on record since tracking began in 2007. ... http://www.justhomemortgages.com/2010/03/07/modification-actions-drive-record-mortgage-litigation/ Last week, four federally insured banks and thrifts failed. Each institution was handed over to the Federal Deposit Insurance Corporation as receiver. No buyer could be found for Waterfield Bank, which was closed by the Office of Thrift Supervision. In addition, no buyer was found for Centennial Bank, which was ... http://www.justhomemortgages.com/2010/03/07/no-buyers-for-2-of-4-failed-banks/ Investor's Business Daily - Housing markets rife with foreclosures can still present great deals for investors, but also stiff competition and pitfalls for the inexperienced. More: continued here http://www.justhomemortgages.com/2010/03/06/foreclosures-down-the-road-may-offer-investors-better-deals-investors-business-daily/ Reuters - U.S. employers cut fewer jobs than expected during snow-battered February and the unemployment rate held steady at 9.7 percent, bolstering views the economy was on the brink of creating jobs. More: continued here http://www.justhomemortgages.com/2010/03/05/payrolls-data-buoy-job-creation-hopes-reuters/ AP - A key lawmaker is working with banks, regulators and the Obama administration on a new way to boost the government's struggling foreclosure prevention effort by encouraging banks to reduce the total amount borrowers owe. More: continued here http://www.justhomemortgages.com/2010/03/05/lawmaker-is-working-to-improve-loan-modifications-ap/ AP - The Treasury Department was forced Friday to reiterate its financial support for Fannie Mae and Freddie Mac after a key lawmaker rattled investors by pointing out that their debt does not enjoy the explicit guarantee of the federal government. More: continued here http://www.justhomemortgages.com/2010/03/05/treasury-restates-support-for-fannie-freddie-ap/ The U.S. Department of Justice announced a settlement with Wilmington Finance Inc. and AIG Federal Savings Bank. Both firms are subsidiaries of American International Group Inc. "Today's settlement is significant because it marks the first time the Justice Department has held a lender responsible for failing to monitor its brokers ... http://www.justhomemortgages.com/2010/03/05/wholesaler-liable-for-broker-discrimination/ Fourth quarter 2009 production fell 21 percent from the third quarter, Citgroup Inc. reported to MortgageDaily.com. Compared to the fourth-quarter 2008, originations were down one-third. Full-year residential fundings fell 22 percent from 2008. More: continued here http://www.justhomemortgages.com/2010/03/05/citi-fundings-fall/ The government reported that U.S. mortgage headcount declined 1 percent between December and January. Compared to a year earlier, mortgage employment was 5 percent lower. The number of "mortgage and nonmortgage loan brokers" fell 4 percent from December. More: continued here http://www.justhomemortgages.com/2010/03/05/more-mortgage-job-losses/ Well Fargo Bank, N.A., was the biggest retail lender during the fourth quarter, according to data provided by the Federal Deposit Insurance Corporation to MortgageDaily.com. The data were collected for first-mortgage activity at FDIC-insured banks and thrifts with at least $1 billion in assets or $10 million in quarterly originations. ... http://www.justhomemortgages.com/2010/03/05/biggest-retail-and-wholesale-lenders/ Posted To: MBS Commentary"Rate sheet influential" MBS coupons ended the day near the price highs of the week. While we did see spotty reprices for the better this afternoon, the majority of lenders left rebate unchanged on the day. The FN 4.0 went out +0-09 at 98-20 yielding 4.134% while ... http://www.justhomemortgages.com/2010/03/05/mbs-close-explaining-the-expected-distortion-in-employment-data/ Posted To: MBS CommentaryAhead of 830am Nonfarm Payrolls and Unemployment data.... Stock futures are higher.... The 3.625% coupon bearing 10 year TSY note is -0-02 at 100-03 yielding 3.614%. The FN 4.0 is -0-02 at 98-18 and the FN 4.5 is +0-00 at 101-13.... Nonfarm payrolls are expected to print ... http://www.justhomemortgages.com/2010/03/05/mbs-open-stocks-edge-higher-rates-up-ahead-of-data/ Posted To: MND NewsWireEquity futures are