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Pimco?s Gross Says Fed to Shift Operation Twist to Mortgages ? By Margaret Brennan and Liz Capo McCormick ? ? What the Fed will ?try to do is twist in the mortgage market; basically buy current-coupon mortgages in agency space, 3 percent and 3.5 percent coupons,? Gross said. ?And basically twist by repoing out the Treasuries they currently own in short-term space.? ? ? Bloomberg
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New FHA Rule Could Deny Mortgage Backing to 50% of Potential Buyers ? by Mike Wheatley ? Experts say that a new ruling by the Federal Housing Administration is likely to rule out thousands of potential buyers from securing a government-backed mortgage when it comes into force next Monday. The FHA has announced that as of April 1st, it will no longer issue mortgage insurance for any borrower involved in an ongoing credit dispute worth $1,000 or greater, reports Housing Wire. ? Realty Biz News
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Geithner (believes that): Fannie and Freddie Favor Loan Write-Downs ? By Alan Zibel and Jeffrey Sparshott ? Treasury Secretary Timothy Geithner said Wednesday he believes that mortgage giants Fannie Mae and Freddie Mac favor writing down loan balances for troubled U.S. homeowners, despite resistance from their regulator. ? Wall Street Journal
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Moody?s: Foreclosure Timelines on the Rise; More Losses to RMBS ? 03/23/2012 BY: KRISTA FRANKS BROCK ? Foreclosure timelines are on the rise, and the increase is resulting in greater losses to residential mortgage backed securities (RMBS), according to Moody?s Investor Service?s Servicer Dashboard for the fourth quarter 2011, released Thursday. The average loan in foreclosure has been in the process for 571 days, but judicial states are weighing heavily on that average. Foreclosures in judicial states have aged an average 654 days, while foreclosures in non-judicial states have aged an average 297 days, according to Moody?s.? The two-year timelines in judicial states are leading to a higher average age of loans in foreclosure. Ultimately, this translates to increased losses for RMBS ? DS News
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(thoughtful) Break Up The Big Banks ? Now or Later? ? By Peter G. Miller ? Ourbroker.com
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How banks win big from Obama?s new refinancing program - Posted by Suzy Khimm ? Banks participating in the Obama administration?s expanded mortgage refinancing program are able?and willing?to charge higher mortgage rates than normal, according to an analysis by Amherst Securities ? Washington Post
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FHA to deny mortgage backing for credit disputes above $1,000 ? By Jon Prior ? Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration. The rule marks a significant belt-tightening at the FHA whereas the adminstration earlier held no such requirement that disputed credit accounts needed to be paid off ? Housingwire
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CoreLogic helps originators identify HARP 2.0 prospects ? Posted by jhilley ? CoreLogic released a service designed to help originators identify potential Home Affordable Refinance Program 2.0 refinance prospects. Using a specific list of eligibility criteria, the company?s database uses filters and derivation techniques to identify potential HARP 2.0 eligible loans. The loan-to-value ratio information is calculated using automated valuation models. ? Housingwire
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SOUTH BEND JOURNAL ? Neighbors Join in Modest Efforts to Embrace Abandoned Properties ? NY Times
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The AARP?s New Attack On Reverse Mortgages ? by Phil Hall ? Unless you or a family member belongs to the AARP, you missed the March edition of the organization?s Bulletin newspaper. Within that edition was an astonishing slam against the reverse-mortgage sector written by Jane Bryant Quinn, a syndicated commentator specializing in personal finance issues. ? more ? MortgageOrb
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New FHA Hybrid Reverse Mortgage Might Be on the Horizon ? by Elizabeth Ecker ? There may be a future for a new Federal Housing Administration hybrid reverse mortgage product, according to statements made today by representatives for the National Reverse Mortgage Lenders Association at the group?s eastern regional meeting in New York City. ? The hybrid would combine an initial fixed rate option upfront with a variable rate for future draws on the loan. ? ? Reverse Mortgage Daily
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Fannie Mae, Freddie Mac Resistance To Principal Reduction Costs Taxpayers ? Peter S. Goodman ? Huffington Post
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Fannie and Freddie Mortgage Write Downs ? Another Bailout For Big Banks ? by Donna S. Robinson ? Fannie and Freddie regulator Edward DeMarco, the acting Director of FHFA, is taking a lot of heat for his reluctance to write down first mortgages for underwater homeowners. But DeMarco is rightly pointing out that the push to write down the first mortgages is merely a form of protectionism for the four largest banks in the U.S. ? JP Morgan Chase, Wells Fargo, Citigroup, and Bank of America. ? Realty Biz News
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Treasury eyes plan for smaller-scale Fannie, Freddie ? Floats menu of reform options, calls for hikes in guarantee fees ? Ronald D. Orol, MarketWatch
32 page Treasury Report on Housing Finance Reform here
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(next bubble?) The First Crack: $270 Billion In Student Loans Are At Least 30 Days Delinquent ? Submitted by Tyler Durden ? (over a $ trillion outstanding) ? Zero Hedge
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Obama Relies on Debt Collectors Profiting From Student Loan Woe ? By John Hechinger ? (hattip NDP) ? The debt collector on the other end of the phone gave Oswaldo Campos an ultimatum: Pay $219 a month toward his more than $20,000 in defaulted student loans, or Pioneer Credit Recovery, a contractor with the U.S. Education Department, would confiscate his pay. Campos, disabled from liver disease, makes about $20,000 a year. ?We?re not playing here,? Campos recalled the collector telling him in December. ?You?re dealing with the federal government. You have no other options.? ? Bloomberg
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