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SUBSCRIBE ? Volume 12 | Issue 179 | Tuesday, September 17, 2013
The Lede
CFPB Issues 'Final' Amendments to Mortgage Rules
The Consumer Financial Protection Bureau late last week finalized amendments and clarifications to its January mortgage rules.
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Residential Finance News

Commercial/Multifamily News

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Mortgage Bonds Imperiled by $17 Billion of Sales: Credit Markets
Bloomberg, Sept. 16, 2013--Mulholland, Sarah; Shenn, Jody
Fannie Mae and Freddie Mac are set to auction nearly $17 billion in mortgage bonds they acquired before the real estate collapse to meet a regulatory directive, potentially straining demand.
(More)

Why a Better Housing Finance Solution Shouldn't Be the Enemy of the Best Solution
Huffington Post, Sept. 16, 2013--Humphries, Stan
The author, chief economist of Zillow.com, says consensus is building for housing reform along the lines of the Corker-Warner bill introduced in the Senate.
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A Dire Forecast: Additional Job Cuts Could Hit the Mortgage Industry
HousingWire, Sept. 16, 2013--Mlyinski, Christina
A recent decline in mortgage applications has some mortgage analysts anticipating a new round of layoffs in the sector.
(More)

Ginnie Mae Issuer Status Given to Chicago FHLBank
National Mortgage News, Sept. 16, 2013--Collins, Brian
The move gives the Chicago Federal Home Loan Bank a way to give its members broader access to the secondary market.
(More) (subscription)

Traders Bet on Later Fed Rate Hike with Summers Out of Picture
Reuters, Sept. 16, 2013--Saphir, Ann
Traders say the Federal Reserve will likely keep policy easier for longer, now that former Treasury Secretary Lawrence Summers is out of running to succeed Ben Bernanke as Federal Reserve chair.
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Less Tapering Becomes Tightening Credit No Matter What Fed Says
Bloomberg, Sept. 17, 2013--Salas Gage, Caroline
By merely talking about adding stimulus at a slower pace, Federal Reserve Chairman Ben Bernanke sent bond yields higher, serving as a warning that their exit from accommodation won't be easy to control.
(More)

Mortgage Insurer Essent Files for IPO of Up to $287 Million
Reuters, Sept. 16, 2013
Essent Group Ltd. filed to raise nearly $300 million in an initial public offering of its common stock, looking to benefit from recovering housing market.
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Residential Finance News
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California Home Sales Drop; Administration Says Servicer Assessments Improve
DataQuick, San Diego, said August home sales in California dipped by 1.9 percent from July but improved by 3.1 percent from a year ago.
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Op-ed: The Three Rs--Reassess, Retire and Reuse
As the markets contract and rebalance, what should be done with the patchwork of processes and computer systems defining our enterprise? More importantly, as corporate leadership moves from survival to long-term planning, what model should be used to frame any system retirement and the repurposing of the information locked within to promote profitability and the capturing new markets?
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Commercial/Multifamily News
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Fitch: August 'Tame' for CMBS Delinquencies; 'Huge' Modification on Horizon
The U.S. commercial mortgage-backed securities delinquency rate fell at a calmer pace last month following a record drop in July, though monthly late-pays may be in store for another healthy drop in the next month or two, said Fitch Ratings, New York.
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Dealmaker of the Day
Centerline Capital Group, New York, provided a $6.9 million Fannie Mae DUS loan to refinance Grandview Gardens Apartments in Florissant, Mo.
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MBA State & Local Workshop Oct. 25-26
The Mortgage Bankers Association's State & Local Workshop takes place October 25-26 in Washington, D.C., prior to the MBA 100th Annual Convention & Expo in Washington, D.C.
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MBA Retained Servicing Workshop Nov. 13
Get the scoop on retaining mortgage servicing rights at the Mortgage Bankers Association's Retained Servicing Workshop, Nov. 13 in Dallas.
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Grassroots in Action: Join the MBA Mortgage Action Alliance
The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.
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Quote

"With the number of underwater homeowners decreasing by more than 40 percent, it is clear that we are moving in the right direction."
--HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski.

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