As banks and government tried to stem the flow of foreclosures during the housing crisis there was a lot of debate (and criticism) about what needed to be done and how to do it. The acting director of the Federal Housing Finance Agency, Edward DeMarco fought tooth and nail to prevent Fannie Mae and Freddie Mac (the GSEs) from being forced to reduce the principal balances of their loans. Barrels of ink were consumed criticizing the Home Affordable Modification Program (HAMP). Servicers were penalized for their misfeasance running it. Servicers set up several proprietary programs to modify loans held in mortgage-backed securities and bank portfolios. In addition, there was much criticism of homeowners who, it was alleged in some quarters, were quick to walk away from mortgages they never should

December 11, 2017 Download our Mobile App: Download our Mobile App: Housing News Looking Back at Loan Mods: What Worked, What Didn't, and What Can We Learn? As banks and government tried to stem the flow of foreclosures during the housing crisis there was a lot of debate (and criticism) about what needed to be done and how to do it. The acting director of the Federal Housing Finance Agency, Edward DeMarc... (read more) Rob Chrisman Construction and Data Validation Products; FHA, VA, HECM Changes Lenders making tough personnel decisions can’t “kick the can down the road” like Congress and the President. On Dec. 8, the National Flood Insurance Program (NFIP) was set to expire. Late last week Congress passed, and the President... (read more) MBS Commentary MBS Live Week Ahead: Central Bank Meetings and Fiscal Drama Keep Volatility on The Table There are 3 to 4 big players this week when it comes to potential market movers .  In no particular order, these include Treasury auctions, central bank announcements, inflation data, and potential tax headlines.  The relati... (read more) Mortgage Rate Watch Rates Stay Higher After Jobs Report and Shutdown Bill Mortgage rates moved modestly higher today, although some lenders were right in line with yesterday's levels (especially those who raised rates in response to market weakness yesterday afternoon). Either way, today's rates are pretty darn close to ye... (read more) Housing News Consumers Expect Strong Increases in Housing Costs After dropping in October from what had been an all-time high the previous month, Fannie Mae's Home Purchase Sentiment Index (HPSI) resumed its upward trek , increasing by 2.6 points in November to 87.8, Strong responses to questions in the National ... (read more) MBS Commentary MBS Live Recap: Every Bit the NFP Reaction We Expected When it comes to bond markets reacting to economic data these days, don't expect too much and you won't be disappointed.  Heading into today's NFP release, it didn't make much sense to expect a major reaction, although there always tends to be... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.01% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.01% -0.01 0.00 15 Yr. Fixed 6.37% -0.02 0.00 30 Yr. FHA 6.32% -0.08 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.95% -0.03 0.00 30 Yr. VA 6.34% -0.09 0.00 Updates Daily - Last Update: 11/13 15 Yr. Fixed Rate 6.37% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.79% +0.07 0.00 15 Yr. Fixed 6.00% +0.01 0.00 Updates Weekly - Last Update: 11/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.86 -0.14 Price / Yield Change MBS UMBS 5.5 98.86 -0.15 UMBS 6.0 100.48 -0.15 GNMA 5.5 99.52 -0.15 GNMA 6.0 100.71 -0.10 Pricing as of: 11/14 1:49AM EST 10 Year US Treasury 4.4739 +0.0099 Price / Yield Change US Treasury 2 YR Treasury 4.316 +0.043 5 YR Treasury 4.335 +0.035 7 YR Treasury 4.410 +0.037 10 YR Treasury 4.474 +0.010 30 YR Treasury 4.650 +0.016 Pricing as of: 11/14 1:49AM EST Latest Video UBS calls cryptocurrencies ‘the bubble to end all bubbles’ 24 billion 3-Year notes go up for auction GOP tax bill heads to conference Around the Web NAR - Realtor.com For the Next Housing Crisis, Lessons From the Last One Calculated Risk Blog FOMC Preview Freddie Mac Freddie Mac Announces Holiday Eviction Moratorium; Confirms Natural Disaster Relief Policies NAHB Eye on Housing Construction Job Openings Rise in October The Basis Point Originations: America's future depends on this major housing change Calculated Risk Blog BLS: Job Openings "Little changed" in October Bloomberg US Growth Pickup to Spur Earlier Fed Hike in '18, Survey Shows NAHB Eye on Housing Garages in New Homes: 2016 Data consumerfinancemonitor.com Bipartisan bill to provide "true lender" fix introduced in House Bloomberg The Yield Curve Is Flatter! Remind Me Why I Care CNBC Fed's incoming chair Powell faces an early test of his policy view as tax cuts near approval Bloomberg Key to Trigger Market 'Inflection' Is a 1% Real Fed Rate, JPMorgan Says CNBC Lack of wage growth remains, for yet another year, the economy's greatest mystery

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