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Posts Tagged ‘market’

10 Tips For Getting A Fair Price On A Home

Whether it’s a buyer’s market or a seller’s market, all homebuyers have one thing in common: they don’t want to get ripped off. But how do you know if you’re getting a fair deal on the home you’re prepared to place an offer on? Read on to find out how to evaluate the price of any home so you can make a sound investment decision.

1. Research Recently Sold Comparable Properties

A comparable property is one that is similar in size, condition, neighborhood and amenities. One 1,200-square-foot, recently remodeled, one-story home with an attached garage should be listed at roughly the same price as a similar 1,200-square-foot home in the same neighborhood. That said, you can also gain valuable information by looking at how the property you’re interested in compares in price to different properties. Is it considerably less expensive than larger or nicer properties? Is it more expensive than smaller or less attractive properties? Your real estate agent is the best source of accurate, up-to-date information on comparable properties (also known as “comps”). You can also look at comps that are currently in escrow, meaning that the property has a buyer but the sale is not yet complete.

 

2. Check Out Comparable Properties That Are Currently on the Market

In this case, you can actually visit other homes and get a true sense of how their size, condition and amenities compare to the property you’re considering buying. Then you can compare prices and see what seems fair. Reasonable sellers know that they must price their properties similarly to market comparables if they want to be competitive.

 

3. Look at Comparables That Were on the Market Recently but Didn’t Sell

If the house you’re considering buying is priced similarly to homes that were taken off the market because they didn’t sell, the property you’re considering may be overpriced. Also, if there are a lot of similar properties on the market, prices should be lower, especially if those properties are vacant. Check out the unsold inventory index for information about current supply and demand in the housing market. This index attempts to measure how long it will take for all the homes currently on the market to be sold given the rate at which homes are currently selling.

 

4. Consider Market Conditions and Appreciation Rates in the Area

Have prices been going up recently or going down? In a seller’s market, properties will probably be somewhat overpriced, and in a buyer’s market, properties are apt to be underpriced. It all depends on where the market currently sits on the real estate boom-and-bust curve. Even in a seller’s market, properties may not be overpriced if the market is on the upswing and not near its peak. Conversely, properties can be overpriced even in a buyer’s market if prices have only recently begun to decline. Of course, it can be difficult to see the peaks and valleys until they’re history. Also consider the impact of mortgage interest rates and the job market on the economy.

 

5. Are You Buying a For-Sale-by-Owner Property?

A for-sale-by-owner (FSBO) property should be discounted to reflect the fact that there is no 6% (on average) seller’s agent commission, something that many sellers don’t take into consideration when setting their prices. Another potential problem with FSBOs is that the seller may not have had an agent’s guidance in setting a reasonable price in the first place, or they may have been so unhappy with an agent’s suggestion that they decided to go it alone. In any of these situations, the property may be overpriced.

 

6. What Is the Expected Appreciation for the Area?

The future prospects for your chosen neighborhood can have an impact on price. If positive development is planned, such as a major mall being built, the extension of light rail to the neighborhood, or a large new company moving to the area, the prospects of future home appreciation look good. Even small developments like plans to add more roads or build a new school can be a good sign. On the other hand, if grocery stores and gas stations are closing down, the home price should be lower to reflect that, and you should probably reconsider moving to the area. The development of new housing can go either way – it can mean that the area is hot and is likely to be in high demand in the future, increasing your home’s value, or it can result in a surplus of housing, which will lower the value of all the homes in the area.

 

7. What Is Your Real Estate Agent’s Opinion?

Without even analyzing the data, with years of experience, your real estate agent is likely to have a good gut sense of whether the property is priced appropriately or not and what would be a fair offering price.

 

8. Does the Price Feel Fair to You?

If you’re not happy with the property, the price will never seem fair, even if you get a bargain. Even if you pay a little over market value for a home you love, in the end, you won’t really care.

 

9. Test the Waters

Even in a seller’s market, you can always offer below list price just to see how the seller reacts. Some sellers list properties for the lowest price they’re willing to take because they don’t want to negotiate, while others list their homes for higher than they expect to earn because they expect to negotiate downward or they want to see if someone will make an offer at the higher price. If the seller accepts your price or counteroffer, you’ll get an indication that the property probably wasn’t worth what it was listed for and you have a good chance at getting a fair deal. On the other hand, some sellers may underprice their properties in the hope of generating lots of interest and sparking a bidding war. Unlike on eBay, however, the seller doesn’t have to simply sell to the highest bidder: sellers can reject any and all offers that don’t meet their expectations. If you have your heart set on the property, be warned that some sellers may be offended by lowball offers and refuse to work with you if you chose to employ such a tactic. Also, when you offer less than the list price, you may increase your risk of being outbid by another buyer.

 

10. Get an Appraised Value and a Home Inspection

Once you’re under contract, the lender will have an appraisal of the property done (usually at your expense) to protect its financial interests. The lender wants to make sure that if you stop making your mortgage payments, it’ll be able to get a reasonable amount of its money back when it forecloses (FCL) on your home. If the appraisal comes in at considerably less than your offering price, you may not be getting a fair deal. In fact, the lender may not even let you purchase the home unless the seller is willing to bring the price down. A home inspection, which is completed after you’re under contract, will also give you a way to gauge your offering price. If the home needs many expensive repairs, you’ll want to ask the seller to make the repairs for you or discount the purchase price so you can make them yourself.

 

Conclusion

When you’re shopping for a home, it’s important to understand how homes are priced so you can make a sound investment and reach a fair agreement with the seller. Using these tips, you’ll be able to make a confident and well-informed offer on any home in any market.

 

Amy Fontinelle is a freelance writer and editor with clients located across the United States and in Canada. She has written over 300 published articles and blog posts for a variety of national and local publications and websites on topics including travel, restaurants, food and drink, fitness, budgeting, credit management, real estate, investing and historic preservation. Her articles have been featured on the homepage of Yahoo! and on Yahoo! Finance, Yahoo! HotJobs, several local news websites and Forbes.com.

