Hey Paul Krugman, where the hell are you man?

by PAUL JACKSON

• HUD Subpoenas 15 Mortgage Companies Over High FHA Insurance Claims
• FHA Cracks Down on 4 Mortgage Lenders
• Shadow Inventory of Homes to Take Nearly 3 Years to Clear: S&P
• Former Employees Allege Reverse Redlining at Wells Fargo
• Cancelled Foreclosures Outnumber Sales in California: ForeclosureRadar

Origination/Lending

The median home listing price declined 1.3% in the Altos Research 10-city composite, continuing a seven-month-long run of declining list...

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• Median Homes Prices Up in San Francisco, Despite Dip in Sales
• Yearly House Price Decline Narrows to Less Than 1% in January
• FHA Mortgage Applications Increase 31% in February

Secondary Markets/Investors

Moody’s Investors Service revised its loss projections for 2005-2007 second lien, subprime and HELOC-based US residential mortgage backed securities (RMBS). Moody’s...

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• Investment Looks Rich in Post-Fed Agency MBS Market: Asset Manager
• Fed MBS Purchases 99% Complete as the Program Winds Down
• Rep. Garrett Introduces Long-Awaited Covered Bond Act

Servicing/Default

All servicers approved by Fannie Mae (FNM: 1.0675 -2.06%) must now consider an “Alternative Modification” for all mortgages that did...

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• HUD Hires Compliance Manager to Oversee Inventory
• Congress Told HAMP Will Cost $53bn Less than Expected
• TARP Inspector Barofsky Puts HAMP Under the Microscope