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SUBSCRIBE ? Volume 12 | Issue 182 | Friday, September 20, 2013
The Lede
Low Inventory Sparks Existing Home Sales
Existing home sales increased in August to their highest level in more than six years, while the median price shows nine consecutive months of double-digit year-over-year increases, the National Association of Realtors said yesterday.
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Residential Finance News

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Private U.S. Mortgage Insurers Revitalized by Housing Pickup
Reuters, Sept. 19, 2013--D'Silva, AnilPandey, Ashutosh
As more Americans buy homes, the handful of private insurers that cover their mortgages are attracting heavyweight investors keen to profit from the nascent housing market recovery.
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How One Firm Stayed Afloat in the Mortgage Meltdown
The Orange County Register, Sept. 19, 2013--Collins, Jeff 
Though many Orange County, Calif. subprime lenders have collapsed or been sold off at a loss, Impac Mortgage Holdings Inc. survived by re-tooling itself.
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Mortgage Rates Decline as U.S. Homebuyers Get Reprieve from Fed
Detroit News, Sept. 19, 2013--Dexheimer, Elizabeth (Bloomberg)
Mortgage rates for 30-year loand fell to a five-week low, a decline that's likely to extend following the Federal Reserve's refrain from tapering its monthly mortgage-bond buying program.
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Wells Fargo to Lay Off 1,800 More Employees
ABC News, Sept. 19, 2013 (Associated Press)
Wells Fargo said it will lay off an additional 1,800 employees from its mortgage department, after cutting 2,300 jobs from the same unit in August.
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Are We Still Heading Toward 5% Mortgages?
CNNMoney, Sept. 19, 2013--Christie, Les
Mortgage rates have risen significantly amid concerns the Federal Reserve would cut back on its bond-buying program; but now that the Fed has said it will continue to buy bonds for now, rates will likely retrace some of those gains.
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More Americans Pay Mortgage First Again, then Credit Cards
Fortune, Sept. 19, 2013--Tseng, Nin-Hai
Transunion said financially distressed borrowers have begun making their mortgage payments first before their credit card bills, a near-reversal of a trend that emerged after the housing market crashed.
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Ex-Countrywide President Plans Mortgage Bonds at PennyMac
Bloomberg, Sept. 19, 2013--Shenn, Jody
PennyMac Mortgage Investment Trust, run by former Countrywide Financial Corp. executives, is planning its first sale of home-loan securities without government backing.
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Freddie Mac: 30-Year Mortgage Rates Fall to 4.5%; Fed Helping
Los Angeles Times, Sept. 19, 2013--Reckard, E. Scott
Freddie Mac survey of lenders says 30-year fixed rate falls to 4.5 percent.
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Residential Finance News
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MISMO Elevates Reference Model Versions 3.0, 3.1 to Recommendation Status
MISMO announced elevation of Reference Model Versions 3.0 and 3.1 to "Recommendation" status.
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HOPE NOW: July Loan Mods at 63,000
HOPE NOW said an estimated 63,000 homeowners received permanent, affordable loan modifications from mortgage servicers, bringing the year's total to 519,000.
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Residential Briefs
The Consumer Financial Protection Bureau launched an online tool to provide consumers with access to public mortgage information collected under the Home Mortgage Disclosure Act.
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Commercial/Multifamily News
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Apartment Rent Growth Moderates
Apartment rent growth moderated but remained healthy in August after a slight uptick in early summer, reported Axiometrics, Dallas.
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Dealmaker of the Day
Greystone, New York, closed a $117 million transaction to allow WWJ LLC to acquire and rehabilitate a portfolio of 44 Georgia affordable housing apartment properties.
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MBA Regulatory Compliance Conference Sept. 29-Oct. 1
The Mortgage Bankers Association's Regulatory Compliance Conference takes place Sept. 29-Oct. 1 at the Renaissance Downtown Hotel in Washington, D.C.
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MISMO Seeks Participants for Software Compliance Designation Pilot
MISMO is recruiting participants for its software compliance designation pilot.
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Special Lincoln Leadership Institute at Gettysburg Session at MBA Annual Convention
CampusMBA announces a special edition of The Lincoln Leadership Institute at Gettysburg on Saturday, Oct. 26, the day before the Mortgage Bankers Association's 100th Annual Convention & Expo in Washington, D.C.
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Quote

"One unknown is how resilient confidence will remain, both consumer and business, given the mixed signals from the housing and labor markets. Perhaps the bigger question is a satisfactory resolution to federal budget squabbles."
--Ken Goldstein, economist with The Conference Board, New York.

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