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Two economic indicators over the past week indicate that the recovery may have trouble getting off the ground.  Today, the Commerce Department reported a sharp drop in sales of new homes after a few months of tepid increases fueled by a tax break.  The previous month’s figures also got revised downward by 12,000 sales, or almost 3%:Sales of new U.S.

Mortgage rates were mixed in the latest Mortgage Applications Survey released by the Mortgage Bankers Association this morning. 30 year  mortgage rates and one year adjustable mortgage rates were down slightly in this week’s survey and 15 year mortgage rates were higher. Applications for mortgages also decreased this week even though mortgage interest rates for the [...]

Mortgage applications declined for the second week in two national surveys. For the week ending October 23, the Mortgage Bankers Association (MBA) weekly survey of gross applications decreased 12.3% on a seasonally adjusted basis compared to one-week prior. Mortgage Maxx’s weekly survey, a measure of mortgage applications adjusted to reflect the number of households that applied for [...]

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

On the other hand, mortgage rates are also down there at just over 5%: News Release Mortgage Applications Decrease in Latest MBA Weekly Survey WASHINGTON, D.C. (October 28, 2009) – The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 23, 2009.  The Market Composite Index, a measure of mortgage loan application volume, decreased 12.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week, which included the Columbus Day holiday.

[ Skip to the end ] This is not a good sign as purchase apps are back down to very low levels: The mortgage applications index fell 12.3 percent on a seasonally adjusted basis to 562.3, the Mortgage Bankers Association said. Purchase applications dropped 5.2 percent to 254.9 and refinancing demand sank 16.2 percent to 2,352.5 last week. [ top ]

The Mortgage Bankers Association said that purchase applications for home mortgage loans dropped for the third straight week.  The drops illustrates a weakness in mortgage applications that we have not seen since May.  The drop in applications comes at a time when the first time home buyers tax credit nears expiration.  Many first time home buyers are likely to avoid buying a home if they know they cannot close by the deadline of November 30th.

Before I get to the point of this commentary, let me make sure that I have things right going in… It was in the latter part of this past July when the mortgage servicers participating in the Home Affordable Modification Program (“HAMP”) were summoned to attend a meeting in Washington D.C.  The administration, the media reported, had recently decided that it was very unhappy with the servicer performance as related to loan modifications, both in general, and specifically related to HAMP modifications, and they were calling the servicers to the table so they could be read the riot act.  There was a new sheriff in town and his name was Timothy Geithner.

U.S. home loan demand slid for the third straight week, the Mortgage Bankers Association said on Wednesday, with purchase applications the weakest since mid-May and refinancing requests at a two-month low. The downturn comes as the $8,000 first-time … View original story…

NEW YORK (CNNMoney.com) — Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday. The Mortgage Bankers Association (MBA) said its index of mortgage application volume … View original story…

Foreclosures will peak by the end of next year and unemployment will climb above 10 percent as the housing market and U.S. economy grapple with the aftermath of the recession, the Mortgage Bankers Association’s chief economist said this week. Source: Foreclosures to Rise Even More Next Year

(WASHINGTON, DC) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 23, 2009. The Market Composite Index, a measure of mortgage loan application volume, … …

A mortgage industry trade group is throwing in the towel on its poorly-timed real-estate investment. The Mortgage Bankers Association said Tuesday it has retained commercial real-estate broker Holliday Fenoglio Fowler to sell its 10-story Washington … View original story…

By Wiikwaji’o, I received the following article and it made me think about something that should be important to EVERY freedom loving American. Any patriot that knows anything about history knows that the Banks are our enemies. I hope every bank fails since they are perpetrating the Federal Reserve Fraud system on America. So what can we do to fight back? We should be suing these banks on EVERY mortgage. You should get your house as a pat of your end of TARP and the BAILOUT.

Mortgage Bankers Hang a ‘For Sale’ Sign Wall Street Journal (blog) The Mortgage Bankers Association is throwing in the towel on its poorly timed real-estate investment. The trade group said today it has retained commercial … Mortgage Bankers Association to Sell Brand New Headquarters Credit Union Times MBA puts new headquarters up for sale Bizjournals.com all 6 news articles »

The Mortgage Bankers Association is throwing in the towel on a poorly timed real-estate investment–its headquarters building in Washington.Read the original:Mortgage Bankers Hang a ‘For Sale’ Sign – Washington Wire – WSJ This entry was posted on Tuesday, October 27th, 2009 at 2:48 pm and is filed under Resource, mortgage. You can feed this entry. You can leave a response, or trackback from your own site.

