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JPMorgan shareholder meeting attracts protesters

Advocacy groups from California and New York traveled all the way to Tampa to speak out against what they perceive to be JPMorgan's failing foreclosure and lending practices during the company's latest shareholder meeting.

Pacific Union Financial hires Scott Conradson as EVP of loan servicing

Irving-based Pacific Union Financial hired Scott Conradson as executive vice president of mortgage servicing.

Top housing markets for the next five years

National home prices are down 29.1% since their Q1 2006 peak, writes Business Insider. But over the next five years they are expected to rise 3.9%, according to the latest CoreLogic Case-Shiller report.

http://www.businessinsider.com/best-housing-markets-for-five-years-2013-5

Business Insider

Mamta Badkar

Home values rise 5% for sixth consecutive month

Home values jumped 5.2% from last year in the latest Zillow report for April. The last time home values reached this point was 2004.

STRATMORE Group, CFI Group design mortgage survey

CFI Group, a technology and analytics firm, partnered with mortgage industry advisory firm STRATMOR Group to create MortgageSAT, which allows lenders to measure borrower satisfaction.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.13818

MortgageOrb

Staff

Enterprise Bank & Trust acquires Gorman & Gorman Home Loans

St. Louis, Mo.-based Enterprise Bank & Trust acquired the operating assets of Gorman & Gorman Home Loans, bringing over 30 mortgage producers, underwriters and operations staff.

Fannie Mae stock feeds off hefty profits

Fannie Mae common shares rose more than 400% over the past three months, and its most widely preferred shares went from less than $2 per share to more than $5 within the past two months.

http://www.cnbc.com/id/100754423?__source=mnd|news|&par=mnd

CNBC

Diana Olick

Investors look to Fed for aggressive QE clues

Traders seem desperate to spin every Fed pronouncement hawkishly, so investors will be listening for clues about the possible winding down of QE when FOMC minutes are released this week.

http://www.cnbc.com/id/100754252?__source=mnd|news|&par=mnd

CNBC

Bob Pisani

BofA MBS suit will be solely weighed by judge

A New York state judge said that she alone, and not a jury, will decide if Bank of America can go through with an $8.5 billion mortgage-backed securities settlement.

http://www.law360.com/realestate/articles/443021?nl_pk=9925eb59-a92b-425d-8fb6-ac10791892d6&utm_source=newsletter&utm_medium=email&utm_campaign=realestate

Law360

Eric Hornbeck

New CitiMortgage CEO could bring mortgage push

Now that CitiMortgage has a new CEO, the mega-bank could shift its focus to greater mortgage growth, an article in American Banker reports.

http://www.americanbanker.com/issues/178_97/citigroup-shuffle-fraser-replaces-das-as-mortgage-chief-1059260-1.html?pg=1

American Banker

Maria Aspan

FINRA’s Ketchum addresses investor confidence

FINRA has taken steps to focus on various opportunities in the ever-evolving market in order for investors to regain confidence. However, there is still more that can be done.

Hardest-hit states record the most relief from servicers

States hit hard by foreclosures benefited the most from the $25 billion national mortgage settlement, according to data released by Joseph Smith, an independent monitor overseeing the distribution of aid.

QM likely to shrink mortgage lending space

"As the mortgage market strengthens, the rule should provide appropriate safeguards without becoming a straightjacket," said Kelly Cochran, assistant director for regulations with Consumer Financial Protection Bureau.

Checkmate: Jamie Dimon defeats proposal to split his role

A shareholder proposal to split the roles of chairman and CEO at mega bank JPMorgan Chase was defeated, allowing Jamie Dimon to hold on to his current titles.

Alabama real estate company resolves discrimination claims

LLB&B, a Mobile, Ala.-based real estate company, will pay $29,000 to settle claims that one of its agents denied a home tour to a prospective buyer because he is African American.

The biggest hedge funds list their favorite stocks

The world's biggest hedge funds have reported their first quarter 2013 ownership reports, which includes stocks that they find most attractive. The list features heavy hitters such as Nationstar Mortgage and JPMorgan Chase.

http://www.businessinsider.com/hedge-funds-top-49-stocks-2013-5#

Business Insider

Rob Wile

Housing inventory shortage lifts prices

"While many were predicting that REO and the 'shadow inventory' would keep real estate markets depressed, in reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions," said Tom O’Grady, CEO of Pro Teck Valuation Services.

G-fee hikes will lead to private-label market comeback: Barclays

G-fees are expected to rise at the very least by 10 to 15 basis points before the private-label market can start making further inroads into the GSEs' market share, Barclays said.

Servicers distributed $50.63 billion through National Mortgage Settlement

Servicers that took part in the 2012 National Mortgage Settlement have since distributed $50.63 billion in relief to more than 620,000 homeowners, Joseph Smith, the independent monitor overseeing the Office of Mortgage Settlement Oversight reported Tuesday.