 

You can read more of Amy’s personal finance articles at Two Pennies Earned, her own personal finance website, and at PF Advice, one of the web’s leading personal finance blogs.

 

Posted at Yahoo.com

Mortgage Rates: BestEx Levee Bursts

Volatility attacks!

Home loan borrowing costs rose about as much as they could yesterday without having it negatively impact CURRENT MARKET Best Execution Mortgage Rate quotes.

Unfortunately borrowing costs rose further today. And the levee burst....

CURRENT MARKET Best Execution Mortgage Rates have risen. That means if you were being quoted a CURRENT MARKET "Best Execution" note rate yesterday, you will not be able to lock at the same Best Execution note rate today.

The abrupt spike in costs can be attributed to volatility in the secondary market.....

CURRENT MARKET*: The "Best Execution" conventional 30-year fixed mortgage rate has risen to 4.625%. Some lenders may still be willing to quote 4.50% but those offers are no longer widespread. Lenders quoting 4.375% are now charging at least a point.  These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs.    On FHA/VA 30 year fixed "Best Execution"  has jumped from 4.25% to 4.375% and potentially even 4.50% at some lenders (GNI pricing = better).   15 year fixed conventional loans are now best priced at 3.875%. Five year ARMs are best priced at 3.25% but the ARM market is more stratified and there is more variation in what will be "Best-Execution" depending on your individual scenario. 

PREVIOUS GUIDANCE:   As volatility continues in the secondary market, we remind rate watchers that lenders are known to price loans from a defensive stance when the broader bond market is in limbo. It might seem safer to float when lenders are defensive by default,  especially if you're able to act quickly and are somewhat flexible with respect to the risk of slightly higher closing costs, but floating is really best reserved for those operating on a longer-term timeline. This creates a buffer to allow for corrections when/if the market moves in an unfavorable direction. While a few sessions of continued loan pricing rallies could lead to a lower overall note rate offer, we've been here before and failed to see investors commit to a sustained rally in the bond market.

CURRENT GUIDANCE:   After failing on repeated occasions to extend the two-month rally, mortgage rates are acting exhausted. That means the path of least resistance is up for interest rates, at least in the short-term. That puts us in a defensive posture for the next 10 to 20 days. We are not ready to change our outlook for lower rates by the end of the summer though. This corrective behavior happened last year too, which supports our long standing view that "history is repeating itself" in the bond market.  BEWARE: This is guidance is speculative in nature. We don't have a crystal ball, we can't predict the future, we can only share our outlook. Making the following considerations extra important........................

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

   1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
   2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
   3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

SEE A CHART OF NEW YTD RATE LOWS

----------------------------

"Best Execution" is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%.  When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their "breakeven analysis" on your permanent rate buy down costs.

*Important Mortgage Rate Disclaimer: The "Best Execution" loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the "perfect borrower" category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. "No point" loan doesn't mean "no cost" loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don't forget the fiscal frisking that comes along with the underwriting process.

...(read more)

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Mortgage Rates: BestEx Levee Bursts

Volatility attacks!

Home loan borrowing costs rose about as much as they could yesterday without having it negatively impact CURRENT MARKET Best Execution Mortgage Rate quotes.

Unfortunately borrowing costs rose further today. And the levee burst....

CURRENT MARKET Best Execution Mortgage Rates have risen. That means if you were being quoted a CURRENT MARKET "Best Execution" note rate yesterday, you will not be able to lock at the same Best Execution note rate today.

The abrupt spike in costs can be attributed to volatility in the secondary market.....

CURRENT MARKET*: The "Best Execution" conventional 30-year fixed mortgage rate has risen to 4.625%. Some lenders may still be willing to quote 4.50% but those offers are no longer widespread. Lenders quoting 4.375% are now charging at least a point.  These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs.    On FHA/VA 30 year fixed "Best Execution"  has jumped from 4.25% to 4.375% and potentially even 4.50% at some lenders (GNI pricing = better).   15 year fixed conventional loans are now best priced at 3.875%. Five year ARMs are best priced at 3.25% but the ARM market is more stratified and there is more variation in what will be "Best-Execution" depending on your individual scenario. 

PREVIOUS GUIDANCE:   As volatility continues in the secondary market, we remind rate watchers that lenders are known to price loans from a defensive stance when the broader bond market is in limbo. It might seem safer to float when lenders are defensive by default,  especially if you're able to act quickly and are somewhat flexible with respect to the risk of slightly higher closing costs, but floating is really best reserved for those operating on a longer-term timeline. This creates a buffer to allow for corrections when/if the market moves in an unfavorable direction. While a few sessions of continued loan pricing rallies could lead to a lower overall note rate offer, we've been here before and failed to see investors commit to a sustained rally in the bond market.

CURRENT GUIDANCE:   After failing on repeated occasions to extend the two-month rally, mortgage rates are acting exhausted. That means the path of least resistance is up for interest rates, at least in the short-term. That puts us in a defensive posture for the next 10 to 20 days. We are not ready to change our outlook for lower rates by the end of the summer though. This corrective behavior happened last year too, which supports our long standing view that "history is repeating itself" in the bond market.  BEWARE: This is guidance is speculative in nature. We don't have a crystal ball, we can't predict the future, we can only share our outlook. Making the following considerations extra important........................

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

   1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
   2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
   3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

SEE A CHART OF NEW YTD RATE LOWS

----------------------------

"Best Execution" is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%.  When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their "breakeven analysis" on your permanent rate buy down costs.

*Important Mortgage Rate Disclaimer: The "Best Execution" loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the "perfect borrower" category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. "No point" loan doesn't mean "no cost" loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don't forget the fiscal frisking that comes along with the underwriting process.

...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Mortgage Rates: Volatility Attacks!