A mortgage industry trade group is throwing in the towel on its poorly-timed real-estate investment.Read more here:Mortgage Bankers Association Selling Real Estate – Developments – WSJ This entry was posted on Tuesday, October 27th, 2009 at 2:45 pm and is filed under mortgage. You can feed this entry. You can leave a response, or trackback from your own site. What’s your say ?Name (required)Mail (will not be published) (required)Website (optional)

A trade group for the mortgage industry has proved itself a poor judge of the commercial real-estate market.

Mortgage Bankers Assn Selling Headquarters. By Bara Vaida and Peter StoneView original post here: National Journal Online — Under The Influence — Mortgage Bankers … This entry was posted on Tuesday, October 27th, 2009 at 1:29 pm and is filed under mortgage. You can feed this entry. You can leave a response, or trackback from your own site. What’s your say ?Name (required)Mail (will not be published) (required)Website (optional)

Mortgage Bankers Assn Selling Headquarters. View original post here:National Journal Online — Under The Influence — Mortgage Bankers … This entry was posted on Tuesday, October 27th, 2009 at 1:29 pm and is filed under mortgage. You can feed this entry. You can leave a response, or trackback from your own site. What’s your say ?Name (required)Mail (will not be published) (required)Website (optional)

  Is there ever a day that mattresses are not “on sale”? Securities are always for sale. I love this kind of talk: “Agency MBS reversed course this week as much of the coupon stack underperformed against duration hedges.” That is what I received from a buddy who works for a large investment bank. What the heck does that mean, and does it mean anything to some broker who has a client waiting for 4.875% to come back? Not really. On any given day, investors in fixed income securities have a huge number of options from which to choose.

In Orange County, banks can make loans up to nearly $730,000 and sell them to government-controlled mortgage giants Fannie Mae and Freddie Mac or get the loans insured by the Federal Housing Administration. In less costly areas the limit is $625,500. But the bigger limits expire on Dec. 31. The Fannie/Freddie limit used to be $417,000 and the FHA limit was lower than that. The Mortgage Bankers Association, the National Association of Home Builders and the National Association of Realtors sent congressional leaders a letter asking for extensions.

Dennis Norman As if the fragile housing market didn’t already have enough deadlines to be concerned about, namely the home-buyer tax credit that has been a much-needed shot in the arm to the housing market and is set to expire November 30th, now there’s another deadline looming on the horizon:  The American Recovery and Reinvestment Act [...] Related posts: Mortgage interest rates on 30 year loan stay below 5 percent for third consecutive week Dennis Norman By: Dennis Norman The Mortgage Bankers Association (MBA)…

MMRecap for Oct. 26 th Yields on U.S. Treasury securities, which move in the opposite direction of price, were up and down last week, reflecting volatility on Wall Street and some good news/bad news economic reports.  Despite volatility, the benchmark 10-year Treasury note yield held within a narrow range, until Friday, that is. Tuesday’s reports supported bonds, with the September producer price index (PPI) showing no signs of wholesale inflation, and housing starts and building permits coming in below expectations.

I was recently fortunate enough to have the opportunity to interview Dale Siegel, author of The New Rules for Mortgages . We exchanged emails in a QA format on the subject of mortgages, the housing market, etc. Here are her responses to my questions. Lending Guidelines Frugal Dad : Lenders used to operate under a 28/36 mortgage-to-income/debt-to-income ratio when calculating maximum mortgage eligibility. How has the housing bubble affected those ratios for lenders? Dale : Lenders use ratios as guidelines for qualifying a borrower for a mortgage.

*It takes a while to put this together, if you post these articles on your website(s) I ask that you kindly include a reference to this post. Thanks SimoleonSense Weekly Favorite: Cartoon 1: Nash Meets Feynman (Via Financial Rounds) Cartoon2: Dilbert On Consumer Confidence (Via Chart Porn) Exclusive Features: Extensive Video Interviews With Top Minds Of Modern Finance! – Via AFAJOF – In 2004, The American Finance Association Board approved a project to record aspects of the History of Finance.

October 23rd, 2009 | No Comments | Posted in Mortgage Rates for fixed-rate mortgages (FRM) rose again this week as real estate investors saw yet another survey show rates climb back toward the 5 percent threshold.According to Freddie Mac’s Primary Mortgage Market Survey for the week ending October 22, average rates for 30-year FRMs rose 0.08 percentage points to hit 5 percent.

