Michael's Blog - Archives May, 2008

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A Big Fed Shoe Drops – Mishkin Exits - 05/29/08 11:53 AM

A great mind exited the FOMC yesterday.
Frederic Mishkin of Columbia University who joined the Federal Reserve in 2006, parted ways Wednesday for reasons seemingly rooted in the Board of Governors inability to adopt his view that communicating inflation targets with the public may provide the flexibility needed to steer (and … (4 comments)

Economic Heavyweights on The Mortgage Mess - Summing It All Up - 05/28/08 01:31 AM

If you're intrigued with economics, especially the wider impact of the mortgage fiasco; rare powwows that include economic heavyweights like Peter Orszag (Director of the Congressional Budget Office), Zanny Minton Beddoes ("The Economist" magazine and former International Monetary Fund ‘IMF' economist), and Alan Blinder of Princeton (former Vice Chair at The … (7 comments)

OCC’s Dugan Calls for Withdrawal of Appraisal Pact [HVCC] - 05/27/08 04:10 PM

I've got nothing to add to this. The title speaks for itself...
Check it out.
From HousingWire:
OCC's Dugan Calls for Withdrawal of Appraisal PactBy PAUL JACKSONPublished: May 27, 2008
In the clearest challenge yet to a proposed appraisal management agreement reached in March by New York attorney general Andrew Cuomo … (7 comments)

Fannie Buckles to Consumer Groups, Tosses "Declining Market Policy" Out The Window - 05/16/08 12:19 PM

Effective June 1st, 2008, Traditional/Conforming O/O loans will cap at 97% via DU, and 95% if manually underwritten. I've got mixed feelings about this, but that's not important right now. See story for details.
From Housing Wire:
Fannie Nixes ‘Declining Market' LTV RestrictionsBy PAUL JACKSONPublished: May 16, 2008
Under increasing pressure … (26 comments)

US Banker: White Papers - 05/15/08 03:01 PM

If you're into real geeky banking stuff - like myself - a newsletter worthy of your in-box is one from US Banker. Their newsletter offers white papers by various organizations on a broad array of enterprise topics.
This morning, a paper titled CRO Survey: Risk, regulation and return caught my. Here's … (2 comments)

Banker Groups Dissent "HARD" On The Home Valuation Code of Conduct - 05/13/08 04:28 PM

I just got wiff of a letter published by a group of eight major banking associations in "scathing denouncement" of the HVCC (Home Valuation Code of Conduct). The group is hyper-critical of the manner in which the agreement was reached and says to OFHEO and the GSE's to withdraw from the agreement.
I … (11 comments)

Federal Trade Commission Cautious Of The Home Valuation Code of Conduct - 05/08/08 06:47 PM

The FTC recently penned a letter to Freddie Mac (cc: Fannie Mae, OFHEO, NY AG "Cuomo") regarding the soon to be enacted "Home Valuation Code of Conduct" which bans the mortgage giants from buying loans with brokered-ordered appraisals.
The letter citied "competitive concerns" and potential regulatory redundancy with language that begs … (6 comments)

British Subprime Humor (Video) - 05/05/08 05:57 PM

Ever wonder how the most complex structured investment vehicles work? Well here's a British satire featuring comedians John Bird and John Fortune in a mock bankers interview. (Kudos to Housing Wire)
… (4 comments)

California Taking Blows to the Head - Realtytrac Q1 2008 US Foreclosure Market Report Shows - 05/05/08 12:02 AM

Realtytrac released this week its Q1 2008 Foreclosure Market ReportTM citing a 23 percent quarter-to-quarter rise in nationwide filings, and a stunning 112 percent increase from Q1 2007. Filings rose in 46 out of 50 states and 90 out of 100 of the nation's largest metros, per the report. The three … (14 comments)

Stable Loan Limits Mean Stable Housing Markets - 05/03/08 03:56 PM

The Office of Federal Housing Enterprise Oversight (OFHEO) recently issued final guidance on how fluxing house prices would affect Conforming Loan Limits (CLLs) in the future. In a nutshell, the loan ceiling is no longer subject to reduction regardless of declines in price metrics - ever. The ceiling can go up … (11 comments)

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