Home loan borrowing costs rose about as much as they could today without having it negatively impact CURRENT MARKET Best-Execution Mortgage Rate quotes.

That means if you were being quoted a CURRENT MARKET "Best Execution" note rate yesterday, your closing costs rose a bunch today, but you should still be able to close at the same Best Execution note rate. Except if you're watching 15 year BestEx quotes. Those rose to 3.875%.

Sounds a little shocking doesn't it?  It seems like just last week we were resting peacefully at new year-to-date lows.  Now all of a sudden there's chaos?

Yep. The abrupt spike in costs can be attributed to volatility in the secondary market.....

PREVIOUS GUIDANCE:   As volatility continues in the secondary market, we remind rate watchers that lenders are known to price loans from a defensive stance when the broader bond market is in limbo. It might seem safer to float when lenders are defensive by default,  especially if you're able to act quickly and are somewhat flexible with respect to the risk of slightly higher closing costs, but floating is really best reserved for those operating on a longer-term timeline. This creates a buffer to allow for corrections when/if the market moves in an unfavorable direction. While a few sessions of continued loan pricing rallies could lead to a lower overall note rate offer, we've been here before (as recently as Friday) and failed to see investors commit to a sustained rally in the bond market (today).

CURRENT GUIDANCE:      Although today's beating doesn't break longer term positive trends, it was certainly painful enough to make us question the stability of those positive trends. We'd describe this back-up as a "breather". Beware though, it's not uncommon for these "breathers" to last a few weeks.

CURRENT MARKET*: The "Best Execution" conventional 30-year fixed mortgage rate is just barely 4.50%. Lenders quoting 4.375% are now charging at least a point for that offer. These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs. 4.625% is aggressive and will likely carry no origination fees.    On FHA/VA 30 year fixed "Best Execution"  is still 4.25%.  15 year fixed conventional loans are now best priced at 3.875%. Five year ARMs are best priced at 3.25% but the ARM market is more stratified and there is more variation in what will be "Best-Execution" depending on your individual scenario. 

EXTRA PERSPECTIVE: We've been here before. Quite recently. Remember? Something similar to this "event" played out two-weeks ago (June 14th). A few days after setting YTD rate lows, loan pricing decided to throw up on itself because mortgage rates failed to commit to a sustained rally (we called it pouting).  This happened on a day when stocks managed to put together a healthy recovery rally, despite weak economic data (bond friendly data). Sounds a lot like today doesn't it? If you're not sure, the answer to that question is yes. What happened today was very similar to what happened two-weeks ago. And the market corrected shortly there-after. That provides some warmth after the beating we took place today but it doesn't mean the market will surely behave the same way it did two-weeks ago. Short-term floaters have much to lose too (gain in monthly payment), especially for higher loan amounts. We just set new YTD rate lows and now we're teetering on a shift higher in Best Execution Mortgage Rate quotes. Don't  lose your current rate quote here.  For long-term floaters, we're not ready to ring the alarm bell just yet.

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

   1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
   2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
   3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

SEE A CHART OF NEW YTD RATE LOWS

----------------------------

"Best Execution" is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%.  When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their "breakeven analysis" on your permanent rate buy down costs.

*Important Mortgage Rate Disclaimer: The "Best Execution" loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the "perfect borrower" category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. "No point" loan doesn't mean "no cost" loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don't forget the fiscal frisking that comes along with the underwriting process.

...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Gains Almost Completely Erased

MBSonMND: MBS RECAP
Open MBSonMND Dashboard
FNMA 3.5
96-27 : -0-18
FNMA 4.0
100-26 : -0-15
FNMA 4.5
104-01 : -0-10
FNMA 5.0
106-19 : -0-07
GNMA 3.5
98-07 : -0-18
GNMA 4.0
102-19 : -0-15
GNMA 4.5
105-31 : -0-09
GNMA 5.0
108-15 : -0-06
FHLMC 3.5
96-21 : -0-18
FHLMC 4.0
100-23 : -0-15
FHLMC 4.5
103-29 : -0-10
FHLMC 5.0
106-16 : -0-07
Pricing as of 4:00 PM EST
Afternoon Market Updates
A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard .
4:01PM  :  Scattered Reprices Reported. Profit Taking Not a Surprise
Scattered reprices for the worse have been reported this afternoon after profit taking pushed benchmark Treasuries through key support and almost totally erased yesterday's MBS rally. As mentioned this morning, this is not surprising given the speed and size of the recent rates rally. It isn't a sign of a bearish bias creeping into the bond market. This sort of behavior is actually to be expected ahead of a high-risk event (Employment Situation Report tomorrow morning) as investors look to secure a portion of their earnings "just in case". This should serve as a reminder of the risks associated with floating loans that must be locked on a short timeline. Even in a broader bullish trend, back-ups and reversals are always a threat.