NY property sells for $800 per buildable square foot

Brock Emmetsberger, a broker at Massey Knakal Realty Services, said the previous record in Chelsea was set in 2007 at more than $500 a square foot.

http://online.wsj.com/article/SB10001424127887323582904578489460273565032.html

The Wall Street Journal

Josh Barbanel

GSEs remind servicers to revisit disaster relief policies after tornado devastation

Fannie Mae and Freddie Mac will tap into their existing servicer guidelines to assist homeowners in the wake of the tragic storms that struck Oklahoma and surrounding areas Monday.

Freddie Mac to charge mortgage servicers for low activity

Freddie Mac is telling mortgage servicers to expect a $7,500 fee for not selling at least $5 million in unpaid principal balance per year to the government-sponsored enterprise.

Fannie, Freddie exempt from Michigan tax

Both Fannie Mae and Freddie Mac are exempt from Michigan's state and local real estate transfer taxes, an article in Bloomberg reports.

http://www.bloomberg.com/news/2013-05-20/fannie-mae-freddie-mac-exempt-from-michigan-transfer-tax.html

Bloomberg

Andrew Zajac

Hibernian Pacific scoops up residential properties

Equity firm Hibernian Pacific Holdings purchased a portfolio of 45 single family attached and detached residential properties in DeKalb County, Ga.

http://www.privateequitywire.co.uk/2013/05/20/184613/hibernian-pacific-buys-45-residential-properties-georgia

Private Equity Wire

Staff

Recovering housing market buoys The Home Depot earnings

"In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business," said Frank Blake, chairman & CEO of The Home Depot.

RE/MAX founder to be featured in live webinar

RE/MAX Co-founder and Chairman Dave Liniger will be featured on the live webinar series, Secrets of Top Selling Agents, on Wednesday, May 22.

United Guaranty names Brian Gould COO

Mortgage insurer United Guaranty Corp. promoted Brian Gould to the position of chief operating officer.

Big MSR swap with MountainView offering millions in agency product

Advisory firm MountainView Servicing Group is managing the sale of a $755 million Fannie Mae servicing portfolio along with another portfolio comprised of $395 million in Fannie Mae and Freddie Mac loans.

Housing begins to directly contribute to economy

The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D’Vari.

Investors should strike on agency MBS, but remain cautious: BofAML

Investors should take advantage of the agency MBS weakness, but remain cautious on derivatives and specified where housing strength and policy risk is eroding prepayment reduction, Bank of America Merrill Lynch said.

Up-front risk sharing will lure in private capital: MBA

To entice investors back into the market the FHFA should require the GSEs to offer risk sharing options to lenders at the entry point rather than on the back end after loans have been delivered to the enterprises, the MBA said.

Housing will reaccelerate economic growth: Fannie Mae

The slow in economic activity is partly due to ongoing fiscal drags, including the budget sequester. However, a modest reacceleration is expected in the second half of this year, as the housing market continues to gain traction, Fannie Mae said in a new report.

Monday Morning Cup of Coffee: Investors keep sights on real estate

Private equity firms continue to show interest in residential real estate, with Hibernian Pacific Holdings recently buying a portfolio of 45 single-family attached and detached homes in DeKalb County, Ga.

Proposed Ginnie Mae policy may increase buyouts

This week Ginnie Mae proposed a change to its general buyout policy. A key component would be to allow partial payments to advance rather than reset the borrower’s delinquency status, RBS said.

Reverse mortgage legislation approved by Texas House

The Texas House of Representatives approved legislation on reverse mortgages this past week. The potential law would amend the Texas Constitution to authorize the "Reverse Mortgage for Purchase" program in Texas while enhancing consumer disclosure requirements for all reverse mortgage loans in Texas.

Investors find private-label RMBS facing rep and warrants issues attractive

With settlements on representation and warranty violations in nonagency RMBS beginning to pick up momentum, investors are becoming more comfortable with pricing the potential recovery cash flow from a settlement or loan repurchase.

Housing looks even better today than yesterday

"When combing through the GDP accounts, we estimate that total housing-related spending—beyond
just residential construction—accounts for a much larger share of the economy than some market participants currently may believe," Deutsche Bank analysts write.

Flagstar CEO steps down, moves to his old position

An executive shake-up swept through Flagstar Bancorp this week. The Michigan-based firm says current CEO and President Michael Tierney is stepping down from the top job and returning to his previous position, executive vice president of personal financial services. Taking his place is Alessandro DiNello, who was named CEO and president.

Fed may cut Treasurys before ending MBS purchases

When the Fed begins tapering its asset purchases, Treasurys will be cut first as there is widespread belief that the stimulative per-dollar effect of MBS purchases is larger, Goldman Sachs said.

Analyst says take advantage of dismal housing reports

In a recent homebuilding note, Jay McCanless, an analyst for Sterne Agee, encourages investors to take advantage of the weakness created by national housing reports. The analyst recommends buying Meritage Homes, D.R. Horton and The Ryland Group.