firmly higher this morning ahead of February employment numbers. Payrolls are expected to continue declining but investors are reacting positively to news that the Bank of Japan could initiate measures to protect the economy from deflation. Overseas markets have been positive across the board, ... http://www.justhomemortgages.com/2010/03/05/the-day-ahead-employment-situation-report-and-consumer-credit/ Posted To: MBS Commentary36,000 jobs were lost in February according to the Bureau of Labor Statistics. The unemployment rate held steady at 9.7%. The payrolls number was MUCH BETTER than expected. The unemployment rate beat forecasts by 0.1%. FEB NONFARM PAYROLLS -36,000 (CONSENSUS -50,000) VS JAN -26,000 (PREV -20,000) FEB ... http://www.justhomemortgages.com/2010/03/05/36000-jobs-lost-in-february-unemployment-rate-holds-at-97-snow-effect-unseen/ Posted To: MND NewsWireVia email, I recieved the following guidance from the FHA this morning: Subject: Guidance for Currently FHA-Approved Loan Correspondents Regarding Renewal of FHA Lender Approval for 2010 As proposed in a November 30, 2009 via 74 FR 62521 , HUD is seeking to eliminate FHA approval for ... http://www.justhomemortgages.com/2010/03/05/fha-extends-deadline-to-submit-audited-financials-elimination-of-correspondentbroker-approval-still-pending/ Posted To: Pipeline PressA loan agent was seen leaving a title company. "TGIF!" she exclaimed. "Thank God it's Friday?" "No, Thank God it's Funding!" In the mid-60's Woody Allen had a nightclub routine. The contraceptive pill had just come out and he said, "I recently had my first experience with ... http://www.justhomemortgages.com/2010/03/05/lender-implementation-of-fha-flipping-guideline-safe-act-still-weighs-on-originators-thornburg-execs-in-trouble/ Posted To: MBS CommentaryThe FN 4.0 is -0-19 at 98-00 yielding 4.192% and the FN 4.5 is -0-17 at 100-28 yielding 4.405%. The secondary market current coupon is 4.33%. The current coupon yield is 63.5 basis points above the 10yr note yield and 59.4bps over the 10 yr swap. While ... http://www.justhomemortgages.com/2010/03/05/mbs-alert-reprices-for-the-worse-possible/ Posted To: The Garrett Watts ReportWe are often asked whether or not a mortgage banker should be actively managing interest rate risk via mandatory commitment loan sales. We recently provided information from a prominent hedging consultant firm regarding the pricing spread between best efforts pricing and mandatory pricing. As was ... http://www.justhomemortgages.com/2010/03/05/the-downside-of-hedging-interest-rate-risk-with-mandatory-loan-commitments/ Posted To: MBS Commentary"Rate sheet influential" MBS prices have recovered from intraday lows, but not before several prominent lenders repriced for the worse. Since then current coupon MBS prices have bounced back to the initial post-NFP low price print. The FN 4.0 is currently -0-14 at 98-06 yielding 4.175% and ... http://www.justhomemortgages.com/2010/03/05/mbs-lunch-recovering-price-losses-after-rebound-from-lows/ Posted To: MBS Commentary"Little Engine That Could" status certainly has to go to MBS this week. Like the rest of the fixed income market, after a largely positive 2 weeks, MBS came under heavy fire today with the better than expected NFP print. When that happens, bonds of all shapes ... http://www.justhomemortgages.com/2010/03/05/mbs-close-stunning-display-of-courage-under-fire/ Mortgages rates have dipped below 5 percent again, four weeks before a government program that is helping keep rates low is scheduled to run out. More: continued here http://www.justhomemortgages.com/2010/03/04/mortgage-rates-fall-below-the-5-percent-mark/ The number of buyers who agreed to purchase a home fell sharply in January, a sign that demand for housing is sinking this winter as stormy weather slammed Eastern states.Business - Construction and Maintenance - Residential Housing - Real estate - Thomson Reuters More: continued here http://www.justhomemortgages.com/2010/03/04/pending-home-sales-tumble-amid-winter-woes/ Reuters - Contracts for pending sales of previously owned homes unexpectedly fell in January, a survey showed, brought down in part by harsh weather in the U.S. Northeast. More: continued here http://www.justhomemortgages.com/2010/03/04/pending-home-sales-unexpectedly-plunge-reuters/ AP - The number of buyers who agreed to purchase a home fell sharply in January, a sign that demand for housing is sinking this winter as stormy weather slammed Eastern states. More: continued here http://www.justhomemortgages.com/2010/03/04/pending-home-sales-fall-76-pct-in-jan-ap/ U.S. News & World Report - After its historic decline brought the global economy to its knees, the U.S. housing market is gearing up for a long-awaited recovery. Real estate experts expect home prices to hit bottom in late 2010 or early 2011 before--finally!