2:33PM  :  New Mortgage Rate Watch Post
2:05PM  :  New MBS Commentary Post
1:52PM  :  Moody's Issues Warning on U.S. Credit Rating
Besides profit taking and intraday stock market volatility, which we view as the main culprits, here is another reason why bonds are selling today: (Reuters) - Moody's Investors Service said on Thursday there is a very small but rising risk of a short-lived default by the United States if there is no increase in its statutory debt limit in coming weeks. In a statement, Moody's said if there is no progress in increasing the debt limit, it would expect to place the Aaa sovereign credit rating on review for a possible downgrade. "If the debt limit is raised and default avoided, the Aaa rating will be maintained. However, the rating outlook will depend on the outcome of negotiations on deficit reduction," Moody's said.
1:31PM  :  Banks and Housing Groups Oppose QRM
(Reuters) - Bankers and housing advocates have joined together in a strange-bedfellows alliance to push back against a proposal from U.S. regulators the groups argue will make it more difficult for Americans to afford a home. The proposal, required by the 2010 Dodd-Frank financial reform law, calls for lenders to keep a portion of all but the safest mortgages on their books, rather than passing them off to the secondary market. A wide array of industry and consumer groups and politicians say regulators have gone too far in defining the safest mortgages, particularly a 20 percent down payment requirement. "What is proposed here by the regulatory agencies will most definitely throw a wet rag on housing recovery in this country," John Taylor, chief executive of the National Community Reinvestment Coalition, said at a news conference on Thursday. Mortgages that meet strict underwriting standards are exempt from the risk-retention requirement. These exempt loans are known as Qualified Residential Mortgages (QRM). On Wednesday the housing and lending groups took particular aim at that requirement, arguing that coming up with such a down payment will be difficult for most borrowers. The regulators' proposal comes in response to widespread criticism that lending standards became too lax in the run-up to the financial crisis because loans were bundled together and sold as securities. Critics argue that the originator of the loan or the firm creating the security had little stake in whether the loan performed because it was being sold to investors. READ MORE: http://www.mortgagenewsdaily.com/05312011_housing_reform_qrm.asp
1:16PM  :  ALERT: Support Broken. Negative Reprices Possible
So much for "settling into a range"....Stocks are staging a corrective comeback which has pushed benchmark TSYs through key support at 3.00% and led production MBS coupon prices to new intraday lows . Reprices for the worse are possible at these levels, especially on note rates below 4.75%. This sort of behavior is to be expected ahead of a high-risk event (Employment Situation Report tomorrow morning) as investors look to secure a portion of their earnings "just in case" data surprises to the upside. This should serve as a reminder of the risks associated with floating loans that must be locked on a short timeline. Even in a broader bullish trend, back-ups and reversals are always a threat.
12:39PM  :  Stock Lever Slows Selling in Bonds. For Now....
After a choppy morning filled with profit taking and position squaring, trading activity is beginning to taper off into the lunch hours. Sudden ntraday stock declines have aided our cause as a "risk off" sentiment is preventing rates from extending early session weakness. Production MBS coupons actually attempted a recovery rally late this morning when the floor fell from underneath equities, but once again profit taking and pre-auction (next week) curve steepeners have put a stop to that move. In the heat of the moment, one hair-trigger lender actually recalled and repriced for the better (FAMC), but they were alone in that action. Both benchmark TSYs and MBS seem to be settling into a range now, below yesterday's best levels but above key technical support. While the market appears to be lulling itself to sleep, the day is only half-way done and volatility is always on the table ahead of a high-risk event: The Employment Situation Report tomorrow morning. Stay tuned for further developments.
11:20AM  :  New MBS Commentary Post
11:11AM  :  Treasury Announces Next Week's Auction Supply
Next week's Treasury auctions will include $32 bln in 3 year notes on Tuesday, $21 bln of reopened 10yr notes, and $13 bln of reopened 30yr bonds. While the $32 bln in 3's is unchanged from the last 3yr auction, 10's and 30's are reduced by $3 bln versus their previous offerings. This is not part of a trend or even that uncommon for 10's and 30's, as each have seen these amounts in the recent past. But 3 yr notes have not dipped below $32 bln in over a year, so that's where markets will continue to watch for a shift in supply that they actually read something into.

Featured Market Discussion
A recap of the featured comments from the Live Discussion on the MBSonMND Dashboard .
Adam Quinones  :  "the rejection or liquidation of longs is indicative of a neutralization of sentiment"
Adam Quinones  :  "it basically means the market just rejected the hell out of yesterdays rally...but in reality this is VERY normal behavior before NFP"
Adam Quinones  :  "it is my main tool for watching the market."
Adam Quinones  :  "market profile: http://www.cmegroup.com/education/interactive/marketprofile/"
Victor Burek  :  "nexbank worse"
Adam Quinones  :  ""market profile" has neutralized "
Adam Quinones  :  "ready to go either way Jeff."
Jeff Anderson  :  "So the bond traders will have pockets of cash to pull the trigger on some purchases in the AM, AQ?"
Victor Burek  :  "flagstar worse"
Adam Quinones  :  "huge in TSYs on profit taking, above average in MBS."
Jeff Anderson  :  "Hey team, just back in. Tend to kind of expect a day like this before DDay, I mean NFP Day. How's volume today?"
Ira Selwin  :  "WF price change"
Lynn ONeal  :  "Steven - Nationstar and Icon go to 620 FHA"
Matt Hodges  :  "WF says no way Jose"
Matt Hodges  :  "i'll call WF, since it's not crystal clear"
Ken Crute  :  "HomePath, I thought I remember reading can use GIft $$ on HOmepath Inv Props "
Matt Hodges  :  "if down payment is less than 5% o/o, all can be gift. If 5-20%, 5% must come from borrower"
Ken Crute  :  "MH can you use gift money on Homeboy Path? INV Props? "
Matt Hodges  :  "WF guides: "Gift funds are not allowed on investment property transactions.""
Terry Colabrese  :  "Locked before prices worsened. Gained $820 as a result. That equates to 21 month's of the cost for this service. What a spectacular value we have in MND!!! Thanks, Guys!"
Thomas Quann  :  "Matt Devine: Here is the scopp FHA 15 year-- above 90% is .50, between 78-90 it is .25 and below 78 is NONE. "
BVG  :  "Pinnacle Worse-- (that's where I locked one earlier)"
Scott Valins  :  "Lion you wont get a preapproval for them - they will tell you its case by case but I've gotten a few approved lately at very high CLTVs"
Bromi Krock  :  "no dice MH"
Matt Hodges  :  "gift on down payment for N/O/O purchase?"
David Zilkha  :  "in most cases"
David Zilkha  :  "Lion, yes"
Lion  :  "Want to confirm that Chase will subordinate 2nd to new DU Refi Plus 1st (CLTV=125%). Anyone with experience, and possibly a contact number so I can get a pre-approval on their willingness to subordinate?"
Ira Selwin  :  "FAMC giveth, FAMC taketh"
Ira Selwin  :  "FAMC price change"
Andrew Horowitz  :  "for those of you wondering why the quick drop in tsy pricing see the MBS update regarding US credit rating"
Matt Hodges  :  "FYI about VA - ask every veteran if they've been rated disability - virtually all of my clients now are. Gov't finally recognizing these fine men and women's service to our country. FF waived"
BVG  :  "Oh and saved Client a .25 in rate---good to have the MBSonMND opened up so I can keep an eye on movement."
Adam Quinones  :  "This sort of behavior is to be expected ahead of a high-risk event (Employment Situation Report tomorrow morning) as investors look to secure a portion of their earnings "just in case" data surprises to the upside. This should serve as a reminder of the risks associated with floating loans that must be locked on a short timeline. Even in a broader bullish trend, back-ups and reversals are always a threat. "
Adam Quinones  :  "profit taking"
Andrew Benson  :  "why such big treasury move?"
BVG  :  "Just saved a client $600 in fees. "
BVG  :  "InterBank Worse"
Adam Quinones  :  "CC = 3.901"
Adam Quinones  :  "ive got CC inline with TSYs and tighter to swaps"
Ira Selwin  :  "mbs outpreforming no?"
Jason York  :  "under 90% is now .25, everything went up .25"
Jason York  :  "it is .50"
Matt Devine  :  "i thought it was .25 prior to the PMI increase on 04/18?"
Matt Devine  :  "for a 15 year FHA loan, what would the monthly PMI factor be on an LTV above 90%?"
Jason Sheaffer  :  "thanks for the info AQ, didn't have a chance to read that this morning. definitely sums it all up."
Adam Quinones  :  "Jason, this is from the morning alert: Rate sheets look destined to shed some bps this morning as investors take profits on interest rate positions following a worse than expected read on initial jobless claims. Yes, you read that correctly. Econ data was WORSE than expected this morning and traders are still taking profits. This is not surprising given the speed and size of the recent rates rally. It isn't a sign of a bearish bias creeping into the bond market. This sort of behavior is actually"
Jason Sheaffer  :  "is today profit taking, squaring positions before nfp or a sign that we're on the way back up in rates?"
Ira Selwin  :  "famc price improvement"
Matthew Graham  :  "stock lever less correlated, diverging even. in other words, 10y yields not looking super willing to go down the rabbit hole"
...(read more)