Census count poised for the big operation is facing a challenge from foreclosures . It is going to be more difficult and costly to obtain accurate statistics in 2010 as the foreclosure victims have shifted to live with families, cars or shelters. Many have been rendered homeless. This fact has been admitted by Director Robert Groves of the Census Bureau. He said some of the questionnaires would be mailed in 2010 but in all probability these will reach empty homes in those areas that have been worst hit by the foreclosure crisis.

By Jon D. Markman Contributing Writer Money Morning We haven’t looked at the new high list for some time, so I took a quick look to see what’s cooking. There were quite a few American Depository Receipts (ADRs) for Israel-based companies on the list last week, as well as a lot of U.S. retailers and apparel wholesalers.  J Crew Group Inc.   (NYSE: JCG ) surged to a big new one-year high on Thursday, up 15%, as did shoemaker  Skechers USA Inc.   (NYSE: SKX ) , up 14%; and Brown Shoe Co.

From The Oregonian : Boye Oshin is gambling with a bank to win $8,000. The 24-year-old Intel engineer has tried since June to buy a three-bedroom Hillsboro home. But the seller is still waiting for approval from the lender who would lose money on the deal. The house is underwater with the seller owing more than it’s worth. Oshin, on the other hand, needs the deal to close by Nov. 30 to score an $8,000 federal tax credit for first-time buyers. Can he make it? That’s anyone’s guess.

Image by reeltor99 via Flickr Well maybe not everybody, and maybe not quite recovered yet, However a consensus of several major real estate groups says that 2010 is the time for the expansion of the real estate market. According to several studies, the market of 2009 will mark the end of the real estate contraction and next year will mark an expected increase of almost 10% with a projected total of 5.403 million units closed in 2010 compared to an estimated 4.929 million units registered in 2009.

From the article Yes, The CRA Is Toxic: So Why is Congress Thinking About Expanding It? by Edward Pinto, who was the chief credit officer at Fannie Mae in the 1980s. There is no question that as the government pursued affordable-housing goals—with the Community Reinvestment Act providing approximately half of Fannie’s and Freddie’s affordable-housing purchases—trillions of dollars in high-risk lending flooded the real-estate market, with disastrous consequences.

Mortgage expert and one-time Fannie Mae Chief Credit Officer Edward Pinto blasts the claim that 500,000 homeowners have entered into HAMP (Home Affordable Modification Program). Based on comments being made by industry participants and program results to date, HAMP is rapidly becoming: I will pretend to modify your loan if you pretend that you will make the payments.

Gretchen Morgenson of the New York Times reports on the latest instance of judges taking issue with the rather haphazard procedures of lenders and servicers in handling mortgage assignments properly. As most people know (and many by first hand experience) mortgages often pass through a lot of hands, and the securitization industry has played plenty fast and loose in making sure the transfers are handled properly. From Pam Martens : The problems grew out of the steps required to structure a mortgage securitization.

Gretchen Morgenson of the New York Times reports on the latest instance of judges taking issue with the rather haphazard procedures of lenders and servicers in handling mortgage assignments. As most people know (and many by first hand experience) mortgages often pass through a lot of hands, and the securitization industry has played plenty fast and loose in making sure the transfers are handled properly. The system by which these sales are executed is coming under increasing scrutiny.

Gretchen Morgenson of the New York Times reports on the latest instance of judges taking issue with the rather haphazard procedures of lenders and servicers in handling mortgage assignments. As most people know (and many by first hand experience) mortgages often pass through a lot of hands, and the securitization industry has played plenty fast and loose in making sure the transfers are handled properly. The system by which these sales are executed is coming under increasing scrutiny.

On the 80 th anniversary of the back-to-back 1929 stock market crashes the House Financial Services Cmte. will hold the long awaited hearing on systemic risk or as many on K Street and Capitol Hill have called it  – the big enchilada of financial regulatory reform.  Capitol Hill watchers note that House Financial Services Cmte. Chmn. Barney Frank (D-MA) has consistently posted discussion drafts of legislation prior to hearings – which means we keep checking our inbox.

Rates for 30-year home loans have inched up, hitting 5 percent for the first time in nearly a month after bond yields increased. The medial sum rate on a 30-year, fixed-rate mortgage was 5 percent this week, up from 4.92 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the highest average inasmuch as the week of Sept. 24, when rates averaged 5.04 percent. While above the record low of 4.78 percent hit in the spring, rates are still attractive for people looking to purchase a home or refinance.