--heading north again. But what shape will ... http://www.justhomemortgages.com/2010/03/04/the-future-of-home-price-appreciation-us-news-world-report/ AP - Homebuilder KB Home said Thursday that billionaire investor Ron Burkle will not stand for re-election to the company's board at its next annual meeting. More: continued here http://www.justhomemortgages.com/2010/03/04/kb-home-says-burkle-wont-run-for-new-board-term-ap/ Reuters - Four top executives of Thornburg Mortgage improperly paid themselves handsome bonuses just before the mortgage lender filed for bankruptcy last year, and stole money and ideas from Thornburg to secretly launch a new firm, the bankruptcy trustee in charge of liquidating the lender alleged in a lawsuit. More: ... http://www.justhomemortgages.com/2010/03/04/trustee-sues-ex-thornburg-mortgage-execs-for-theft-reuters/ Reuters - Two AIG units settled federal charges that they discriminated against black home buyers on fees for mortgages and will pay $7.1 million for restitution and education efforts, the U.S. Justice Department said on Thursday. More: continued here http://www.justhomemortgages.com/2010/03/04/aig-units-settle-mortgage-discrimination-case-reuters/ McClatchy Newspapers - WASHINGTON — California is broke, its 12.1 percent unemployment rate is among the highest in the nation, housing prices have plunged, home foreclosures have skyrocketed and a drought is threatening the state's dwindling water supply. There also are plenty of other issues for would-be U.S. senators to ... http://www.justhomemortgages.com/2010/03/04/california-gop-us-senate-race-focusing-on-israel-mcclatchy-newspapers/ Reuters - The number of U.S. workers filing for jobless benefits fell last week, but a surprise drop in pending home sales to a 10-month low in January underscored the uneven nature of the economic recovery. More: continued here http://www.justhomemortgages.com/2010/03/04/jobless-productivity-data-lift-recovery-hopes-reuters/ AP - Mortgages rates have dipped below 5 percent again, four weeks before a government program that is helping keep rates low is scheduled to run out. More: continued here http://www.justhomemortgages.com/2010/03/04/mortgage-rates-fall-below-5-percent-ap/ The price of loans included in commercial mortgage-backed securities improved 1 percent in January compared to December, DebtX reported. The report was based on nearly 60,000 commercial mortgages traded on DebtX's platform as of Jan. 31. Still, secondary prices on commercial mortgages were down from January 2009. More: continued here ... http://www.justhomemortgages.com/2010/03/04/uptick-in-commercial-mortgage-values/ Freddie Mac reported that the average 30-year fixed-rate mortgage fell 8 basis points in its latest weekly survey. The 30-year jumbo rate fell to 5.750 percent from 6.000 percent in the Mortech-MortgageDaily.com Mortgage Market Index for the week ended March 3. Mortgage activity rose 3% from last week based on ... http://www.justhomemortgages.com/2010/03/04/improvement-seen-in-mortgage-market/ Moody's Investors Service warned today that it placed residential mortgage-backed securities serviced by GMAC Mortgage LLC on review for a possible downgrade. The ratings agency said it has discovered that cash-management arrangements being used by GMAC could give rise to competing claims in a bankruptcy proceeding. But GMAC told MortgageDaily.com that ... http://www.justhomemortgages.com/2010/03/04/report-gmacs-cash-management-could-hurt-rmbs/ Ellie Mae and Mortech Inc. last month announced the integration of Ellie's mortgage origination solution with Mortech's Marksman product