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Bond Market Repeating History. False Start Fuels Rally

Here we are again. History seems to be repeating itself as we head into the summer months.

The market got all excited about a speedy economic recovery following a seasonal uptick in consumer spending and positive progress in the labor market only to find that those improvements weren't sustainable in the real world where Main Street wasn't able to accumulate wealth or deleverage at a fast enough pace because only high-skilled labor is being awarded wage hikes and home buyer demand is in the toilet right along with home prices.

The same thing happened last year. Street economists upgraded quarterly growth projections only to be disappointed by unsustainable momentum down the road, which brought on downgrades and a return to "long road ahead" reality. We've described this behavior as a "false start". It can be brought on by homebuyer credits, payroll tax cuts and quantitative easing efforts or any other inorganic effort that distorts perspectives of economic reality. And it can be easily erased by unexpected events like earthquakes and floods.

History started repeating itself in December: SEE IT HERE. Signs of underlying economic weakness were then observed early and often, which we recapped HERE. Our 2.85% target was reiterated HERE,  which looked quite possible in this POST.  Then primary dealers and economists threw cold water on our outlook HERE.

Below is the 10yr chart we've shared over and over again illustrating why our long-term rally target was 2.85% (the 23% retracement of all time 10yr yield lows)...which would be followed by the 10yr note re-entering the RED internal trend before rates rose again. 

We're not all the way there yet...but there is little resistance standing in the way of 2.85% right now. Revisiting the RED internal trend is still very much up in the air as is another Quantitative Easing program.

Check out the highest FNCL 4.0 prices since December 7, 2010.

Focusing a bit more on the expected impact on loan pricing, there has been minimal activity in the secondary market so far that would imply lock desks are shifting their hedging strategies to the MBS coupons that would allow for a faster decline in mortgage rates (4.0 30yr MBS allow for 4.25% C30 pricing). Once we see secondary moving "down in coupon" with their hedges, assuming there are loans to lock,  we will be quick to alert rate-watchers of the pending transfer of the "Production Coupon Title Belt" to 30yr 4.0s. This event could gain momentum on Friday morning after the Employment Situation Report, but that no where near a sure thing.  Loan pricing is extremely aggressive. C30 Best Execution has fallen to 4.50%. This is what we're telling consumers...

CURRENT GUIDANCE:   We're now sitting at new 2011 lows. And while "The Wall" is still standing, there is now clear justification for borrowers looking to float their loan on an intermediate to long-term timeline. Further positive progress will however be slow and short-term back-ups are to be expected. From that point of view, borrowers working on a shorter lock/float timeline should remain defensive of new, lower "Best Execution" Mortgage Rate quotes. Your main goal is to protect a lower rate offer from short-term market fluctuations.  Stay tuned for further developments. This is getting exciting!

