The real reason Fannie and Freddie don't do principal modifications

Julián Castro sworn in, spends first day as HUD Secretary

Former San Antonio mayor takes over for Shaun Donovan

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line
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News

1 in 3 Americans being chased by debt collectors

July 29, 2014
A new report form the Urban Institute shows how weak the U.S. economy is, and offers at least one reason for the housing doldrums — one in three Americans is so far behind in paying their bills that they are in collections.
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HomeStreet sells MSRs, mortgages

Reduces mortgage concentration
July 29, 2014
HomeStreet sold $211 million of its held-for investment single-family mortgages in the second quarter, recognizing a $3.9 million gain.
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Borrowers save $1B in interest refinancing for rest of 2014

Freddie: Cash out refinances decline
July 29, 2014
Borrowers will save in aggregate more than $1 billion in interest payments over the coming year, as borrowers continued to shorten their payment terms and build equity in their homes.
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Bloomberg: Blackstone rental home bonds have highest LTV

July 29, 2014
Bloomberg real estate ace Jody Shenn reports that Blackstone’s rental home bonds have the highest Loan-to-Value of any on the market.
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CFPB obtains $92M for predatory lending scheme

Service members given false promises
July 29, 2014
The Consumer Financial Protection Bureau and 13 state attorneys general obtained approximately $92 million in debt relief for about 17,000 U.S. service members and other consumers harmed by Colfax Capital Corporation and Culver Capital.
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FHFA extends G-fee input deadline

Seeks industry opinion on G-fee policy
July 29, 2014

The Federal Housing Finance Agency extended its deadline for accepting industry input on Fannie Mae and Freddie Mac guarantee fees to Sept. 8, allowing more time for public comment on G-fee policy and implementation regarding the optimum level of G-fees required to protect taxpayers.


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Investors Unite gets the cold shoulder at Guggenheim Securities

Maloni makes the case for keeping Fannie and Freddie
July 29, 2014
Guggenheim Securities held a by-invitation-only event last week in New York for big GSE investors, but members of Investors Unite — that is, the retail investors — were shut out. All except one, who spoke to HousingWire on the condition of anonymity.
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Could the post office get into the mortgage business?

It’s not as crazy as you might think
July 29, 2014

For consumers, having a little more choice in banking wouldn’t be the worst thing in the world. We’ve certainly seen what banks can do when left to their own devices. But on the other hand, it’s not like the post office is a bastion of economic excellence either.


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New legislative proposal would turn the post office into a bank

USPS could offer small loans, other banking services
July 29, 2014

Representative Cedric Richmond, D-La., has introduced a bill, called The Providing Opportunities for Savings, Transactions and Lending Act (or POSTAL Act, because it just had to have the catchy acronym), which would allow the USPS to offer "basic financial services."


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U.S. REO Partners names Mary Brill managing partner

Joins after 16 years at JPMorgan Chase
July 29, 2014
Brill joins USREOP from JPMorgan Chase, which she had been with since 1998. During her time at JPMorgan Chase, she held several positions, including REO manager, assistant vice president and senior operations analyst.
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