• GoldCore
    09/04/2015 - 07:43
    Large pools of gold in indebted nations will be vulnerable. Pool accounts, digital gold bullion vaulting providers and depositories in the UK and the US might have their companies and assets...

Mortgage Bankers Association

Tyler Durden's picture

There Is Officially No Difference Between Jeb And Hillary, Whose Biggest Donors Are The Same





What many have tacitly known for a long time was finally confirmed overnight when an analysis of Federal Election Commission data by Vocativ and The Daily Beast found that of the 60 or so ultra-rich Americans - aka the mega-donors - who have contributed to both Jeb Bush’s and Hillary Clinton’s federal campaigns, seventeen of those contributors have gone one step further and opened their wallets to fund both Bush’s and Clinton’s 2016 ambitions.

 
Tyler Durden's picture

Another Bubble Alert: Home Down Payments Hit Three-Year Low





New rules at Fannie Mae and Freddie Mac in conjunction with lower FHA premiums helped to drive down payments on single family homes to their lowest level since Q1 2012 in the first quarter.

 
Tyler Durden's picture

Government Hints Fannie/Freddie Would Need Another Bailout If Conditions Deteriorate





FHFA finds that the GSEs might well need billions more in taxpayer dollars in the event of a downturn, suggesting the deck may be stakced against those the companies' common. 

 
Tyler Durden's picture

Forget First-Time Homebuyers, It's A Million-Dollar Mortgage World





As home sales drop and home prices surge, the shifting sands of the housing market are accelerating in a seemingly inequality-expanding manner. As first-time homebuyers struggle to qualify for mortgages in a market that’s shrinking after the housing collapse, Bloomberg reports that lenders are providing more multi-million dollar loans to Americans who (in their opinion) pose less risk. Home loans from $1-5 million were the fastest growing part of the jumbo market in January with the number of loans surging to the highest since 2007.

 
Tyler Durden's picture

Housing Recovery? Weekly Mortgage Purchase Apps Drop Again, Down 66% From 2004





The housing and mortgage evangelists on mainstream media are going to have to rewrite their “2015 is going to be a big year for housing!” meme. Nirvana it isn’t.

 
Tyler Durden's picture

Housing Fraud is Back – Real Estate Industry Intentionally Inflating Home Appraisals





"Almost 40% of appraisers surveyed from Sept. 15 through Nov. 7 reported experiencing pressure to inflate values,...If you thought what was happening before was an embarrassment, wait until the second time around." Is there any price in this economy that isn’t completely rigged?

 
Tyler Durden's picture

Daughter Of Mortgage Bankers Association CEO Has Lost Faith In American Homeownership Dream





"The world has changed," explains the 27-year old daughter of David Stevens - CEO of the Mortgage Bankers Association. Despite her father's constant 30-year pitch of the merits of homeownership - and knowing full well that rates are low, rents are high, and owning a home 'builds wealth' - Sara Stevens is not buying. After watching "cousins and other family members go through pretty tough situations in 2008 and 2009," her skepticism is broad-based as Bloomberg reports, t’s more than the weight of student loans, an iffy job market and tight credit -- even those who can buy are hesitant. As Bloomberg so eloquently concludes, when even the cheerleader-in-chief for housing can’t get a rah-rah out of his daughter, you know this time is different.

 
Tyler Durden's picture

Mortgage Companies Face "Tremendously Difficult" Year As Housing Recovery Crumbles





The topic of the false recovery in the US housing market has seldom been far from these pages but it seems both the mainstream media and the actual businesses on the ground are seeing that extrapolating dead-cat-bounces and easy-money bubbles (once again) ends in tears. As WSJ reports, mortgage lending declined to the lowest level in 14 years in the first quarter as homeowners pulled back sharply from refinancing and house hunters showed little appetite for new loans, the latest sign of how rising interest rates have dented the housing recovery. The decline shows how the mortgage market is experiencing its largest shift in more than a decade as an era of generally falling interest rates that began in 2000 appears to have run its course... and the marginal potential refinancer has hit their limit.

 
Tyler Durden's picture

"Are The Bubbles Back?" - Live Feed





"Either way you look at it, it's time for the Fed to stop inflating housing assets, and stop buying mortgages" is how Alex Pollock introduces the following live streamed event by AEI. With speakers such as Chris Whalen we suspect, as the moderator explains, they will explain why "financial markets never seem to grow smarter when it comes to real estate."

 
Tyler Durden's picture

The Housing Recovery Myth In New York And New Jersey Ends With A Bang As Foreclosures Surge





It was about a year ago when we noted a core component of the US housing non-recovery: the time to sell foreclosed homes had just hit a record of 400 days across the nation. Fast forward to today when even the last traces of the lie that sustained the housing recovery myth are being swept away, and we get the following article from Bloomberg titled "Foreclosures Surging in New York-New Jersey Market."  The good news (according to some): thousands of people could live mortgage free for years until the bank delays obtaining the keys to the foreclosed property. This was money which instead of going to the mortgage owner, would instead go to buy Made in China trinkets and gizmos and otherwise keep the US retail party humming. Which brings us to the bad news: the party - retail and otherwise - is ending, as courts and banks finally catch up with inventory levels on both sides of the foreclosure pipeline, and those who lived for years without spending a dollar for the roof above their head are suddenly forced to move out and allocated the major portion of their disposable income toward rent.

 
Tyler Durden's picture

Citi Warns "Housing Sentiment Got Carried Away"





The divergence between the NAHB index and other housing indicators has continued to suggest that sentiment was “getting ahead of itself" and as Citi's Tom Fitzpatrick warns would suggest that the qualitative nature of the overall housing recovery is less robust than one would like.  Housing should pause/consolidate possibly even for most of this year as the weather argument that is trotted out by so many commentators does not seem to hold up to even a basic examination with the worst data coming from the West Coast. Simply put, Citi warns, we think housing sentiment got carried away as it did into 1994 and 1998 post the housing/savings and loan crisis of 1989-1991.

 
testosteronepit's picture

Housing Bubble II: What’s Ruining Home Sales? Not The Weather!





Not a word about soaring prices and higher rates that have pushed median-priced homes beyond the reach of hardworking Americans

 
Tyler Durden's picture

The Crisis Circle Is Complete: Wells Fargo Returns To Subprime





Those of our readers focused on the state of the housing market will undoubtedly remember this chart we compiled using the data from the largest mortgage originator in the US, Wells Fargo. In case there is some confusion, as a result of rising interet rates (meaning the Fed is stuck in its attempts to push rates higher), the inability of the US consumer to purchase houses at artificially investor-inflated levels (meaning housing is now merely a hot potato flipfest between institutional investors A and B), and the end of the fourth dead-cat bounce in housing (meaning, well, self-explanatory), the bank's primary business line - offering mortgages - is cratering. So what is a bank with a limited target audience for its primary product to do? Why expand the audience of course. And in a move that is very much overdue considering all the other deranged aspects of the centrally-planned New Normal, in which all the mistakes of the last credit bubble are being repeated one after another, Reuters now reports that the California bank "is tiptoeing back into subprime home loans again."

 
testosteronepit's picture

The Multi-Pronged Mortgage Debacle Next Year (So Long, “Housing Recovery”)





First hint of what happens when the heavily subsidized industry is being encouraged to try to stand on its own wobbly feet.

 
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