WHERE IS THE LOAN SUPPLY???? READ MORE

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MBS RECAP: Payroll Forecasts Cut

MBSonMND: MBS RECAP
Open MBSonMND Dashboard
FNMA 3.5
97-16 : +0-29
FNMA 4.0
101-11 : +0-23
FNMA 4.5
104-12 : +0-18
FNMA 5.0
106-27 : +0-14
GNMA 3.5
98-28 : +0-28
GNMA 4.0
103-04 : +0-23
GNMA 4.5
106-09 : +0-20
GNMA 5.0
108-21 : +0-13
FHLMC 3.5
97-10 : +0-29
FHLMC 4.0
101-08 : +0-24
FHLMC 4.5
104-08 : +0-17
FHLMC 5.0
106-22 : +0-13
Pricing as of 3:58 PM EST
Afternoon Market Updates
A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard .
3:10PM  :  Payroll Forecasts Slashed After Poor ADP Print
(Reuters) - Goldman Sachs, along with several other large financial institutions, on Wednesday cut their estimates for non-farm payrolls growth in May after ADP Employer Services reported much lower-than-expected growth in private payrolls last month. Goldman cut its estimate and said employers added 100,000 jobs in May, down from an original estimate of 150,000 added jobs. The consensus estimate was also cut by the economists surveyed by Reuters: RTRS- ECONOMISTS LOWER FORECAST FOR U.S. NONFARM PAYROLLS INCREASE TO 150,000 IN MAY FROM 180,000 PRE-ADP. The government will release May non-farm payrolls and unemployment data on Friday morning. (Reporting by Chris Reese; Editing by Dan Grebler)
3:07PM  :  Profit Taking Seen. Lock Desks Await Loan Supply
Trading activity in both benchmark Treasuries and production MBS coupons has tapered off as we creep closer to market close. Day trader profit taking has been the main motivation in the afternoon session. The resulting impact on price levels has however been minimal as a steady bid remains in place from interested buyers and dealers. Booking short-term gains is not an unexpected event and shouldn't viewed as an indication of a bearish bias in the bond market. It is actually quite healthy to see profits being taken at rally extremes. The underlying tone of a weaker economic outlook (we've called it a "false start") remains in place which supports the recent "flight to safety" into government guaranteed TSYs and higher-yielding MBS coupons. Focusing in a bit more on the expected impact on the loan pricing, there has been minimal activity in the secondary market today that would imply lock desks are shifting their hedging strategies to MBS coupons, which would allow for a faster decline in mortgage rates (4.0 30yr MBS). Once we see secondary moving "down in coupon" with their hedges, we will be quick to alert rate-watchers of the pending transfer of the "Production Coupon Title Belt" to 30yr 4.0%. This event is more likely to occur on Friday morning after the Employment Situation Report. Beyond the technicalities of rate sheets, loan pricing is extremely aggressive. C30 Best Execution has fallen to 4.50%. Maybe the reason we're not seeing more loan supply is because refinance demand just isn't what it used to be. READ MORE: http://www.mortgagenewsdaily.com/06012011_mba_applications.asp
12:33PM  :  Fed's Pianalto: Labor markets have long way to go
(Reuters) - High U.S. unemployment is not a "quickly resolvable problem" but April's job gains show the economic recovery is on a firmer footing, a top Federal Reserve policymaker said on Wednesday. "We've got a long way to go before labor markets can be described as healthy again," Cleveland Federal Reserve Bank President Sandra Pianalto told the Columbus Metropolitan Club. "Recent gains in the labor market suggest that the economy is on (a) firmer footing and that the recovery is likely to continue. However, growth may be frustratingly slow at times," she said. At its last policy-setting meeting, the Fed signaled its $600 billion bond buying program would end as planned in June, while also stressing it was in no rush to raise interest rates. The Fed has kept interest rates at record lows near zero since December 2008. Pianalto said she expects inflation to fall back below 2 percent in the next couple of years and that it could take about five years for the jobless rate to reach its long-run sustainable rate of 5.5 to 6 percent. Given that backdrop, she said, current monetary policy is appropriate. Pianalto's views tend to hew closely to those of Chairman Ben Bernanke and the center of the Fed's policy-setting committee. (Reporting by Kristina Cooke, Editing by Chizu Nomiyama)
12:22PM  :  ALERT: Positive Reprices Reported. Stock Lever Adds Momentum
Multiple reprices for the better have been awarded by lenders as "rate sheet influential" MBS prices continue to set new 2011 price highs. C30 Best Execution is now 4.50% as the Fannie Mae 30yr 4.0 MBS coupon has crossed deep into the 101 price handle thanks to further gains in Treasuries, which have now drifted down to 2.95%. Meantime, related markets are tanking. The S&P just made a leap lower and is currently down 1.53% on the day thanks to a 1.35% decline in oil prices. The stock lever is clearly adding momentum to this rates rally.
11:38AM  :  Loan Pricing: BestEx Improves. Wall Wavering
C30 loan pricing is 30.7bps better on average this morning with the largest rebate improvements seen in note rates below 4.625%. Although some lenders may be withholding overage to manage fallout and reduce hedging costs, Best Execution looks to have improved to 4.50% after "rate sheet influential" MBS coupons set new 2011 price highs today. We'd expect loan pricing to continue improving on Friday if the official jobs report disappoints the market. This would provide confirmation that "The Wall", which has prevented mortgage rates from making larger strides lower, has indeed been toppled.
11:18AM  :  New MBS Commentary Post
Featured Market Discussion
A recap of the featured comments from the Live Discussion on the MBSonMND Dashboard .
Rick James  :  "FYI for anyone that could use it- HCBS has a "subordination hotline" call this #, 630-617-6604, follow the instructions, and they'll fax over their subordination requirements. Ran into the need for this on two files I thought were DOA, may be some life left in them afterall!"
