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Posted To: <a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx”>Pipeline Press

At the last company Christmas party, loan agents lined up on one side of the room and the underwriters on the other side. The loan agents throw fire cracker at the underwriters…and the underwriters lit them and threw them back. A long-time underwriter wrote to me and opined, "Consumers always want more than what they can afford and we gave them exactly what they wanted for the last 10 years (without any prudent financial advice). I actually like the guideline changes and feel it is necessary to eradicate some of the lackadaisicalness that I hear in some underwriter's voices. Manufacturing quality is still a problem for the Agencies, and originating mortgage companies are still closing loans that are not 100% purchasable by the aggregators upon delivery. Fannie and Freddie have technology…(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/03102010-fico-rates-quality.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

Good Morning. I've had some great coaches in my lifetime…none better than my high school/juniors hockey skipper. Many of the messages he bestowed upon me have carried over from the locker room into my professional life. One of my favorites is the K.I.S.S principle. KEEP IT SIMPLE STUPID This is incredibly relevant to the current market environment. The econ calendar isn't providing much meaningful guidance at the moment. Stocks are still showing an unwavering inclination to do what they want, when then want. Politicians are counting votes, leaving some of the most important reform debates of our era at the mercy of party lines. Fiscal affairs abroad are falling victim to heavy scrutiny AND speculation. Overall, this doesn't paint a very clear BIG PICTURE perspective. Well actually…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/139484.aspx”>read more)

CLEVELAND, Ohio – While annual foreclosure filings have been relatively steady in past three years in Cuyahoga County with just under 15,000 new cases each year, they spiked during the fourth quarter of 2009. Cuyahoga County Common Pleas Court …

A total of 389 banks had “troubled asset ratios” above 100 at the end of December, up slightly from 369 banks in September, according to the analysis. A ratio above 100 means a bank had more troubled loans than money set aside to cover potential …

How do you save a city that is dramatically declining like Detroit? Well, for the mayor of Detroit the answer is simple – you bulldoze one-fourth of the city . Faced with a 300 million dollar budget deficit and a rapidly dwindling tax base, Detroit …

Regarding the article about declining property values in the Feb. 24 Chronicle. Why is it that County Equalization Director Donna Stokes forgot to mention that she doesn’t include foreclosures or short sales in her published statistics which guide …

AP File Photo Lansing Mayor and Democratic gubernatorial candidate Virg Bernero LANSING — Lansing Mayor Virg Bernero on Tuesday proposed having Michigan follow the lead of North Dakota and open a state-owned bank that could make low-interest loans …

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

10yr Notes progressively improved into the PM , ending 5 ticks better on the day with a yield of 3.70. MBS fought off much of the AM weakness in tsy's, and rallied just as well into the PM, reaching 101-15 at 4pm. But then we ended 4 ticks down on the day at 101-01! WHAT?!?!? So you're tellin' me MBS effectively erased all gains from the past two days?! Not exactly… I'll let AQ explain… ——————————————– If you haven't read the following description of the agency MBS settlement process…please don't skip over it as it may save you from having to change your pants when next month's settlement rolls around. If you have read it…go over it one more time just to make sure the underlying logic is clear. The March FN 4.5 MBS coupon has…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/139367.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/news/”>MND NewsWire

Commercial and multifamily mortgages continue to have the lowest rates of charge-offs of any loan types at banks and thrifts and perform better than the overall loan portfolios at those institutions according to the mortgage Bankers Association (MBA). In response to what it referred to as a great deal of discussion and conjecture about those loans in recent months, MBA updated an earlier " DataNote " analysis of commercial and multifamily mortgage data from the 4th quarter of 2008 with data from the same period in 2009. The report states that 56 percent of the assets held by banks and thrifts at the end of 2009 consisted of loans and leases, a category that includes 1-4 family mortgages, home equity loans, credit cards and other consumer loans, commercial mortgages, multifamily mortgages…(<a href="http://www.mortgagenewsdaily.com/03092010_mba_commercial_mortgages.asp”>read more)

As many as 10 wineries and vineyards in Napa, where the most expensive U.S. wines are produced, will change hands in distressed sales or foreclosures this year and next, up from none in 2008, according to Silicon Valley Bank. In a bank survey of …