There were few major surprises in the economic news this week, and little change in the stock market. While there was a great deal of daily volatility, mortgage rates ended the week unchanged. A flood of housing market data was released during the week, and most of it reflected improvement in the sector. The biggest unexpected news came from the September Existing Home Sales report, which jumped 9% from August to the highest level since July 2007.

By Dan Walters dwalters@sacbee.com Published: Friday, Oct. 23, 2009 – 12:00 am | Page 3A Widespread public disdain for a dysfunctional Legislature – just 13 percent of voters approved of the job it was doing in a recent poll – has spawned a rhetorical game in political, academic and media circles that goes something like this: “Everything would be OK if only they would just (fill in the blank).” Of course, the phrases offered to fill in that blank vary widely, depending on the player’s ideological or cultural orientation.

Illinois foreclosure homes for sale have been rising faster in number in suburban counties than in metro areas, based on an analysis of foreclosure data in September and in the whole third quarter of this year. While foreclosure postings increased in Cook County in the July to September quarter by only 6 percent over last year, the year-over-year rates of increases in Kendall County, Kane County and in DeKalb County were 693 percent, 103 percent and 169 percent, respectively.

From years of observation, it is clear that phases in the real estate market can be tracked by changes in inventory levels, home prices and number of homes sold (sides) year-over-year. The ‘initial phase’ of a real estate recovery is indicated when three essential trends emerge. Inventory levels begin to fall, implying an initial increase in consumer demand Prices still have downward pressure as foreclosed and other lower-priced inventory sell first Sides flatten and even increase, as consumer confidence returns and more homes sell With this information in view, please note the table below showing closed sales and average price in September and August 2009 vs.

San Diego-based National Asset Direct (NAD), will expand its United Residential Lending (URL) subsidiary by adding licensed mortgage bankers to Northeast offices in New York, New Jersey, Pennsylvania and Connecticut. “URL has been an extremely successful addition to our integrated, full-service platform, and we are eager to identify new retail branches that can build on URL’s [...]

The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board issued a notice of violation against Ideal Mortgage Bankers, parent company of Lend America and Lending Key. HUD notified the company Tuesday that it uncovered numerous violations of the Federal Housing Administration’s (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower’s income and creditworthiness.

Reverse mortgage companies are still hiring, check out the latest jobs from Reverse Mortgage Jobs Online : Reverse Mortgage Specialist (East Brunswick) Village Home Mortgage Reverse Mortgage Originator (Miami Lakes) Mortgage Bankers of Florida Reverse Mortgage Originator (San Diego) Legacy Home Financing Reverse Mortgage Specialist (Nationwide) Financial Freedom Reverse Mortgage Specialist (South Carolina, Florida, Tennessee, Georgia) AAXA Mortgage The best and the brightest in the industry read RMD, reaching them only costs $1 a day.  Post your jobs to Reverse Mortgage Jobs Online today!

By PAM MARTENS T he financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors. After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at the public trough, the full threat of this vast securitization machine and its unseen masters who push the levers behind a tightly drawn curtain is playing out in courtrooms across America.

Last week applications for mortgages fell 13.7 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association’s Market Composite Index. Refinancings fell more than home purchase loans. MBA’s Refinance … View original story…

Wall Street was not responding to legitimate consumer demand, it was creating an artificial demand simply to create mortgage product to feed its securitization machine and generate big fees for itself. Comment from Reader: “MERS and the Pretender Lenders are seeking the courts to credit them with a touchdown despite the obvious fact that they do not and never did have possession of the football.

Pam Martens offers a couple of storylines that don’t bode well for the godfathers of finance, or at least shouldn’t.  First, some judicial decisions are being made on the regional level wherein judges are basically calling bullshit on the foreclosure machinations being used by the godfathers.  When the mortgage-backed securities (MBS) were invented by the Einsteins of finance as yet another deliberately confusing rent-seeking mechanism, they did a significant amount of tap-dancing to evade

I’ve just spent several hours reading about the Economy and here’s what I’ve come up with (Sorry it’s so long): The Fed Released the Beige Book , on October 21, 2009.  It begins with this statement: Reports from the 12 Federal Reserve Districts indicated either stabilization or modest improvements in many sectors since the last report, albeit often from depressed levels. Leading the more positive sector reports among Districts were residential real estate and manufacturing, both of which continued a pattern of improvement that emerged over the summer.

  To Our Clients, Colleagues and Friends,    Is it just us, or are you also addicted to American Banker ?  This daily newspaper has been published continuously since 1836 when Andrew Jackson was President.  Do you think his fierce opposition to the national bank might have been connected to the founding of this paper?  Maybe.