Jason Wilborn  :  "Downgrades. QE3 (a third round of quantitative easing) is coming,” said Maughn. “The bond markets are all smarter than us, and that’s exactly what the bond markets are telling me.” "
Brent Borcherding  :  "That was with Wells."
Brent Borcherding  :  "56.8 on a NOO"
MMNJ  :  "GMAC I believe caps at 50% DTI on DURP regardless of findings -- but that may have changed"
Jill Statz  :  "have you ever had one of 50% dti though?"
Adam Quinones  :  "RTRS - REUTERS POLL - ECONOMISTS LOWER FORECAST FOR U.S. NONFARM PAYROLLS INCREASE TO 150,000 IN MAY FROM 180,000 PRE-ADP "
Brent Borcherding  :  "As high as is accepted by DU...I haven't had any lenders not accept a DURP that is A/E."
Jill Statz  :  "from what I am seeing right now around a 56% dti...will any lender accept that with a A/E findings?"
Steven Bote  :  "What dti are you trying to go up to?"
Jill Statz  :  "what is the highest dti that you can go to on an DURP loan?"
Ken Crute  :  "kinda strange how volume is, 6 lo's in my office 5 of us are getting by, 1 still closing $2.5 mil a month, seems the same in a lot offices "
Timothy Baron  :  "Nice rates. Wish I had something to lock right now."
Caroline Roy  :  "dying to take some apps right now!!"
Chris Kopec  :  "I'm about 26 bp from streaking through the Quads."
Ross Weinstein  :  "wells repricing now"
Victor Burek  :  "flagstar better"
BVG  :  "InterBank better"
Victor Burek  :  "plaza better"
Dan Clifton  :  "+.125 from pfg"
Matt Hodges  :  "GMAC rp 1:00"
Chris Kopec  :  "“A lot of the real-money accounts who have not been involved have been caught off guard,” said Thomas Tucci, head of U.S. government bond trading in New York at Royal Bank of Canada’s RBC Capital Markets unit, one of 20 primary dealers authorized to trade directly with the Federal Reserve. “They will have to purchase securities out at the longer end of the yield curve to meet portfolio needs.” http://noir.bloomberg.com/apps/news?pid=20602007&sid=az.CqPRPGUi0"
Jeff Anderson  :  "Definite market there. I've done more 203k's in the last 6 mos than in my first 6 years in this industry. Great product. The investor option would be great."
Ira Selwin  :  "Don't forget 203k you can do mixed use"
Adam Quinones  :  "i know 203(k)'s are horrible to deal with...but one could make a market here if they became 203(k) experts"
Adam Quinones  :  ""With so many foreclosed properties sitting empty on the market we can expect remodeling and rehabbing to be a leading indicator of a bottom in the housing market", says MND's Managing Editor Adam Quinones. "We already know there is dearth of affordable rental housing available to low income renters. From that perspective, FHA should open its 203(k) program to investors if they want to accomplish their affordable housing goals.""
Adam Quinones  :  ""Take note of HUD-sponsored initiatives aimed at rebuilding America's dilapidated housing stock." says MND's Managing Editor Adam Quinones. "This is where housing professionals will find the most opportunity in years ahead. The FHA should reopen the 203(k) program to investors if they want to encourage private investment in the U.S. housing market.""
Adam Quinones  :  "these are quotes we've used in previous stories re: 203(k) deals..."
Adam Quinones  :  "Plain and Simple: Besides private residential spending, all aspects of this report indicated a decline in construction outlays in the month of April. Check out the table above to see it with your own eyes. With Housing Starts down 10.6% in April, the only logical explanation for this jump in residential construction spending is an uptick in rehab and renovation projects. HOW DO WE COME TO THAT CONCLUSION? Housing Starts data estimates how much new residential real estate construction occurred in"
Adam Quinones  :  "quick note re: 203(k) loans: From: Rehab and Remodeling Boosts Construction Spending in April: http://www.mortgagenewsdaily.com/06012011_construction_spending_april.asp"
Jeff Anderson  :  "GMAC just repriced. Low and behold there's a 4.00 rate on there. "
Matthew Graham  :  "several of these analysts had notes out last night indicating they would revise forecasts lower if ADP missed"
Matthew Graham  :  "you'd be astonished to look at a long term overlay of the two."
Mike Drews  :  "GMAC reprice"
Matthew Graham  :  "Yes, this can be a wildly inaccurate short term indication of the impending NFP, but in the long term, they correlate fairly well, so markets generally have to take any huge deviations seriously. "
Matthew Graham  :  "read last night's last live update Jeff"
Jeff Anderson  :  "I'm kind of chuckling that anyone is changing their forecast based on ADP. They've been so accurate. (Sarcasm inserted once again.)"
Brett Boyke  :  "Goldman lowered from +150K to +100 as well"
Jason York  :  "looks like GMAC is repricing"
Brett Boyke  :  "from ZH -Deutsche Bank's Joe LaVorgna just cut his NFP estimate from 300,000 to 160,000 in two days. From yesterday: "Our preliminary estimates were for +300k on payrolls and a three-tenths decline in the unemployment rate to 8.7%. However, in light of the softer tone of the data—particularly the inability of initial jobless claims to recover below 400k—we trimmed our projections. We lowered our May payroll estimate to +225k and raised our unemployment rate target to 8.9%." And from 10 minutes a"
Jill Statz  :  "FAMC 2nd reprice for the better"
Jill Statz  :  "Wells, AFR and M&I reprices for the better"
Steven Bote  :  "MSI reprice"
Adam Quinones  :  "we dont see major convexity buying until C30 mortgage rates reach 4.25%"
Adam Quinones  :  "F2 status..winds not strong enough yet. As MG said, we'll need data on Friday to confirm econ weakness. "
B-C  :  "what about the convexity vortex Aq?"
Adam Quinones  :  "we're looking to confirm a shift "down in coupon" which will confirm a toppling of "The Wall" that is preventing mortgage rates from making bigger strides "
Matthew Graham  :  "need Friday for confirmation of whatever it is we're confirming"
Matthew Graham  :  "overall anyway, haven't checked up on MBS in a few"
Matthew Graham  :  "volume is out of control gus"
...(read more)

