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SUBSCRIBE ? Volume 12 | Issue 217 | Wednesday, November 6, 2013
The Lede
Cosgrove: Finance Reform Should Mind Small Lenders' Needs
Mortgage Bankers Association Chairman-Elect Bill Cosgrove, CMB told a Senate committee yesterday that housing reform should include the needs of small lenders as the real estate finance market transitions from refinancing to purchases.
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Congress Mulls Rules to Open Secondary Markets to Smaller Lenders
HousingWire, Nov. 5, 2013--Mlynski, Christina
Many small lenders are diversifying their secondary mortgage market options; MBA Chairman-Elect Bill Cosgrove, CMB, said some legislative proposals have minor hiccups that may be operationally difficult for many small lenders.
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Ally Profit Drops as Lender Absorbs Cost of Mortgage Accord
Bloomberg Businessweek, Nov. 5, 2013--Campbell, Dakin
Ally Financial Inc. said third quarter profit fell by 76 percent as company settled claims for faulty mortgages; the company said its pipeline of pending home loans stands at "zero."
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Bernanke Giving Homebuyers Second Chance with Pledge
Bloomberg, Nov. 5, 2013--Howley, Kathleen
After months of speculation, the Federal Reserve last week pledged continuation of its bond-buying program, which could keep mortgage interest rates at near 4 percent through early next year.
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Fannie, Freddie Ordered to End Reimbursements for Forced-Placed Insurance
National Mortgage News, Nov. 5, 2013--Borak, Donna
Federal Housing Finance Agency tells Fannie Mae, Freddie Mac to end reimbursements for mortgage servicers for expenses related to captive reinsurance arrangements.
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As U.S. Economy Plods and Pay Lags, Companies Profit
Associated Press, Nov. 5, 2013--Rugaber, Christopher; Sweet, Ken
The U.S. economy is being slowed by a tight job market, small pay raises and weak business investment; yet corporate profits are reaching record highs and fueling record stock prices.
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Freddie Mac Defeats Lawsuit Over Pre-Crisis Disclosures
Chicago Tribune, Nov. 5, 2013--Stempel, Jonathan
A federal appeals court on Tuesday upheld dismissal of a shareholder lawsuit accusing Freddie Mac of concealing its precarious finances and its subprime mortgage exposure prior to the 2008 financial crisis.
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Banks Offering Mortgages with Only 5% Down Payments
CNNMoney, Nov. 5, 2013--Christie, Les
TD Bank, Bank of America, Wells Fargo and other banks have begun offering loans with down payments as low as 5 percent, seeing market opportunities.
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Wells Fargo Said to Face U.S. Mortgage Bond Probe
Bloomberg, Nov. 5, 2013--Geiger, Keri
U.S. attorneys in San Francisco have been investigating Wells Fargo under a 1989 law regarding mortgage bond sales, sources said.
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Residential Finance News
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Mortgage Applications Down in MBA Weekly Survey
Mortgage applications fell sharply from one week earlier, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending November 1.
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CoreLogic: Home Prices Up 12% Year Over Year
CoreLogic, Irvine, Calif., said home prices rose by 12 percent in September from a year ago and rose by 0.2 percent from August.
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FHFA Directs Fannie Mae and Freddie Mac to Restrict Lender-Placed Insurance Practices
The Federal Housing Finance Agency yesterday directed Fannie Mae and Freddie Mac to prohibit servicers from being reimbursed for expenses associated with captive reinsurance arrangements.
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Commercial/Multifamily News
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CMBS Fundamentals Show Continued Improvement
Commercial mortgage-backed securities market fundamentals continue to improve, several ratings agencies reported.
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Dealmaker of the Day
Love Funding, Washington, D.C., closed a $32.1 million construction-to-permanent loan for a Lakewood, Colo. apartment community under development.
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MISMO Winter Summit in New Orleans Jan. 13-17
The MISMO Winter Summit takes place Jan. 13-17. Make your plans; pack your bags--New Orleans awaits.
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Upcoming MBA Education School of Mortgage Banking Courses
For more than 60 years, industry professionals have looked to the Mortgage Bankers Association?s School of Mortgage Banking, providing essential knowledge and skills necessary to be competitive in an industry undergoing constant change.
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MBA DataBook: Independent Lenders Gained Market Share in 2012
Data from the recently released Mortgage Bankers Association 2012 Residential Originations DataBook show more than 7,400 financial institutions originated mortgage loans of one type or another in 2012, totaling 9.2 million loans.
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"Lenders with the skills and the capital should be in a position to make their own choices about how, when, where and to whom to sell their production, based on their core competencies and other strategic objectives."
--MBA Chairman-Elect Bill Cosgrove, CMB, in testimony yesterday before the Senate Banking Committee.

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