Foreclosure second wave coming The next big wave of foreclosures is set to hit south Florida. If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality: There’s a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.

by Oscar Acosta First time home buyers are in the dark on many basic areas of the home buying transaction. To keep from making mistakes and possibly losing money, get to know the glossary of terms used. It is imperative to understand the five areas of the buying process. The Loan Programs are fewer than just a few years ago, however they are financially more sound. Plan to have at least 3.5% for FHA. It can be gifted from a family or family-type member. Non-Profit agencies may provide gift funds.

[ Skip to the end ] Thanks, this type of thing fuels the ‘govt can’t do anything right’ constituency. I’m always careful to make proposals that minimize incentives for fraud and abuse, and also minimize the amount of regulation and supervision needed to ensure compliance. Hence, I’ve proposed the payroll tax holiday and per capita revenue distributions to the states to support aggregate demand. Four-Year-Old Got Homebuyer Tax Credit, Treasury Says By Dawn Kopecki Oct.

Follow this one… how the recent rise in retail sales might bust the housing “recovery”: “Retail sales growth is understandably proving meager and hard to regenerate,” writes our macro sage Rob Parenteau, “in a nation where private debt deleveraging is under way and net job generation has yet to return. The early read on consumer expectations for October shows a seven-point drop, which is very indicative of the hesitancy that we suspect will characterize the tentative return to higher spending by U.S.

From Silla Brush : House lawmakers are focused on fraud in the homebuyer tax credit program, raising a new hurdle for efforts by lobbyists and allies in Congress to extend the popular program. The $8,000 tax credit for first-time homebuyers, meant to bolster the housing market, is set to expire Dec. 1, and lobbyists for Realtors, homebuilders and mortgage bankers are pressing lawmakers to extend or expand the program.

A federal judge denied a Justice Department request to issue a temporary restraining order against Ideal Mortgage Bankers, parent company of Lend America, that would have prevented the lender from originating Federal Housing Administration (FHA)-insured loans. The judge’s denial comes after the Justice Department, on behalf of the Department of Housing and Urban Development (HUD), filed [...]

The San Diego County experienced a slight fall in the foreclosures in the previous month, however, the number of defaulters are increasing and the lenders are still; struggling to help those homeowners who are unable to repay their debts. According to the MDA DataQuick report, last month itself there were at least 1,101 foreclosures. This figure is 8% less than 2008 August and 49% less than September 2008 figure.

The San Diego County experienced a slight fall in the foreclosures in the previous month, however, the number of defaulters are increasing and the lenders are still; struggling to help those homeowners who are unable to repay their debts. According to the MDA DataQuick report, last month itself there were at least 1,101 foreclosures. This figure is 8% less than 2008 August and 49% less than September 2008 figure.

Academy Mortgage is the best mortgage company to work for in Arizona. The Best Mortgage Company to Work For I know it sounds like a bold and biased statement, but I stand by it.  I have been lending for many years now and I have worked for large banks such as Bank of America and Wells Fargo, mid-sized independent bankers (to remain unnamed … call me if you really want to know), and I’ve owned my own mortgage brokerage.  Out of all of my lending experience, I am comfortable saying that

Mortgage demand falls despite lower rates U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said.

” The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan declined 14 percent to 641 in the week ended Oct. 16 from 742.9 a week earlier. The group’s gauge of refinancing decreased 17 percent and the purchase gauge fell 7.6 percent.”

Implode-Explode Fed NewsComments (0) ” The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan declined 14 percent to 641 in the week ended Oct. 16 from 742.9 a week earlier. The group’s gauge of refinancing decreased 17 percent and the purchase gauge fell 7.6 percent.”October 21, 2009

As mortgage rates come off their near-record lows, fewer property owners are interested in refinancing home loans. That’s according to the Mortgage Bankers Association’s most recent mortgage application survey, which reported a 17 percent drop in its … View original story…

Mortgage applications dropped more than 13 percent last week, the Mortgage Bankers Association reported. For the week ending Oct. 16, applications for home purchases dropped 7.6 percent, while refinancing activity plunged 16.8 percent, the … View original story…

Kate Berry, a reporter for American Banker, writes: At the mortgage industry’s biggest gathering of the year, servicers went out of their way to lower expectations for the government’s loan modification program. A common refrain was that many of the 500,000 borrowers who have begun trial modifications may not make the cut for a permanent modification because they have not submitted all of the required paperwork.

