good read – On the future of reps and warrants – The New Rules For Compliance In The Post-Crash Environment – BY LOUIS PIZANTE – Mortgage Orb
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Mortgage valuation: how much is due to Fed purchases? – Scott Grannis – … If rates are going to rise in the future (and I think they will), it will not be because the Fed stops buying MBS, it will be when the Fed and the market realize that policymakers and market participants have mistakenly assumed that inflation risk is extremely low because of the economy’s excess capacity … – Calafia Beach Pundit
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New Home Sales Highest in a Year, Inventory Measure of New Homes Lowest Since 2006 – Mark Perry’s Carpe Diem Blog
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Citi Says Mortgage Principal Forgiveness Must Rise – As unemployment rises, more borrowers need principal forgiveness on their mortgages, not just restructured loans, Citigroup Inc.’s mortgage chief said. The comments by Sanjiv Das, president and chief executive of Citigroup unit CitiMortgage Inc., came as Citigroup issued its latest quarterly report on its own mortgage modification efforts. – DJ Money CNN
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Many ‘underwater’ mortgage holders really aren’t, data firm says – By E. Scott Reckard – First American CoreLogic says its new methodology shows that the owners of 23% of all mortgaged homes had negative equity in the third quarter. Under the old formula, it would have been 33.8%. … First American CoreLogic said it changed its methodology to take into account two things that the firm’s previous data hadn’t reflected: how much of a loan’s principal had been paid down, and how much of a home equity line of credit was actually being used. … – LA Times
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Product Developed to Protect Borrowers Home Values – Working Equity released an interesting solution that allows homeowners to protect 100% of the value of their home even while real estate values fluctuates said a company statement. – has a link to a calculator – Reverse Mortgage Daily
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Fannie Mae cuts portfolio, delinquencies jump – Fannie Mae shrunk its gross mortgage portfolio by an annual rate of about 28 percent in October and delinquencies on loans it guarantees rose sharply in September … The conventional single-family serious delinquency rate rose 27 basis points to 4.72 percent … One year ago, these rates were sharply lower at 1.72 percent for single-family … – Reuters
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Homebuyer Tax Credits Threaten the FHA – By ROBERT C. POZEN – A few weeks ago, President Barack Obama signed legislation extending an $8,000 tax credit for first-time home buyers – The extension the president signed makes the credit available to first-time buyers, but also to people who have owned a home for at least five years. … The problem is that the FHA insures mortgages of homes below certain price levels with such a low down payment that it can be funded solely by the refundable tax credit … Owners who don’t sink their own money into a house are much more likely to default on the mortgage. .. – WSJ Opinion
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Case-Shiller Home Price Index up for 5th time, but cracks showing – Posted by Edward Harrison – … When Case-Shiller reported in September, 18 of 20 cities showed price increases. Then, last month the number turned down slightly to 17 of 20 markets. This month the number really turned down. Only 10 of 20 markets rose in the data (for sales through September). That is not good. is this a one-month aberration? It’s hard to say …. – Credit Writedowns
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Fannie Mae to tighten lending standards – By Dina ElBoghdady – Banks will demand higher credit scores, lower borrower debt – Starting Dec. 12, the automated system that Fannie Mae uses to approve loans will reject borrowers who have at least a 20 percent down payment but whose credit scores fall below 620 out of 850. Previously, the cut-off was 580. Also, for borrowers with a 20 percent down payment, no more than 45 percent of their gross monthly income can go toward paying debts. … – Washington Post
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Fannie Mae Introduces ‘First Look’ Initiative – BY: BRITTANY DUNN – … Through Fannie Mae’s First Look, only offers from owner occupants and buyers using public funds will be considered during the first 15 days a property is on the market, and offers from investors will only be considered after the first 15 days have passed. … – DS News
is part dessert cookbook, part travelogue and really shines with amazing food photography, wonderful stories of New Orleans and great recipes like Buttermilk Beignets and handmade Chocolate Pralines.
Not one to be outdone by Twittelator Pro’s 