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Market Moving Economic Data Out

(Please visit the site to view this media)
Breaking down retail sales, producer prices and jobless claims, with CNBC's Rick Santelli & Steve Liesman, and Robert Brusca, Fact & Opinion Economics.
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Realtors Hear Input on Role of GSEs in Housing Finance

Realtors® attending the National Association of Realtors (NAR) mid-year legislative meetings and trade expo in Washington heard a panel of housing experts lay out the several solutions for housing finance reform.  

The six panelists discussing Fannie Mae & Freddie Mac: Obama Options and Beyond were Steve Brown, 2011 NAR first vice-president nominee; James Parrot, senior advisor for housing at the National Economic Council; Susan Wachter, a professor at The Wharton School, University of Pennsylvania; Mark Calabria, director of Financial Regulation Studies at the Cato Institute; David Katkov, executive vice president and chief business officer at The PMI Group, and Ann Grochala, vice president at the Independent Community Bankers of America.

Scott Brown laid out the official NAR stance on reforming the housing finance system and the future of the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.  NAR believes that reform is required and taxpayers must be protected from losses, he said.  The federal government must continue to play a role in the secondary mortgage market to ensure a steady flow of mortgage liquidity in all markets under all economic conditions.

Brown said "As the leading advocate for home owners, NAR is concerned that eliminating the GSEs without a viable replacement is not a reasonable option and will severely restrict mortgage capital and result in higher fees and costs for qualified borrowers.  Reform of the secondary mortgage market needs to be comprehensive and undertaken methodically."

James Parrot reviewed the Obama administration's recommendations which include varying levels of government backing. The Administration is looking at both the near-term and what steps should be taken to reduce taxpayer risk and make the housing market more stable but also to frame the discussion regarding the government's long-term role in housing finance.

"The government's large presence in the housing finance is unhealthy and needs to be scaled back; however, the steps we take over next few years to reduce the government's role and increase private capital will have a tremendous impact on the housing market and economy as well as the availability and affordability of mortgages," Parrot said. "The objective isn't to turn away from housing, but to make the housing finance market stronger so that families and their most important asset are better protected."

Mark Calabria restated the position of the Cato Institute which he has presented to at least one congressional committee: the government should have a very limited role in the secondary market.  He told the NAR attendees that the private capital market has the funds and capacity to absorb Fannie Mae and Freddie Mac's market share and that increased government support in the past few decades have only slightly increased America's homeownership rate. Homeownership rates in other countries, he said, are higher despite their government's limited involvement. Calabria did acknowledge that some government backstop was essential in the future, since the housing and finance markets are sensitive to booms and busts.

David Katkov countered that it would be naïve to move to a purely private market simply because it's been successful in other countries, adding that the U.S.'s housing finance system dwarfs that of other countries and is far more complex.  Ann Grochala also expressed concern that a purely private market would work against small lenders and community banks because of the heavy competition from the big banks.

Susan Wachter agreed that private capital needs to return to the housing finance market, but that most likely won't happen until the market has stabilized. "There needs to be more accountability and transparency in the secondary mortgage market," she said, "so that private investors can best assess their risk and safely get back into the market."

READ MORE FROM THE REALTORS: Existing Home Sales Still Hindered by Uber Tight Lending Regs

...(read more)

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Realtors Hear Input on Role of GSEs in Housing Finance

Realtors® attending the National Association of Realtors (NAR) mid-year legislative meetings and trade expo in Washington heard a panel of housing experts lay out the several solutions for housing finance reform.  

The six panelists discussing Fannie Mae & Freddie Mac: Obama Options and Beyond were Steve Brown, 2011 NAR first vice-president nominee; James Parrot, senior advisor for housing at the National Economic Council; Susan Wachter, a professor at The Wharton School, University of Pennsylvania; Mark Calabria, director of Financial Regulation Studies at the Cato Institute; David Katkov, executive vice president and chief business officer at The PMI Group, and Ann Grochala, vice president at the Independent Community Bankers of America.

Scott Brown laid out the official NAR stance on reforming the housing finance system and the future of the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.  NAR believes that reform is required and taxpayers must be protected from losses, he said.  The federal government must continue to play a role in the secondary mortgage market to ensure a steady flow of mortgage liquidity in all markets under all economic conditions.

Brown said "As the leading advocate for home owners, NAR is concerned that eliminating the GSEs without a viable replacement is not a reasonable option and will severely restrict mortgage capital and result in higher fees and costs for qualified borrowers.  Reform of the secondary mortgage market needs to be comprehensive and undertaken methodically."

James Parrot reviewed the Obama administration's recommendations which include varying levels of government backing. The Administration is looking at both the near-term and what steps should be taken to reduce taxpayer risk and make the housing market more stable but also to frame the discussion regarding the government's long-term role in housing finance.

"The government's large presence in the housing finance is unhealthy and needs to be scaled back; however, the steps we take over next few years to reduce the government's role and increase private capital will have a tremendous impact on the housing market and economy as well as the availability and affordability of mortgages," Parrot said. "The objective isn't to turn away from housing, but to make the housing finance market stronger so that families and their most important asset are better protected."

Mark Calabria restated the position of the Cato Institute which he has presented to at least one congressional committee: the government should have a very limited role in the secondary market.  He told the NAR attendees that the private capital market has the funds and capacity to absorb Fannie Mae and Freddie Mac's market share and that increased government support in the past few decades have only slightly increased America's homeownership rate. Homeownership rates in other countries, he said, are higher despite their government's limited involvement. Calabria did acknowledge that some government backstop was essential in the future, since the housing and finance markets are sensitive to booms and busts.

David Katkov countered that it would be naïve to move to a purely private market simply because it's been successful in other countries, adding that the U.S.'s housing finance system dwarfs that of other countries and is far more complex.  Ann Grochala also expressed concern that a purely private market would work against small lenders and community banks because of the heavy competition from the big banks.

Susan Wachter agreed that private capital needs to return to the housing finance market, but that most likely won't happen until the market has stabilized. "There needs to be more accountability and transparency in the secondary mortgage market," she said, "so that private investors can best assess their risk and safely get back into the market."

READ MORE FROM THE REALTORS: Existing Home Sales Still Hindered by Uber Tight Lending Regs

...(read more)

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