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 16, 2009. The report showed an decrease of 16.7 percent in mortgage loan applications for a home purchase from the week as interest rates inched back above 5 percent for the second week in a row.

October 21st, 2009 | No Comments | Posted in Mortgage Average mortgage interest rates are continuing to climb in 2009’s fourth quarter, as the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 16 found that rates for all mortgage types rose for the second straight week.The increase reported by the MBA might be enough for real estate investors to realize that a rising trend in mortgage rates.

Via [ Michael Ramirez ] Comment: I hope that the Frontline show, The Warning , last night was widely viewed. If you didn’t see it, it is available online here . I thought it was nicely done and got some points across that need to be more widely known, like the character of certain individuals who still wield a lot of power today in Washington DC. Like the fact that, the more things change , the more they stay the same. Watch it. Email it to your friends. Help spread the word.

PONTE VEDRA BEACH, Fla. — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

Mortgage application volume decreased by double digits in two weekly surveys. Mortgage Maxx’s survey, a measure of mortgage applications adjusted to reflect the number of households applied for loans, declined 10.7% for the week ending Oct. 16. The Mortgage Bankers Association’s (MBA) weekly survey, a measure of gross mortgage applications, was down 13.7% on a seasonally adjusted [...]

“For 2009, total foreclosures are estimated to be 2.4 million. But coupling state-by-state delinquency rates and foreclosure starts (as reported by the Mortgage Bankers Association) with other data, the [Center for Responsible Lending] projects that for most states, foreclosure totals will more than triple over the coming 4 years, for a total of 8.1 million foreclosures, with only about one in ten of these being saved thanks to court-supervised modifications.

A large fear was the $8K, first time buyer; tax credit was akin to the “Cash for Clunkers” program – The creation of a false demand for housing sales at the expense of future sales.  It looks like that may have been the case as Mortgage Apps fell 13.7% , week to week, in advance of the First Time Buyers program coming to an end. Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer.

Full scoop here from Pam Martens via Counterpunch.org. Cue Britney Spears’ song “ Toxic “. Perhaps I’ll have to make my own version of the video where she’s passing out junior tranches of CDO’s to pudgy businessmen as they pass out in their seats. “T he financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.

(RTTNews) – Mortgage applications fell dramatically last week, as rising interest rates stifled consumer demand for mortgage loans, industry data showed Wednesday. The Mortgage Bankers Association reported that its market composite index, which … View original story…

(RTTNews) – Mortgage applications fell dramatically last week, as rising interest rates stifled consumer demand for mortgage loans, industry data showed Wednesday. The Mortgage Bankers Association reported that its market composite index, which … View original story…

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The Mortgage Bankers Association said today its loan demand index fell 13.7 percent last week vs. the week before, as rates rose slightly. Breaking the index into its components, refinance demand dropped 16.8 percent and purchase demand slipped 7.6 percent from one week earlier. The graph below from Calculated Risk shows the purchase index over time. click to enlarge The four-week moving average index of overall demand is down 1.0 percent.

For the second straight week mortgage applications dropped with a huge decline in refinancing home loans.  Mortgage interest rates moved up and remained above 5% which is a psychological level that many home owners would like to refinance the home loan under.  The Mortgage Bankers Association reported that its seasonally adjusted index was down 13.7% for the week of October 16th.  This is the lowest the index has been since September 11th.

NEW YORK (CNNMoney.com) — Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer. The Mortgage Bankers Association said its index of … View original story…

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

Mortgage applications drop in the latest week as a big falloff in refinancing activity and a slackening of demand for home-purchase loans weighs on the Mortgage Bankers Association index.

Mortgage applications drop in the latest week as a big falloff in refinancing activity and a slackening of demand for home-purchase loans weighs on the Mortgage Bankers Association index.

A Cram Down is the due sustenance in the regulatory remodel check which would concede failure judges to cgange mortgages upon first homes by forcing lenders to revoke (or squeeze down) debt balances. Obviously, many lender organizations have been opposite such the provision

October 21st, 2009Leave a commentGo to comments A Cram Down is a proposed provision in a regulatory reform bill that would allow bankruptcy judges to modify mortgages on primary homes by forcing lenders to reduce (or cram down) mortgage balances. Obviously, most lender organizations are against such a provision.

