Morgan Stanley finally pays $275 million for subprime RMBS fraud

Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans

New home sales collapse, erasing recent surge

Sales 11.5% down YOY; fall to 406,000 annual pace

Fannie Mae offers new suite of HomePath financing

Goodbye HomePath Mortgage and HomePath Renovation
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News

Jobless claims drop to 8-year low

But it’s not all-positive news
July 24, 2014
Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006. But it is what is hidden behind the numbers that is important t note.
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Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
July 24, 2014
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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Freddie Mac: Mortgage rates push buyers to market

Despite slight rises, rates still low
July 24, 2014
"Mortgage rates have entered the summer doldrums, showing very little movement one way or another. The benchmark 30-year fixed mortgage rates has fluctuated within a very narrow range – one-tenth of a percentage point – since mid-May," Bankrate said.
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New home sales collapse, erasing recent surge

Sales 11.5% down YOY; fall to 406,000 annual pace
July 24, 2014
Sales of new single-family houses plummeted in June to an annualized rate of 406,000, at least 20% below most analyst estimates. It was the biggest miss for new home sales in a year, and brings new home sales down to a level not see since December 2012.
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Home price increases boost PulteGroup revenue and profit in 2Q2014

New home construction orders down slightly from 2Q2013
July 24, 2014
PulteGroup posted net income was $42 million, or $0.11 per share, after pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs for the second quarter of 2014.
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D.R. Horton posts net income of $113.1M

Pre-tax impairment costs drive down D.R. Horton earnings
July 24, 2014
Fort Worth, Texas-based D.R. Horton, the largest U.S. homebuilder, said fiscal third-quarter earnings declined as sales margin shrank and it incurred $54.7 million in pretax costs.
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1 in 6 homes still seriously underwater as home price growth slows

Down 26% from 2013, but decline slowed with slowing price gains
July 24, 2014
Some 9.1 million U.S. residential properties were seriously underwater in the second quarter, representing 17% of all properties with a mortgage, RealtyTrac reports.
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CoreLogic slashes 2014 mortgage origination estimate by 10%

Still reports revenue growth of 13%
July 23, 2014
CoreLogic’s second-quarter revenue increased to $349.4 million, which was also up 0.4% from 2Q13. The company said that the increase was “despite an estimated 50% contraction in U.S. mortgage volumes.”
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HousingWire TECH100 winner FormFree issued pioneering patent

All-digital verification is now a thing
July 23, 2014
The move toward digital lending appears officially unstoppable as FormFree Holdings just received a patent for AccountChek, the world's first automated asset verification system for the lending industry.
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CHLA challenges FHFA IG report on risk from smaller nonbank lenders

Report lacks evidence to support claims, ignores other key factors
July 23, 2014
The Community Home Lenders Association is challenging the Federal Housing Finance Agency IG report issued last week which had raised concerns about risks to the GSEs from increased loan purchases from smaller nonbank mortgage lenders.
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