Thursday, September 10, 2009

Mortgage Bankers Association - "MBA: Don't Include Cram Down in Regulatory Reform" (9-10-09)

Allowing judges to retroactively modify borrowers' mortgage balances will destabilize a mortgage market that desperately needs stability right now. "

Los Angeles Times - "
Economy is stabilizing but still fragile, Fed says" (9-10-09)

"An economic recovery may well have arrived, but a Federal Reserve report released Wednesday shows just how varied it is proving to be by industry and region. The mixed picture underscores how fragile the economy remains. While growth overall may have resumed, the nation is still vulnerable to new shocks as long as there are such large pockets of weakness."

Washington Times - "Frank Bemoans Pace of Housing Help" (9-10-09)

"Unless there is significant progress under the government's Making Home Affordable program during the next few months, legislation to allow bankruptcy judges to modify mortgages should be revived, Rep. Barney Frank (D-Mass.) said during a House subcommittee hearing. Legislation allowing 'cramdowns' narrowly passed the House earlier this year, but was rejected by the Senate."

Inman - "Homes selling for closer to list price" (9-10-09)

"U.S. homebuyers paid 3.3 percent less than listing price, on average, during July -- a smaller discount than the 3.5 percent average in June and 4.6 percent in January, listing and valuation site said."

USA Today - "Bankruptcy filings up 22% in August vs. last year" (9-10-09)

From January to August, national bankruptcy filings reached 954,911, up from 703,732 in the same period of 2008, according to Automated Access to Court Electronic Records. In August, filings were up 22% compared with August 2008."

Bloomberg - "U.S. Foreclosure Filings Top 300,000 for Sixth Straight Month" (9-10-09)

Foreclosure filings in the U.S. exceeded 300,000 for the sixth straight month as job losses that boosted the unemployment rate to a 26-year high left many homeowners unable to keep up with their mortgage payments. A total of 358,471 properties received a default or auction notice or were seized last month, according to data provider RealtyTrac Inc. That’s up 18 percent from a year earlier, and down 0.5 percent from July, the Irvine, California-based company said in a statement. One in 357 households received a filing."

Wall Street Journal - "Mortgage-Aid Plan Gets Tepid Results" (9-10-09)

"Just 12% of eligible borrowers have started trial loan modifications under the Obama administration's $75 billion mortgage foreclosure prevention plan, according to a Treasury report released Wednesday."

Reuters - "BofA says still in talks to exit government pact" (9-10-09)

"Bank of America has been negotiating how much it must pay for an agreement -- part of a $20 billion bailout for the firm -- in which the government said it would share losses on $118 billion of toxic assets."
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