and pricing engine. PriceMyLoan and Mortgage Capital Trading completed an "automated loan pipeline hedging and analysis" interface that offers real-time hedge process to minimize risk in pricing, a statement said. Del ... http://www.justhomemortgages.com/2010/03/04/pricing-engines-enhanced-integrated/ "Pete Makowiecki has left MetLife Home Loans," the company said in a statement to MortgageDaily.com. Makowiecki had been with the company and its predacessor for around nine years. MetLife also confirmed the departure of its president, national marketing production. More: continued here http://www.justhomemortgages.com/2010/03/04/top-metlife-executives-quit/ Posted To: MND NewsWireThe futures market is pretty quiet this morning as investors await the jobless claims report today and the month’s unemployment report tomorrow. Also on deck today are revisions to the fourth quarter’s productivity and costs report, and the first look of the year at pending home sales. ... http://www.justhomemortgages.com/2010/03/04/the-day-ahead-markets-await-jobless-claims-and-home-sales/ Posted To: MBS CommentaryMBS currently unchanged at 101-07 10yr Note almost unchanged (tick or two worse) for a yield of 3.63 Jobless Claims 469k vs 475k expectation Productivity 6.9% vs 6.3% expectation, Costs -5.9% vs. -4.5% expectation, begs the question: why create jobs? Another question: why can't we come to ... http://www.justhomemortgages.com/2010/03/04/mbs-open-after-early-data-the-range-is-still-the-range/ Posted To: Pipeline PressBernie Madoff's daughter-in-law, Stephanie Madoff, is changing her name. She says the Madoff name is tainted with scandal and she wants a name with less negative connotation. She will now be known as Stephanie bin Laden. But an underwriter is an underwriter, regardless of name. Lately I ... http://www.justhomemortgages.com/2010/03/04/underwriters-marching-to-lenders-tune-the-next-generation-of-borrowers-new-faces-at-the-closing-table-mbs-trading-margins/ Posted To: MBS CommentaryRound 2 Of Morning Data Sends Bonds Higher No reason to expect 10's to break 3.6. MBS: who knows? 4.5's currently at 101-13 and 10s at 3.605 Don't let charts fool you, range is narrow, and very much still a range Stocks Opened up slightly, and have ... http://www.justhomemortgages.com/2010/03/04/mbs-morning-making-a-run-for-the-range/ Posted To: The Garrett Watts ReportOverwhelmed managing your 40-50 employees? Here's a look at the number of employees at the biggest banks. A few others are BB&T (32,809), Suntrust (28,015), Comerica (9,385), City National (Los Angeles, 2,891), Sterling Financial (Spokane, 2,601), Umpqua (1,840), Capitol Bancorp (Michigan 1,345). By the way, ... http://www.justhomemortgages.com/2010/03/04/fdic-banks-operating-at-79-loan-to-deposit-ratio/ Posted To: MND NewsWireThe NAR released Pending Home Sales data this morning. From the release: The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December , but remains 12.3 percent higher than January 2009 ... http://www.justhomemortgages.com/2010/03/04/pending-home-sales-fall-back-to-pre-stimulus-levels-weather-blamed-but-structural-weakness-remains/ Posted To: MBS CommentaryHeading toward the 3pm close, the FN 4.0 is +0-07 at 98-18 yielding 4.139% and the FN 4.5 is +0-06 at 101-12 yielding 4.347%. The FN 4.5 is 3 ticks off the intraday price high of 101-15. In the chart below you can see that we've broken ... http://www.justhomemortgages.com/2010/03/04/mbs-lunch-watching-for-profit-takers-and-position-squaring/ Posted To: MND NewsWireThe Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending March 3, 2010, the Federal Reserve purchased a net total of $10.00 billion agency MBS. This represents a $1 billion decline from the previous reporting period and breaks a ... http://www.justhomemortgages.com/2010/03/04/fed-mbs-program-update-34-billion-left-to-spend-with-four-weeks-to-go/ Posted To: Voice of HousingInvestors Business Daily this week continued playing the role of drummer boy in the relentless assault from the right on Fannie Mae, Freddie Mac and the Community Reinvestment Act as the chief culprits of the financial crisis. In a March 3 editorial, IBD dismisses the conclusions ... http://www.justhomemortgages.com/2010/03/04/tell-me-a-story-discussing-the-role-of-cra-initiatives-in-the-mortgage-crisis/ Posted To: Mortgage Rate WatchIts been a wild week in mortgage rate land. Lenders have repriced for the better, they have repriced for the worse, only to reprice for the better again! And that's just two days of action. Its been a roller coaster ride to say the least, but ... http://www.justhomemortgages.com/2010/03/04/locking-loans-ahead-of-employment-report-more-to-lose-than-gain/ Reuters - Low U.S. interest rates were not the sole cause of the housing bubble, a top Federal Reserve official said on Wednesday, adding that ultra-low interest rates are appropriate now. More: continued here http://www.justhomemortgages.com/2010/03/03/feds-rosengren-low-interest-rates-appropriate-now-reuters/ AP - Government-owned mortgage finance company Freddie Mac on Wednesday priced $5.5 billion in three-year reference notes. More: continued here http://www.justhomemortgages.com/2010/03/03/freddie-mac-prices-55-billion-in-3-year-notes-ap/ AP - The CEO of Hovnanian Enterprises Inc. said a modest surge in foreclosures this year wouldn't have a devastating effect on the homebuilder's sales. More: continued here http://www.justhomemortgages.com/2010/03/03/hovnanian-ceo-glut-of-unsold-homes-easing-ap/ AP - The ratings outlook for building products manufacturer Masco Corp. was lifted Wednesday to "Stable" from "Negative" by both Fitch and Standard & Poor's analysts, a reflection of an improving housing market. More: continued here http://www.justhomemortgages.com/2010/03/03/sp-fitch-lift-masco-ratings-outlook-to-stable-ap/ The new senior managing director for real-estate-owned and loss mitigation operations at The National Groups is Mitchell Oringer, according to a statement. Diane M. Cardinal was elected to the board of directors of Lenders Asset Management Corp., an announcement indicated. Prommis Solutions LLC hired Tina Jones, according to a statement. More: ... http://www.justhomemortgages.com/2010/03/03/default-service-providers-add-executives/ Doug Criscitello was sworn in as chief financial officer of the U.S. Department of Housing and Urban Development, a press release said. Donald L. Kohn yesterday submitted a letter indicating his intent to resign as a member of the Board of Governors of the Federal Reserve System, a statement said. ... http://www.justhomemortgages.com/2010/03/03/exec-changes-at-hud-fed/ Citigroup Inc. reported in a public filing that three directors would step down when their current terms end. Mark K. Mason was named chairman of the board and chief executive officer at HomeStreet Bank, the financial institution reported. Synovus Financial Corp. said that Kessel D. Stelling Jr. was chosen as ... http://www.justhomemortgages.com/2010/03/03/banks-realign-boards-management/ Joseph Prat has re-joined Franklin Credit Management Corp. as vice president of default servicing, a statement said. The new southeast regional manager at Mortgage Network Inc. is Don Bartolomucci, the company announced. Jeff S. Bell has been appointed senior vice president and chief information officer of PHH Corp., parent of ... http://www.justhomemortgages.com/2010/03/03/executives-recruited-replaced/ During February, reverse mortgage lenders originated 8 percent fewer reverse mortgages than in January, Reverse Market Insight reported. Compared to February 2009, volume tumbled 23 percent. Over the past year, the number of reverse mortgage firms has fallen 19 percent. More: continued here http://www.justhomemortgages.com/2010/03/03/reverse-originations-sink-as-originators-exit/ The Greek Prime Minister announced early this morning a set of deficit cuts that includes lower wages and increased taxes to try to tame their huge budget gap. In terms of economic data today, the MBA Mortgage application report showed that applications rose almost 15%.Related posts:Despite Mortgage Applications Volume ... http://www.justhomemortgages.com/2010/03/03/capital-markets-update-%e2%80%93-mortgage-applications-rose-15/ Hey homeowners, are you a gardener? Or maybe you just bought a home, and are prepared to begin a garden this spring? Well good news, there are infinite benefits to gardening as any foodie will tell you, but here are some specific