Murder-Suicide and the FHFA

My blog is having issues with the color.  Please forgive the problem.  Will fix as soon as Blogger responds to my inquiry.
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From 1990 through 2013, the FHLBanks (Federal Home Loan) have contributed almost $5 billion in grants to fund affordable housing and this money goes to local businesses and community workers. Yet, despite this success, (Mel) Watt is of the opinion that the AHP(Affordable Housing Program) may be in need of a complete overhaul. -- Jacob Gaffney in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29931-mel-watt-heres-where-the-fhfa-will-increase-regulation
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1) Existing home sales were down 7.5% year-over-year in March.  Wait, isn't that bad news?  Nope - not if the decline is related to fewer distressed sales - and it is.  (fewer foreclosures and short sales). -- Trey Garrison in HousingWire http://www.housingwire.com/articles/29936-things-that-are-right-with-the-housing-market
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Shared by M Freidrich, Belgium

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Nat'l Real Estate Post:
But what stands out today in the “you’ve got to be kidding me” category is a little story about the FHFA COO threatening to kill Ed DeMarco, the previous FHFA Director that was replaced by Mel Watt.  What the heck is in the high level mortgage banking water these days?  Or should we say the high level mortgage banker scotch?  Not sure, but something is going on.  We won’t tell you here why this fellow threatened to kill Mr. DeMarco, we’ll let you tune in for that....
http://thenationalrealestatepost.com/sales-compliance-and-murder-suicide
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The GSEs are required to pay all their profits to the government, under terms of the 2008 bailout and subsequent amendments, and so cannot retain earnings. Operating in their sixth year of conservatorship, Fannie and Freddie have no formal mechanism to raise capital. If there were another recession—or even, some say, a regional housing downturn—the GSEs might once again have to tap Treasury for a taxpayer-funded bailout. Legal settlements alone contributed to the majority of both GSEs' earnings in the first quarter, and without such one-time items, Fannie and Freddie earnings' power is questionable. -- Kate Berry in National Mortgage News http://www.nationalmortgagenews.com/news/regulation/fannie-freddie-warn-they-are-running-with-no-cushion
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Shared by Najou Fezai, Wengan, Switzerland

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For months, the GSE reform measure known as Johnson-Crapo has been under attack. The bipartisan bill would wind down Fannie Mae and Freddie Mac in the next five years and was set to be marked up by the Senate Banking, Housing and Urban Affairs committee late last month. -- Ben Lane in HousingWire http://www.housingwire.com/articles/29957-schumer-warren-other-key-democrats-will-not-support-johnson-crapo

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Nat'l Real Estate Post:
The first thing we cover in today’s show is some Fannie and Freddie stuff.  It’s really one of the most maddening things we’ve got going on in the real estate and mortgage industry right now.  The simple fact that the GSE’s are still the virtual backbone of our industry makes it vitally important for us to understand what’s going on with them as real estate and mortgage professionals.  They continue to make record profits, and they already ARE reformed with the introduction of QM/ATR.  Why they continue to stay in conservatorship and have ALL of their profits devoured by the Treasury long after they’ve paid back their bailout is incomprehensible. http://thenationalrealestatepost.com/must-share-zillow-scams
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Shared by Gia Huy Au Duong

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*All-Cash US Home Sales spike as young families shrewdly avoid taking on usurious 4.21% 30-year mortgages.
https://twitter.com/RudyHavenstein/status/464460595572776960/photo/1
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Compass Point: What’s next for Johnson-Crapo now?

Although the Johnson-Crapo proposal will clear committee, we do not believe that it will receive a floor vote in 2014,” Compass Point says. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29960-compass-point-whats-next-for-johnson-crapo-now
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Shared by Darja Vizjak, Babic Mill On Mura, Slovenia

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Here's proof Fannie and Freddie are betting on the housing recovery

According to the latest quarterly report from the Federal Housing Finance Agency, both Fannie Mae and Freddie Mac are reducing the money set aside to cushion any blow to their business. -- Jacob Gaffney in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29961-heres-proof-fannie-and-freddie-are-betting-on-the-housing-recovery

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 Home prices are definitely on the rise. Nationally, home prices grew by 14% in 2013, coming on the heels of a 9% rise in 2012.

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Shared by M. Freidrich, Belgien ' Lüttich

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The 30 year mortgage interest rate has dropped 0.03 from 4.24% down to 4.21% last week.
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The 15 year fixed mortgage rate is now 3.24% down 0.09 from last week. This is the best rate of the bunch!
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Shared by M. Freidrich

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The 5/1 ARM is up 0.01 to 3.28%.