A Cram Down is a proposed provision in a regulatory reform bill that would allow bankruptcy judges to modify mortgages on primary homes by forcing lenders to reduce (or cram down) mortgage balances. Obviously, most lender organizations are against such a provision. Here’s what David Kittle, chairman of the Mortgage Bankers Association, had to say about it: Allowing judges to retroactively modify borrowers’ mortgage balances will destabilize a mortgage market that desperately needs stability right now.

mike ashley shakedown2007 Lend America TV commercial Lend America Believes in Keeping Families in their Homes HUD Notes Alleged FHA Violations at Lend America : HousingWire … The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board issued a notice of violation against Ideal Mortgage Bankers, parent company of Lend America and Lending Key. HUD notified the company Tuesday of violations … Government Cuts Ties With Controversial Lender Long Island’s Lend America looked to capitalize on feds’ $300 billion mortgage insurance initiative.

I didn’t find your piece on “The Un-recovery” either very helpful in understanding our current economic problems or very balanced in coverage of the crisis.  As credit disappeared due to the unconscionable acts of the mortgage bankers and insurers of those assets, lots of businesses began to lose sales and, in order to stay in business, reduce costs which meant reducing jobs.  This resulted in large losses in stock value which hit a bottom in March of this year.  Since then we have had the same

The Federal Housing Administration announced Friday that it is appointing a chief risk officer and making changes in its credit policies to make sure its reserves against future losses stay above a minimum set by Congress.The FHA now insures about 5.3 million mortgages, up from about 4 million three years ago.As of this summer, about 17% of FHA borrowers were at least one payment behind or in foreclosure, compared with 13% for all loans, according to the Mortgage Bankers Association.

Mon MMRecap for October 19 th While Wall Street celebrated the Dow revisiting 10,000, U.S. Treasury watchers saw the 10-year note yield, which moves in the opposite direction of price, rise to near two-month highs. Selling began a week ago last Friday when traders took statements by Fed chairman Bernanke as hints that rate hikes might come sooner than expected.  In addition, the 0-interest-rate policy has pushed the dollar downward, causing fear that foreign buyers might shy away from government debt.

[Update 1: Adds Ideal Mortgage Bankers statement] The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board issued a notice of violation against Ideal Mortgage Bankers, parent company of Lend America and Lending Key. HUD notified the company Tuesday of violations of the Federal Housing Administration’s (FHA) origination and underwriting requirements it said it uncovered. The 12 [...]

By Barbra Murray, Contributing EditorOctober 16, 2009 – According to the Mortgage Bankers Association’s forecast for 2010, the good news is that the recession is over; the bad news is that the country will continue to reel from the ramifications next year.Plenty is in store for 2010. The report concludes that the nation will continue to experience economic growth through the end of 2009, and will begin a slowdown in the first half of next year.

WASHINGTON – The U.S. Department of Housing and Urban Development’s Mortgagee Review Board today notified Ideal Mortgage Bankers, doing business as Lend America and Lending Key (Ideal), that it has uncovered numerous violations of the Federal Housing Administration’s (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower’s income and creditworthiness.

WASHINGTON – The U.S. Department of Housing and Urban Development’s Mortgagee Review Board today notified Ideal Mortgage Bankers, doing business as Lend America and Lending Key (”Ideal”), that it has uncovered numerous violations of the Federal Housing Administration’s (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower’s income and creditworthiness.Related PostsHUD Approves $28.3 Million Financing Deal to Replace Aging

Cheap home foreclosures in Marion County , Florida have been attracting buyers, according to an online real estate research company and the Marion County Association of Realtors. The average home price in Marion has fallen in September to $128,304, a decrease from $138,086 in August. The median home sales price dropped by 27 percent from September last year to $98,677 this year. Because of the increasing level of home affordability, home sales have been rising in Marion.

Cheap home foreclosures in Marion County, Florida accept been attracting buyers, according to an online real acreage research company and the Marion County Association of Realtors.The boilerplate home amount in Marion has fallen in September to $128,304, a decrease from $138,086 in August. The boilerplate home sales amount dropped by 27 percent from September aftermost year to $98,677 this year.Because of the accretion level of home affordability, home sales accept been rising in Marion.

Please, please give us another year of the $8,000 federal tax credit for first-time homebuyers, goes this plea to the Obama Administration from U.S. real estate heavyweights: the  Mortgage Bankers Association, National Association of Home Builders and National Association of Realtors. The letter, addressed to Treasury Secretary Geithner, HUD Secretary Donovan and National Economic Council Chair Summers, outlines why the three organizations believe that tax credit has had a stimulative effect on not only the housing market, but on the U.S.

Linked with Paul Craig Roberts – USA . – Published on Global Research.ca, by Paul Craig Roberts, Oct. 16, 2009. Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers … … A record number of Americans, more than one in nine, are on food stamps.