foods you should definitely try to ... http://www.justhomemortgages.com/2010/03/03/organic-gardening-12-foods-to-plant-in-your-garden/ Posted To: MBS CommentaryGood Morning. Today is the NHL trade deadline. My CAPS need a stellar blue-liner to boost cup hopes. Come on McPhee...make a move! At 735, this hit news wires: Basically the Greeks need to show EU officials some legitimate progress on budget reform before emergency funding is ... http://www.justhomemortgages.com/2010/03/03/mbs-open-adp-on-the-screws-bonds-weaker/ Posted To: MND NewsWireIt’s a busy day ahead as investors will eye key data on the manufacturing industry and receive one of the top forecasting tools for the monthly employment release. Until the data hits the market, focus is on Europe as the Greek government recently new austerity measures so ... http://www.justhomemortgages.com/2010/03/03/the-day-ahead-greek-austerity-plan-ism-manufacturing-adp-jobs-fed-speak/ Posted To: Pipeline Press"Daddy, Daddy! Help me!" I ran into my daughter's room. It was obvious that she'd just woken up from a nightmare. She was shaking and bathed in sweat. "Daddy, it happened again - the dream. A man and a woman named Fannie and Freddie were after me. ... http://www.justhomemortgages.com/2010/03/03/fannie-maes-buyback-plan-harp-extended-lock-desks-busier-respa-vs-usps-rates-to-rise-50bps/ Posted To: The Garrett Watts ReportI spoke Monday at a sales and production event put on by one of our retail mortgage banker clients. My client has recently partnered with a strong regional bank and implemented additional technology and business infrastructure to support its growth plans for the next 2-3 ... http://www.justhomemortgages.com/2010/03/03/what-makes-a-mortgage-operation-attractive-to-loan-originators/ Posted To: MBS CommentaryAt 10am the Institute for Supply Management reported the servicing sector had its best month since October 2007. The Non-Manufacturing ISM index came in at 53.0 in February vs. 50.5 in January. This just beat consensus estimates for a read of 52.8. By the way...all categories except ... http://www.justhomemortgages.com/2010/03/03/mbs-morning-rate-sheet-influential-mortgages-outperforming-treasuries/ Posted To: MBS CommentaryMBS 4.5's up 1 tick at 101-04 10yr notes down 8 ticks, up 3bps to 3.64 Q: Why are MBS higher and Tsy's lower? (see red circles in chart showing closing levels vs. current) A: Fannie Buyout disambiguation carries over, supportive week, reinvestments, money managers active in ... http://www.justhomemortgages.com/2010/03/03/mbs-lunch-back-in-the-green-while-treasuries-lag/ Posted To: MBS CommentaryMBS well into their highs of the day + 6 ticks on 4.5's at 101-08 8 tick price different in 10yr notes remains as they are down 2 ticks now, yield 3.62 gains follow beige book. causality is a tenuous argument. more like "lack of surprise" Yesterday, ... http://www.justhomemortgages.com/2010/03/03/mbs-afternoon-reprices-for-the-better-likely/ Posted To: MND NewsWireDelinquencies among loans guaranteed by Freddie Mac continued to rise in January according to the Monthly Volume Summary issued last week. At the same time, the Enterprise's investment portfolio continued to contract. Loans over 90 days delinquent increased to 4.03 percent of all loans during January compared ... http://www.justhomemortgages.com/2010/03/03/freddie-mac-delinquences-continue-to-climb-retained-portfolio-contracts/ Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 26, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into ... http://www.justhomemortgages.com/2010/03/03/refinance-loan-demand-responds-to-dip-in-rates-purchases-putt-along-near-bottom/ Posted To: MBS CommentaryMBS 4.5's end 4 ticks higher at 101-07 10y tsy 2 ticks lower, good for about a bp higher in yield at 3.620 All 3 major stock indexes within 0.1% of unchanged after morning and mid day gains As stocks sold, tsy's rallied 6 ticks and MBS ... http://www.justhomemortgages.com/2010/03/03/mbs-close-going-out-near-the-highs-of-the-day/ Posted To: Mortgage Rate WatchEarly morning weakness in the bond market led lenders to publish rate sheets with higher mortgage rates yesterday morning. However, just after lunch, the fixed income sector went on a mini rally