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SUBSCRIBE ? Volume 12 | Issue 113 | Wednesday, June 12, 2013
The Lede
Mortgage Applications Rise in MBA Weekly Survey
Mortgage application activity improved after four consecutive weeks of declines, even as key interest rates reached yearly highs, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 7.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News
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Fed Mortgage Stockpile Seen Cushioning Pullback
Bloomberg, June 11, 2013--McCormick, Liz Capo; Shenn, Jody
The Federal Reserve has purchased $1.2 trillion in mortgage-backed securities, creating a potential "firewall" to shield the bond market, some bond market dealers say.
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Shareholders Sue GSEs for Conservatorship Investment Bust
HousingWire, June 11, 2013--Mlyinski, Christina
A group of Fannie Mae/Freddie Mac shareholders filed a complaint, alleging that placing the GSEs into conservatorship in 2008 was illegal and resulted in more than $41 billion in lost value to investors.
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FHA Seeks Statutory Authority to Transfer Servicing
National Mortgage News, June 11, 2013--Collins, Brian
FHA Commissioner Carol Galante said FHA should have authority to transfer servicing from servicers that have high re-default rate on modified loans.
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Cost of TARP Membership to Spike as 5-Year Mark Nears
American Banker, June 11, 2013--Peters, Andy
Banks that still hold Troubled Asset Relief Program about to see dividend rates rise from 5 percent to 9 percent, at a time when analysts say many of these institutions are still struggling.
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Banks Get Reprieve on New Swaps Rule
Wall Street Journal, June 11, 2013--Crittendon, Michael
Office of the Comptroller of the Currency grants large banks an additional two years to comply with new rule requiring they move certain swap activities into separate affiliates.
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Senate Panels Back Obama Nominee Froman for Top Trade Post
Reuters, June 11, 2013--Palmer, Doug
The Senate Finance Committee approved nomination of Mike Froman as U.S. trade representative amid no opposition.
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Residential Finance News
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Occupancy Fraud Risk on Increase
Interthinx, Agoura Hills, Calif., said its quarterly National Mortgage Fraud Index showed occupancy fraud risk increased by 15 percent over the past year, while the overall risk index in the first quarter rose by 1 percent.
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Fitch: U.S. RMBS Improvements 'Encouraging,' but Challenges Persist
Fitch Ratings, New York, said the improving U.S. housing market and stable macro environment are supporting legacy U.S. residential mortgage-backed securities performance of late, though the sector still has persistent challenges to overcome.
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Commercial/Multifamily News
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S&P Sees Some CMBS Warning Signs
Commercial mortgage-backed securities issuance reached $39 billion this year, compared to $15 billion during the same period last year, said Standard & Poor's, New York, raising cause for concern among some analysts.
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Dealmaker of the Day
Hersha Hospitality Trust, Philadelphia, purchased the 245-room Courtyard San Diego Downtown from Wheelock Street Capital, Greenwich, Conn., for $71.1 million.
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MBA Risk Management/Quality Assurance Forum Sept. 10-12
Registration is now open for Mortgage Bankers Association's Risk Management and Quality Assurance Forum, Sept. 10-12 at the JW Marriott Desert Ridge in Phoenix.
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CampusMBA Compliance Essentials Package Two Begins Today
CampusMBA, the education division of the Mortgage Bankers Association, kicks off the second package of its MBA Compliance Essentials program today, June 12.
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CampusMBA, Insurance Advisors LLC Present Capitve Insurance Companies Webinar Thursday
Join CampusMBA, the education division of the Mortgage Bankers Association; and Insurance Advisors LLC, Stamford, Conn., for Captive Insurance Companies, a webinar taking place Thursday, June 13 from 2:00-3:30 p.m. ET.
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Quote

"Loan purpose is a pivotal factor in occupancy fraud risk. The higher occupancy fraud risk in purchases will become increasingly significant as the mortgage market changes in the coming months from a refinance-dominated market to a purchase-dominated market."
--Jeff Moyer, president of Interthinx, Agoura Hills, Calif.

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