Economist: Here's why mortgage supply and demand isn't normal

Economist: Here's why mortgage supply and demand isn't normal

What has recovered or is close to being recovered?

CFPB responds to criticisms of consumer-complaint database program

Bureau answers questions raised by HousingWire, Mercatus and trade groups

Mercatus: CFPB shouldn’t create open consumer-complaint database

Info would be unfair, inaccurate, costly and without statutory authority
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Investments

Progress Residential joins booming REO-to-rental securitization market

There’s a new kid on the block
Ben Lane
Morningstar and Kroll Bond Rating Agency have each weighed in on the securitization with presale reports and awarded nearly $241 million in AAA ratings to the securitization’s Class A tranche.
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FHFA, HSBC reach $550M settlement over mortgages

Involves private-label mortgage-backed security laws
Brena Swanson
The Federal Housing Finance Agency announced a settlement for $550 million with HSBC North America Holdings, related companies and specifically named individuals, resolving claims that it violated private-label mortgage-backed security laws.
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Pension funds can sue Moody’s and Standard & Poor's

Credit-rating agencies in hot seat
Brena Swanson
The state Supreme Court ruled on Wednesday that California’s public employee pension system can sue Moody’s and Standard & Poor’s for hundreds of millions of dollars due to the high ratings they gave to investments that collapsed in 2007 to 2008.
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Bipartisan Policy Center Housing Summit in Washington starts Monday

Two-day event brings together leaders in housing and policy
Trey Garrison
On Monday morning, the Bipartisan Policy Center will kick off its 2014 Housing Summit in Washington, D.C. It's going to be one for the books.
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CFPB responds to criticisms of consumer-complaint database program

Bureau answers questions raised by HousingWire, Mercatus and trade groups
Trey Garrison
The Consumer Financial Protection Bureau is still taking comments on its proposed open consumer-complaint narrative database, and it’s offering some responses to criticisms as well.
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Banks hesitant to embrace mortgage solution

Nonbanks to fill in gap?
Brena Swanson
The government released a new proposal for Fannie Mae and Freddie Mac to start purchasing more low-income refinancings in order to show support for such loans. But there is one problem: banks are unlikely to jump on board with the idea.
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Fewer lenders securitize jumbo mortgages

Reap profits by keeping loans on record
Brena Swanson
While the secondary mortgage market for jumbo loans is doing worse than a year ago, it could be good news for borrowers. Instead of selling mortgages on the secondary market, large lenders are now keeping them on their books.
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Katherine Briggs appointed chief operating officer of B2R Finance

Joins from BlackRock Solutions
Ben Lane
While at BlackRock, Briggs managed GSE multifamily loan underwriting and securitization, commercial mortgage-backed securities analysis, and large-scale valuation and risk assessment advisory projects for both domestic and international institutions.
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Improved monthly Case-Shiller shows housing recovery weaker than thought

Capital Economics: Measure suggests home prices dropping, not just slowing
Trey Garrison
The new Case-Shiller house-price index is a substantial improvement on its predecessors because it offers a monthly read, and that monthly read shows that housing prices have actually been dropping, rather than just slowing in gains, according to Capital Economics.
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$835 million in bulk MSRs coming to market

Market continues to be considerably unfrozen
Ben Lane
"It’s an exceptionally clean GNMA portfolio, with a very low coupon and low delinquencies," said Robert Wellerstein, managing director at MountainView Servicing Group. "Given the high-quality product, portfolio size and experienced seller, we expect this package to garner a lot of interest among MSR buyers."
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