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SUBSCRIBE ? Volume 12 | Issue 30 | Wednesday, February 13, 2013
The Lede
Mortgage Applications Down in MBA Weekly Survey
Mortgage applications fell by more than 6 percent last week as key interest rates hit their highest rates in five months, the Mortgage Bankers Association reported this morning in its Weekly Applications Survey for the week ending Feb. 8.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News

Obama Urges Action on Broad Agenda
Wall Street Journal, Feb. 13, 2013--Nicholas, Peter; Nelson, Colleen McCain
In State of the Union address, President Obama repeats his call for reducing budget deficit throush spending cuts, tax hikes.
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Easy Ride Expected for Jack Lew at Confirmation Hearing
National Journal, Feb. 12, 2013--Chokshi, Niraj
Treasury nominee could face tough questions from GOP senators but is expected to be confirmed.
(More)

More U.S. Mortgage Holders Keep Up with Payments
NPR, Feb. 12, 2013
TransUnion said tigher lending criteria has resulted in better borrowers.
(More)

Judge Rejects Wells Fargo Bid to Escape Mortgage Suit
Reuters, Feb. 12, 2013
District Judge Rosemary Collyer turned down Wells Fargo's assertion that lawsuit conflicted with earlier settlement.
(More)

Obama's Mortgage Crisis Working Group Falls Short of Billing
Huffington Post, Feb. 12, 2013--Stein, Sam; Grim, Ryan
A year after its creation, critics call the Residential Mortgage-Backed Securities Working Group a "disappointment."
(More)

Corporate America's Cash Hoard Continues Growing
Wall Street Journal, Feb. 12, 2013--Vigna, Paul
Companies cash set-asides running 3.2 percent ahead of third quarter and 4.1 percent higher from a year ago.
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Residential Finance News

Report: Only Half of Originations Today Would Qualify for QM
CoreLogic, Santa Ana, Calif., said less than half of total mortgage originations today would qualify under the Consumer Financial Protection Bureau's Qualified Mortgage rule if there were no exemption for the government-sponsored enterprises.
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Residential Briefs
HUD said it would hold a conference call this Friday, Feb. 15 to discuss questions related to FHA?s Home Equity Conversion Mortgage consolidation policy content and implementation of these changes.
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Commercial/Multifamily News

Consensus Projection: Steady Increase in Construction
Commercial construction activity should see a "solid, yet measured" increase of 5 percent this year, reported a survey of construction forecasters.
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Dealmaker of the Day
The Alison Co., Newport Beach, Calif., secured $10.1 million for a Southern California portfolio consisting of one retail asset, two industrial assets and one church facility.
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MBA News

CampusMBA Free Members-Only Webinar on New CFPB Servicing Rules Tomorrow
CampusMBA, the education arm of the Mortgage Bankers Association, will host a free, members-only webinar this Thursday, February 14, from 2:00-3:30 p.m. ET to provide an overview of the Consumer Financial Protection Bureau's new final mortgage servicing rules.
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MBA National Mortgage Servicing Conference & Expo Feb. 19-22
You still have time to register for the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo, Feb. 19-22 at the Gaylord Texan in Dallas.
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Participate in MBA 2013 Residential Mortgage Banking Compensation Survey
The Mortgage Bankers Association encourages mortgage lenders and servicers to participate in the 2013 Residential Mortgage Banking Compensation Survey Program, developed and administered by McLagan.
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Stat




Quote

"The impact of QM in the short-to-medium term will be small and ironically reinforces the role the GSEs play in the market."
--Sam Khater, analyst with CoreLogic, Irvine, Calif.

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

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