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(new MI) Insurance Upstart Signals U.S. Housing Rebound: Mortgages ? By Jody Shenn, Noah Buhayar and Shannon D. Harrington -? Reports of the U.S. mortgage- insurance industry?s demise have been greatly exaggerated. NMI Holdings, a new home-loan guarantor, has hired investment bank FBR & Co. to help it raise $550 million after record homeowner defaults felled three competitors and left all but one of the survivors with junk credit grades, according to two people familiar with the company?s plans. ? Bloomberg?
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Redwood to Sell Bonds Tied to $328 Million of Home Loans - By Jody Shenn ? Redwood Trust Inc. a specialist in so-called jumbo mortgages, plans to sell securities tied to $328 million of new U.S. home loans, the second sale this year of such bonds without government backing and only the fifth since credit markets seized in 2008. The offering is being managed by Barclays Plc, according to data compiled by Bloomberg. Kroll Bond Rating Agency will assign top rankings to $305 million of the debt, the New York-based credit grader said in a ?pre-sale? report released today. ? Bloomberg
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Ginnie Mae MBS Issuance Falls Slightly - Brian Collins -? Mortgage bankers issued $28 billion of Government National Mortgage Association MBS in February, down 7% from the prior month, according to new figures released ? National Mortgage News
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73 Percent of Consumers: What?s a HAMP? Who?s a HARP? ? by Broderick Perkins ? Realty Biz News
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A Construction Recovery Is Likely, A House Price Recovery Less So - By Matthew Yglesias ? Slate.com
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Considering a Loan Modification: The Legal Ramifications - by Daniel Doran ? (good consumer piece) ? Realty Biz News
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Wells Engages in ?Hunger Games? for Mortgages ? Paul Muolo - If you?re looking for the missing piece to the mortgage "deconsolidation" equation, its name is Wells Fargo. Never before in the annals of residential finance has one company amassed such an enormous market share in lending (27%) and servicing (20%). Its next largest competitor in originations is Chase which is miles behind with a 9% lending share?and falling. ?? HARP loans are wildly profitable?or so we?re told by multiple sources including Amherst?s Laurie Goodman. One mortgage advisor told us that certain firms can earn $10,000 per loan.? ? ? National Mortgage News
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(All about FRED) THE MOST AMAZING ECONOMICS WEBSITE IN THE WORLD ? Joe Weisenthal ? Business Insider?
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Fitch Reviews Proposed Servicing Transfer of Chase Subprime RMBS ? (BUSINESS WIRE) ? Fitch Ratings has reviewed RMBS transactions included in a proposed transfer from JPMorgan Chase Bank, N.A. (Chase) to Ocwen Loan Servicing, LLC (Ocwen). The transfer is scheduled to be completed on April 2nd, 2012. Fitch was asked to provide rating confirmation letters by Chase on 29 of the 37 Fitch-rated transactions included in the proposed transfer. After conducting cashflow analysis on the transactions, Fitch expects to provide confirmation letters on all 29 transactions, pending the review of certain transaction documents.? ? Marketwatch
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Freddie CEO signals GSE principal reduction could be soon ? By Jon Prior ? Freddie Mac CEO Charles "Ed" Haldeman ? new incentives from the Treasury Department may be enough to start principal reduction on mortgages backed by the government-sponsored enterprises. ? "I have to say recently the Treasury sweetened the program and tremendously increased the incentive payments in their offer to us," Haldeman said at HousingWire?s REThink Symposium. "We will reevaluate that to see what may be in our economic best interest. If there are very large incentive payments ? which could be 50% of what you could write down ? it may be in our economic self-interest to participate in that." ? ? Housingwire
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(finding out if principal reductions work) AGs to consider investor protections in foreclosure settlement ? By Jon Prior ? Housingwire
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Another ignorant and misguided appeal for principal reduction ? OC Housing News ? ? In truth, the housing crisis is crushing responsible homeowners because the government and federal reserve are stealing their interest payments and tax dollars to bail out irresponsible banks and loan owners. ? Before we begin, we need to make a clear distinction often lost when discussing principal reduction. Loan owners are not home owners. Yes, their names may be on title, but if they don?t have any equity, so they don?t own anything. ?
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(chart too) Manufactured Home Shipments up 33% year-over-year in January ? by CalculatedRisk ? This is something I rarely mention, since manufactured homes is a very small category of residential investment (the largest categories are new single family homes, home improvement, brokers? commissions, and new multifamily). However it appears activity for manufactured homes is coming off the bottom too.
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Bill Dallas: Mortgage lending reboot hinges on tech ? By Jon Prior ? Mortgage lending will not return until firms figure out how to better automate an underwriting process overloaded with new rules but still being done by hand, according to entrepreneur Bill Dallas. ? Dallas is building out a system that will allow his network of brokers to underwrite mortgages by checking off various compliance issues from new Dodd-Frank provisions to Real Estate Settlement Procedures Act requirements. ? The difference now is the compliance. Regulators are no longer satisfied with examining a completed loan, Dallas said. They want to look at every step of the process. ? ? Housingwire
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Barney Frank Wants Simpler Volcker Rule by Labor Day - BY BEN PROTESS ? NY Times ? (how about a simpler Dodd-Frank act, still largely unwritten? BC)
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