Bank of America reportedly reaches $17 billion RMBS settlement

KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny

Truth is, those recent housing numbers aren't so shiny

Housing starts? More like housing stops, amirite?
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News

Realtor.com: July boasts the healthiest end to spring buying season in 3 years

Move finds silver linings in housing gray skies
Trey Garrison
Realtor.com is touting data from July showing that, by its metrics, July shows the best price appreciation and inventory increases hit during the peak spring buying season in three years.
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Countrywide’s Mozilo may face lawsuit over subprime mortgages

This time prosecutors have a new weapon
Brena Swanson
Although Countrywide Financial no longer exists, co-founder Angelo Mozilo is allegedly not in the clear as prosecutors still want to hold him responsible for the company’s role in the U.S. housing bubble, according to a Bloomberg report.
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Distressed sales down to lowest share since before housing bubble broke

Sales accounted for just 11% of total home sales in June
Trey Garrison
For the 19th consecutive month, distressed home sales fell on a year-over-year basis, declining to 11.4% of home sales in June.
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Bank of America reportedly reaches $17 billion RMBS settlement

Settlement would be largest yet
Ben Lane
If true, the $17 billion settlement would exceed the previous high of $13 billion paid by JPMorgan Chase in November to settle similar claims. As of press time, Bank of America did not have a comment on the rumors.
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Fed minutes: Tapering to end soon?

Cuts another $10 billion
Brena Swanson
With only two months until October and closer to the end of taping, the Federal Open Market Committee Meeting decided to taper another $15 billion.
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Freedom Mortgage found guilty of defrauding homeowner

Court rules lender violated New Jersey Consumer Fraud Act
Ben Lane
“These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower,” Bergen County Superior Court Judge Gerald Escala wrote in his decision.
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3 facts crippling California's housing recovery

Can these problems be solved in next two years?
Brena Swanson
Before the Golden State can step into its positive forecast for the next two years, it has to overcome several housing hurdles impeding its recovery.
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KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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Home Depot: Housing finance reform is crucial

Executives pay close attention to mortgage market
Brena Swanson
Although Home Depot reported strong second-quarter earnings, it does not mean the giant home improvement store has nothing to worry about.
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Closing rate for mortgage originations drops in July

Closure for 90-day applications falls below 60%
Mortgage originations showed an overall closing rate of 57.7% in July 2014, down from 60.7% in June 2014, according to a sample of 90-day loan applications conducted by Ellie Mae.
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