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SUBSCRIBE ? Volume 12 | Issue 143 | Friday, July 26, 2013
The Lede
MBA Reaffirms Originations Outlook; Lowers Outlook for U.S. Economy
The Mortgage Bankers Association reaffirmed its outlook for mortgage originations in the second half of 2013 but lowered its forecast for U.S. economic growth.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News
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Mortgage Rates Ease for Second Week
Chicago Tribune, July 25, 2013--Podmolik, Mary Ellen
Average on 30-year fixed-rate loan fell to 4.31 percent this week, Freddie Mac said; a year ago, the rate was 3.49 percent.
(More)

Higher Mortgage Rates, Like Gas Prices, Have Become the New Norm
Forbes, July 25, 2013--Greene, Mark
Rising mortgage rates, like gas prices, are now simply part of the financial landscape.
(More)

Credit Suisse Says Adequately Positioned on U.S. Mortgage Suit
Bloomberg, July 25, 2013--Logutenkova, Elena
Credit Suisse Group AG CEO Brady Dougan said firm is adequately positioned to weather a possible settlement tied to U.S. mortgage-backed bond sales.
(More)

Bond Investors Turn to Cash
Wall Street Journal, July 25, 2013--Dieterich, Chris
Investors are cashing out of bonds but remain hesistant to invest in stocks, preferring insted money-market mutual funds, reflecting persistent anxiety with equities.
(More) (subscription)

Discover Getting Set to Offer Home Equity Loans
National Mortgage News, July 25, 2013--Wack, Kevin
Discover Financial Servicves said it will enter home equity lending business over next few months.
(More) (subscription)

CoreLogic Revenue Grows on Acquisitions, Lending Services
HousingWire, July 25, 2013--Mlyinski, Christina
CoreLogic posted net income of nearly $45 million in second quarter, up nearly 18 percent from a year earlier.
(More)

Durable Goods Orders Jump in June
Reuters, July 25, 2013
Non-defense capital goods orders rose by 0.7 percent in June, higher than expected, the Commerce Department said.
(More)

SAC Capital is Indicted
New York Times, July 25, 2013--Protess, Ben; Lattman, Peter
Federal authorities filed dozens of criminal charges against SAC Capital, a hedge fund run by billionaire Steven Cohen, alleging securities and wire fraud amid a "systematic" insider trading environment.
(More)


Residential Finance News
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MBA: Housing Reform Must Provide Equal Access to Community Banks
The Mortgage Bankers Association, in testimony this week before a Senate Banking subcommittee, said efforts to reform housing finance markets must include assurances that banks of all sizes, including community banks, have direct access to secondary markets.
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FHFA: Refinance Volume Down Slightly but Remains Strong
The Federal Housing Finance Agency said refinance volume, reflecting higher mortgage rates, dipped this spring but remained strong as mortgage rates stayed competitive.
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Commercial/Multifamily News
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Secondary Market Loan Prices Decline
The price of commercial real estate loans in the secondary market fell slightly in June, reported DebtX, Boston.
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Dealmaker of the Day
Centerline Capital Group, New York, refinanced two Atlanta-area apartment properties, investing a total of $66.5 million.
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MBA News
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George W. Bush, Jeb Bush to Keynote MBA 100th Annual Convention/Expo
The Mortgage Bankers Association is pleased to announce that former President George W. Bush and former Florida Gov. John Ellis "Jeb" Bush will take center stage together at the MBA 100th Annual Convention & Expo, taking place Oct. 27-30 in Washington, D.C.
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CampusMBA Manual Underwriting/Risk Analysis Workshop Sept. 10
CampusMBA, the education arm of the Mortgage Bankers Association, introduces a new workshop for underwriters and processors, Manual Underwriting and Risk Analysis Workshop, on Tuesday, Sept. 10.
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CampusMBA Advanced School of Mortgage Servicing Aug. 21-23
CampusMBA, the education division of the Mortgage Bankers Association, presents its Advanced School of Mortgage Servicing Aug. 21-23 in Jacksonville, Fla.
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Quote

"Making the secondary market work for smaller lenders is critical for providing a competitive market, which ultimately benefits homebuyers. Policymakers should take the steps available today to make sure that secondary market reform provides smaller lenders with opportunities for direct access."
--From MBA testimony submitted this week to a Senate Banking subcommittee on secondary market reform efforts.

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David H. Stevens, President and CEO, Mortgage Bankers Association

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