AM Update - Multistate AG settlement of illegal foreclosure practices

MORTGAGE LOCK ADVISORY 

February 9, 2012, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily  

Mortgage Interest Rate lock Advice for locks within 8 days:  LOCK

Mortgage Points based on 3.5% Mortgage Backed Securities are up 09. If you have an unlocked loan closing in the next seven days, today would be a good day to lock.  

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK

The Mortgage Backed Securities (MBS) market way overbought and in this uncertain market the best long term advice is to lock at historic low rates.

MORTGAGE MARKET INDICATORS 

National Average Fixed Rate Mortgage 3.87%   
MBS (3.5%) - 103.75, High: 103.94, Low: 103.72   
DJI Stocks currently $12,908.70,  Up $24.75, Change 0.192%   
Asian & European Stock Market Indexes Up 0.352%   
Nymex Crude Oil Currently $99.92 Up $1.21   
Gold 1 Once - Bid: 1,749.30 

                 
MORTGAGE NEWS BRIEFS

Multistate AG settlement of illegal foreclosure practices
 Federal and state officials are preparing to announce a historic settlement, worth up to $39.5 billion and covering nearly all 50 states to resolve allegations that the nation's five largest mortgage servicers engaged in illegal and improper foreclosure practices, the Financial Times reports, sourcing people with knowledge of the matter. Read More Housing Wire

Knowledge of Unreported Fraud is Fraud
Rule Requires Nonbank Lenders, Originators to Report Fraud
 By: Ryan Schuette   
A financial fraud task force cleared a final rule Tuesday that requires nonbank mortgage lenders and originators to report suspicious activity related to mortgage fraud. Read More MReport

A Family and a Hit Man Receive Hefty Sentences for Mortgage Fraud
 A federal court sentenced three family members to prison Monday for their role in $11 million in mortgage fraud, just as another court upped the sentence for a onetime company executive-turned-hit man currently serving time. » Read More MReport

The Top 30 Brokers in CA by Number Employed: 2011 First Tuesday

Housing Crisis to End in 2012 as Banks Loosen Credit Standards
 By Krista Franks
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. Read More DSNews

When Politics trumps common Sense.  Who Will Work for Peanuts?
Senators Introduce Bill to Pay GSE Execs Federal Salaries
Ryan Schuette    
Lawmakers from both sides of the aisle introduced legislation Thursday to curb multibillion-dollar bonuses for senior-level executives with Fannie Mae and Freddie Mac.  Read More MReport

Presidential Campaign Tactics or Something Real? 
Obama Unveils New Refi Plan, Homeowner 'Bill of Rights'
 The Obama administration rolled out an ambitious package of benefits and structural changes Wednesday for homeowners who want to refinance their loans. The plan would cost anywhere from $5 billion to $10 billion and pay for itself with fees exacted from financial institutions. If it makes it into law, the bill would significantly expand refinancing opportunities for underwater borrowers, shift appraisal responsibilities in distressed neighborhoods to an automated system under the GSEs, and offer new servicing reforms. » Read More MReport 

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