Rainy Tuesday Real Estate Reading

Housing Rainy Tuesday Real Estate Reading

More Proof of Obama Mortgage Settlement Lies: Woefully Underresourced Investigation Not Fully Staffed Yet - Yves Smith

Speech by FHFA acting director Edward DeMarco - CR

As I have noted the NPV results alone are not the sole basis for the decision on whether the Enterprises should pursue principal forgiveness.One factor that needs to be considered is the borrower incentive effects. That means, will some percentage of borrowers who are current on their loans, be encouraged to either claim a hardship or actually go delinquent to capture the benefits of principal forgiveness?

It is difficult to model these borrower incentive effects with any precision. What we can do is give a sense of how many current borrowers would have to become “strategic modifiers” for the NPV economic benefit provided by the HAMP triple PRA incentives to be eliminated. In this context, a “strategic modifier” would be a borrower that either claims a financial hardship or misses two consecutive mortgage payments in order to attempt to qualify for HAMP and a principal forgiveness modification.

DeMarco: GSEs would save $1.7bn through HAMP principal reductions – HousingWire

Feds to propose new mortgage-lending rules to help avoid foreclosures – AP

The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements and warn borrowers about interest rate or insurance change.

The mortgage servicers would also be required to make “good-faith efforts” to contact borrowers at risk of foreclosure and give them options to avoid losing their homes. There are also stipulations for improving record-keeping and providing foreclosure counseling to those who need it.

Economy

California teachers’ pension plan shortfall grows – SF Gate

The unfunded liability climbed 13 percent to $64.5 billion as of June 30, according to a report from actuaries released Monday. The system had about 69 percent of assets needed to cover promises to current and future retirees at the end of fiscal 2011, down from about 71 percent a year earlier.

Congressional panel launches probe of California’s high-speed rail project – LA Times

How Computers Are Creating a Second Economy Without Workers – The Atlantic

The Real Consumer Credit Story: Virtually No Recovery in Revolving Credit, No Recovery in Non-Revolving Credit - Mish

Apple: 36% Of S&P500 Q1 Earnings – Zero Hedge

Misc.

Why Obama’s JOBS Act Couldn’t Suck Worse – Matt Taibbi

In Debt To The Alumni - Andrew Sullivan

Bike riding needs rules – SF Gate

Why Facebook bought Instagram – Counterparties

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Greg Fielding

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J. Rockcliff Realtors

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Danville, CA 94526

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About Greg Fielding

I am a longtime real estate agent who has pretty much seen it all during the housing boom as bust. With experience in selling high-end property and low-end foreclosures, raw land, short sales, development work, apartment buildings, and working with investors, I bring a well-rounded perspective to my work.I also have started to do some paid real estate consulting. If you have questions or just need some good real estate advice, book an appointment at http://whattodorealestate.com/In addition to selling real estate, my insights have been featured in The New York Times, The Big Picture, and regularly on Patrick.net. I have also done consulting work with ForeclosureRadar.Starting my career, in 2003, I have sold homes throughout Alameda and Contra Costa counties, specializing in Danville, Alamo, Blackhawk, San Ramon, Dublin, Pleasanton, Walnut Creek, Lafayette, and Orinda. I live in Danville with my three kids.


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