and recaptured all the morning price losses. As the price gains held until close, ... http://www.justhomemortgages.com/2010/03/03/mortgage-rates-on-a-roller-coaster-ride/ AP - Mary Feller's family of three spends nearly $25,000 a year on health insurance premiums, which is more than they pay on their home's mortgage in California's Marin County. More: continued here http://www.justhomemortgages.com/2010/03/02/consumer-group-sues-insurer-over-policy-changes-ap/ Time.com - When cash is tight, consumers traditionally pay their mortgage first and let other bills stack up. But now credit-card bills are the top priority More: continued here http://www.justhomemortgages.com/2010/03/02/consumers-paying-credit-card-bills-before-mortgages-timecom/ Reuters - The U.S. Federal Deposit Insurance Corp is expected to offer $3.8 billion of guaranteed securitizations backed by the residential mortgage assets of failed banks, market sources said on Tuesday. More: continued here http://www.justhomemortgages.com/2010/03/02/fdic-seen-stepping-up-sales-of-failed-bank-assets-reuters/ Residential originations of first mortgages and home-equity lines-of-credit were 4 percent higher during 2009 at federally insured credit unions than in 2008, the National Credit Union Administration reported. Production on other types of real estate loans was similarly higher. An increase in overall loan volume, however, was more moderate. More: ... http://www.justhomemortgages.com/2010/03/02/originations-higher-at-credit-unions/ Fannie Mae has notified its approved lenders about a new loan quality initiative. The move was made as approved lenders have faced growing repurchase requests during the past three years. The initiative is expected "to identify and implement policy, process, and technology enhancements to improve the compliance with underwriting and ... http://www.justhomemortgages.com/2010/03/02/initiative-tackles-rising-repurchases/ An expansion was announced by The StoneHill Group. The growth is occurring at its Atlanta headquarters. The company, which provides mortgage outsourcing services, expects to hire dozens of new employees this year. More: continued here http://www.justhomemortgages.com/2010/03/02/gafirm-expanding-hiring/ PHH Mortgage projects that industry-wide originations will fall by nearly a third this year. But the lender has no intention of letting its own production slide. The chief executive officer of parent PHH Corp. told investors that PHH plans to increase market share with the help of expanded third-party originations. More: ... http://www.justhomemortgages.com/2010/03/02/phhexpanding-wholesale-channel/ GMAC acknowledged to MortgageDaily.com that changes are being considered for its 3-D correspondent program. The program provides rapid Fannie Mae delivery for larger correspondents, GMAC said. But the changes don't signal a change in strategy. More: continued here http://www.justhomemortgages.com/2010/03/02/changes-to-gmaccorrespondent-program-insignificant/ Treasuries and mortgages held mostly flat Monday, as equities rose on expectations of a Greek bailout. This morning Treasuries and mortgage bonds are down slightly as the European Union said it expects Greece to announce new deficit measures.Related posts:Capital Markets Update – FOMC Meeting Triggers Sell-Off in Bond Market ... http://www.justhomemortgages.com/2010/03/02/capital-markets-update-%e2%80%93-anticipation-of-greece%e2%80%99s-announcement-lowers-bonds/ You always hear about buying things off-season, or that some things are expensive because they are in-season. The tricky part is, how do you know when to buy what? Luckily, here's a guide (largely according to Lifehacker) for how to take advantage of the best deals during this ... http://www.justhomemortgages.com/2010/03/02/9-things-homeowners-should-buy-in-march/ Posted To: MND NewsWireRelative to how busy this week is, Tuesday’s economic calendar is pretty slow. Aside from the weekly retail sales surveys, no major economic data will be released, but the afternoon features two speeches from the Federal Reserve. 90 minutes before the opening bell, equity markets are clearly ... http://www.justhomemortgages.com/2010/03/02/the-day-ahead-equities-climbing-ahead-of-soft-schedule/