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SUBSCRIBE ? Volume 11 | Issue 150 | Friday, August 3, 2012
The Lede
Owning Vs. Renting: Exploring Why and How
Owning versus renting: two reports this week explore the thought process behind consumers making that decision--and when and where it makes most sense.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News

Regulators Give Borrowers More Time for Foreclosure Review
American Banker (08/03/12) Borak, Donna
U.S. regulators on Aug. 2 announced that they will, for the second time, grant homeowners who may have been wrongfully foreclosed upon more time to get an independent audit. The Office of the Comptroller of the Currency and the Federal Reserve Board extended the deadline for borrowers to submit requests for foreclosure reviews to Dec. 31. They previously had extended it until July 31.
(More)

Mortgage Lenders May Be Easing Their Standards, But Not for Everyone
Washington Post (08/03/12) Harney, Kenneth R.
As home prices begin to rise and loans originated over the last few years continue to perform, lenders may relax underwriting rules -- especially if the jobless rate declines. However, experts say the loose standards of 2005 and 2007 are a thing of the past. Upcoming changes in Fannie Mae's automated underwriting system, meanwhile, could actually make it more difficult for some applicants -- condominium buyers, in particular -- to tie down financing.
(More)

FHA Finances Said to Rebound on Higher Premiums, Loan Volume
Bloomberg (08/03/12) Benson, Clea
Bloomberg sources say the FHA may end the fiscal year with an estimated $3 billion in reserves due to premium hikes and higher loan volume. HUD officials on Aug. 2 noted this turnaround to Capitol Hill legislators as Democrats continue to push for a Senate vote on Carol Galante's nomination to head the agency. She has been acting head of FHA, which is overseen by HUD, for more than a year.
(More)

State Settles on Forgeries by Servicer of Mortgages
New York Times (08/03/12) P. B8
Missouri Attorney General Chris Koster confirms that the state has reached a settlement with DocX over criminal accusations that the mortgage services provider used fake signatures on paperwork to expedite home foreclosures. Under the accord, DocX parent Lender Processing Services will pay Missouri $1.5 million and reimburse Koster's office $500,000 for the cost of the investigation.
(More)

Veterans Omnibus Bill Contains Key Changes to VA Loan Program
Huffington Post (08/02/12) Birk, Chris
The Honoring America's Veterans and Caring for Camp Lejeune Families Act, encompassing major revisions to the VA Loan Guaranty program, has been endorsed in both chambers of Congress and sent to the president. If signed into law, the measure will expand home loan benefits to more surviving spouses; ease occupancy requirements to help single-parent veterans qualify for mortgage financing under the program; and bring back higher VA loan limits in expensive housing markets, among other changes.
(More)


Residential Finance News
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Treasury, HUD Press DeMarco on Principal Reduction
The Obama administration expressed disappointment with a decision this week by the Federal Housing Finance Agency to reject a Treasury Department request to forgive principals on delinquent mortgages guaranteed by Fannie Mae and Freddie Mac.
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Call for Proposals for MBA National Mortgage Servicing Conference & Expo 2013; Deadline Today
The Mortgage Bankers Association is accepting proposals to present at its National Mortgage Servicing Conference & Expo, Feb. 19-22 in Dallas. Proposal deadline is today, Friday, Aug. 3.
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Residential Briefs
Fannie Mae opened an extension of its Los Angeles Mortgage Help Center in the Inland Empire region of California to provide free education and counseling services to homeowners.
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Commercial/Multifamily News
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Report: Economic Slowdown Could Turn Commercial Real Estate 'Sluggish'
A report from Cassidy Turley, Washington, D.C., said a U.S. economy "stuck in a slow growth gear" could hamper commercial real estate growth over the next year.
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Dealmaker of the Day
Cushman & Wakefield, New York, arranged $130 million in financing for properties in New York and Atlanta.
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MBA News
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MBA Risk Management/Quality Assurance Forum Sept. 9-11
The Mortgage Bankers Association's Risk Management & Quality Assurance Forum takes place Sept. 9-11 at the Omni Dallas Hotel.
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CampusMBA Accepting Applications to Path to Diversity Scholarship Program
CampusMBA, the education division of the Mortgage Bankers Association, is accepting applications for its Path to Diversity Scholarship Program.
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MISMO Educational Summit & Workshop Sept. 17-21
Registration is now open for the MISMO Fall Educational Summit and Workshop (formerly known as the Trimester Workshop), taking place Sept. 17-21 at the Hyatt Regency Crystal City in Arlington, Va.
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"This economic recovery has been merciless when choosing winners and losers. The winners are the well-located Class A assets; the losers are essentially everything else."
--Kevin Thorpe, chief economist with Cassidy Turley, Washington, D.C.
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