FHFA director nomination may be pushed to back burner

The IRS scandal brewing in Washington D.C. may prompt Senate Republicans to put Rep. Mel Watt’s nomination to lead the FHFA on the back burner for now, analysts with Compass Point Research & Trading said this week.

Bid list indicates first signs of GSE risk reduction

Investors have been focused on a relatively large $1 billion bid list announced this week. While there has been no official confirmation, it appears probable that this represents the first structure of the enterprise risk reduction mandated by FHFA, Interactive Data said.

Lots of chatter over the HECM program without a clear solution

The reverse equity debate inside the Rayburn House Office Building reached a boiling point Thursday as representatives from the Federal Housing Administration listened to lawmakers fire off questions about the importance, or lack thereof, of the reverse mortgage program.

VIDEO: HW's Jacob Gaffney discusses Texas housing on The Willis Report

HousingWire Executive Editor Jacob Gaffney discusses the Texas real estate rebound on The Willis Report.

Freddie Mac: Housing is the juice of the recovery

"Household formations are expected to gradually rise to a 1.2-to-1.4 million annual pace in coming years, supporting a sustained level of construction," said Freddie Mac Vice President Frank Nothaft.

CFPB channels YouTube to help lenders with compliance

Compensating for the surge in mortgage rules, the Consumer Financial Protection Bureau released a handful of YouTube videos outlining various aspects of the new rules.

First-time homebuyers face harsh housing realities

Generation Y is saddled with student debt, but they still desire homeownership. And what they're looking for in a house may surprise you.

Scott Stratten: The number #1 reason to attend Real Estate Expo

Normally, just about everything social media guru and consultant Scott Stratten says is worth repeating, but this time doubly so.

Chris Brown is the neighbor listing agents love to hate

Every real estate agent has one – a homeowner living next to a listed property where the owner clearly has bad taste and ends up driving down curbside appeal and costing agents potential buyers. In the Hollywood Hills, Chris Brown is that guy.

Mass media takes MERS by storm and misses the big picture

Most housing publications – especially those focused on mortgage finance – have been covering the Mortgage Electronic Registration Systems issue for well over two years. And many judges across the nation have already weighed in on major MERS issues, but that's not stopping the mass media from turning MERS into another political thriller.

Earnings impact American/British stock exchanges very differently

Ken Elgarten of Société Générale said in a commentary on the US credit environment: "Earnings season winding down, with more than 90% of the S&P 500 companies reporting Q1 results with roughly 75% of those either meeting or beating forecasts."

Overbuilding in New York upsets market balance

From 2000 to 2010, new housing production exceeded household growth in the New York MSA. Net annual housing unit growth reached 0.6%, far greater than the corresponding population and household growth rates of 0.3% and 0.3%, respectively, according to the Census.

The insanity of the independent foreclosure review settlement

When New York Attorney General Eric Schneiderman pounced on Wells Fargo and Bank of America for violating terms of the $25 billion national mortgage servicing settlement, it became clear the mortgage finance system is perennially buried in quicksand – and no one is committed to its long-term rescue.

BofA shareholder gives Moynihan an earful

At Bank of America's shareholder meeting, a single shareholder suggested it might not be such a bad idea for the bank to put together an independent review system for its mortgage servicing operations.

Five things homebuyers need to know

All signs point to a housing bubble, FOX Business Network anchor Gerri Willis claims in a new report. Willis, who authored Home Rich, is prepping for a day-long special on the U.S. housing market on May 10th. To kick off discussions, Willis released a list of five things every homebuyer needs to know.

Ouch: The Daily Show takes down MERS, OCC

The Daily Show with Jon Stewart last night applied its unique brand of comical genius to a public/private sector takedown of certain elements of the national foreclosure settlement.

Mortgage market of the past may hold some clues for the future

We are all well aware of the extent to which GSEs and FHA currently provide liquidity to the U.S. mortgage market. I suspect consensus on this development is that it is far from ideal. Private, not public, capital should be supporting the mortgage market at least more than it does today.

Student loan debt situation mirrors the housing market

Student loan debt has caught the eye of the government, but coincidentally, some of the suggested solutions for education debt are beginning to mirror the housing market.

Cyber hackers: the modern Bonnie and Clyde

In the past, banks only had to worry about keeping their physical buildings safe and secure, but now, banks are required to bolster their cyber security to protect against eminent attacks from anonymous perpetrators.

CoreLogic home prices jump more than 10%, but it's no bubble

This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally. Experts predict prices will keep going up.

Doing the same thing over and over

This week at the Mortgage Bankers Association National Secondary conference there was a panel entitled "The Role of Rating Agencies and the Re-emergence of the Private Label RMBS Market". As I sat down to listen to the discussion I was reminded of what Albert Einstein has said "insanity: doing the same thing over and over and expecting different results".

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