A NACA loan counselor holds up a sign to call a home owner to his desk at the “Save the Dream” home loan modification event, coordinated by the non-profit advocacy group Neighborhood Assistance Corporation of America (NACA), in Los Angeles. BY DAVID LAWDER Reuters WASHINGTON – The Obama administration on Monday launched a program to help the depressed U.S. housing market by effectively allowing state and local housing finance agencies to borrow from the U.S. Treasury.

I came across a letter today addressed to Geithner, Summers and Donovan (Secretary of Housing and Urban Development) from the National Association of Homebuilders, National Association of Realtors and the Mortgage Bankers Association asking for an extension of the $8,000 1st time home buyer tax credit.  You can read it here .

The Mortgage Bankers Association (MBA), and the National Associations of Realtors (NAR) and Home Builders (NAHB) issued a joint letter encouraging the federal government to extend the first-time homebuyer tax credit. Noting Internal Revenue Service (IRS) data that shows as of August 2009, more than 1.4m taxpayers have taken advantage of the tax credit, the trio [...]

RISMEDIA, October 20, 2009—The Mortgage Bankers Association (MBA) along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to senior Obama Administration officials yesterday requesting their support for a 12-month extension of the first-time homebuyer tax credit.  The letter, addressed to Treasury Secretary Geithner,  HUD Secretary Donovan and National Economic Council Chair Summers, outlines why the three organizations believe that the tax credit has had a stimulative effect on not only the housing market, but on the U.S.

HOME SWEET HOMES… in Hood Canal and beyond.   This week is full of news on the subject we love most. Tuesday we get Housing Starts and Building Permits for September, Friday delivers Existing Home Sales. First time buyers may still be able to get the $8,000 tax credit expiring at the end of November. That’s six weeks away, which is not a lot of time, but not impossible. Fence-sitters should get pre-qualified now.

Geithner’s Kitchen Cabinet by Bob Chapman Global Research October 19, 2009 Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R.

Paul Craig Roberts Infowars October 19, 2009 Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.

Paul Craig Roberts Infowars October 19, 2009 Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.

Paul Craig Roberts Infowars October 19, 2009Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.

In recent posts, I’ve raised the issue of why “ terms ” are so important when writing a competitive purchase agreement to buy Silicon Valley real estate . Whether you are buying your first condo, a retirement home, a luxury property or a move-up house, the basic challenges of competing in multiple offers when you want to buy a home but not overpay and not give away your most critical rights tend to be very similar.

October 14, 2009 – Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization’s annual meeting.“We still see a concentration in the lower end of the market,” Brinkmann said.

Bob Chapman The International Forecaster October 19, 2009 Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. Gene Sperling is part of Geithner’s kitchen cabinet.

Bob Chapman The International Forecaster October 19, 2009Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. Gene Sperling is part of Geithner’s kitchen cabinet. The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R.

TrainingPro announced that its 20- and eight-hour mortgage pre-licensing courses have been approved for the Nationwide Mortgage Licensing System. In addition, AllRegs announced that its 20 Hour Mortgage Loan Originator SAFE Comprehensive course was approved by NMLS. Also jumping on the NMLS bandwagon was the Mortgage Bankers Association, which said that its CampusMBA was NMLS-approved.

GMAC said in a statement that it hired Jeff Gravelle as senior vice president and director of secondary capital markets. David Shirk was hired as the chief information/compliance officer at NetMore America Inc., the company announced. Robert Grosser is now president of the Homestar Direct group of Luxury Mortgage.

Welcome to the Wealth Daily Weekend Edition – our insights from the week in investing and links to our most-read Wealth Daily and sister publication articles. ——————————— The dollar just can’t catch a break. But that’s okay. We’re finally above 10k… hooray! As long as the dollar stays weak and traders remain pumped over the start of earnings season, we should have no problem staying above 10k… at least immediate term. More in just a moment. . .

October 16th, 2009 | No Comments | Posted in Mortgage Real estate investors saw yet another week of ideal mortgage rates, according to the newest Primary Mortgage Market Survey released by Freddie Mac on Thursday.Despite a rise in rates, Freddie Mac’s findings for the week ending October 15 still placed 30-year fixed-rate mortgages (FRM) below the 5 percent threshold, unlike the recent Mortgage Bankers Association survey that reported average rates had ballooned 0.13 percentage points to 5.02 percent for the week ending October 9.Instead, the mortgage company saw 30-year FRMs climb 0.05 percentage points to hit 4.92 percent in its latest survey.