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

H.R. 3081 : Making Continuing Appropriations for Fiscal Year 2011, and For Other Purposes, passed the House of Representatives this morning. Buried in that legislation was authorization to extend current loan limits for mortgages provided through Fannie Mae, Freddie Mac, and the Federal Housing Administration. Passage of the legislation will ensure that current loan limits for single-family residential mortgages will remain in place until September 30, 2011 at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. Outside of those high-cost areas, the ceiling for FHA is $271,050 and the ceiling for Fannie Mae and Freddie Mac’s conforming loan limits is $417,000. The bill also appropriates $20 billion so that FHA can continue making loan commitments through…(<a href="http://www.mortgagenewsdaily.com/09302010_loan_limits.asp”>read more)

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

Stop the presses! After touching 4.5 month highs following the release of Chicago PMI data at 9:45, profit taking has led stocks back into the red. S&Ps are currently -8.25 at 1132.75. This is a 20 point turn around. Chop chop…. As liquidity dried up and the floor fell from underneath stocks, the rates market caught a bid. TSYs and MBS turned for the better at the session price lows/spread wides. While trading activity isn’t exactly robust, real money was reportedly buying on the lows, lock desks were rebooting hedges, and fast money showed some interest at the yield spread wides. But overall, flows are not heavy in MBS space and benchmark TSYs are aiding our cause. The 10yr note is -0-09 at 100-25+ yielding 2.533% (+3.2bps on the day). 2s/10s are still 3bps steeper at 209 wide. 10s are…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/174455.aspx”>read more)

foreclosure sales accounted for 47 percent of all home sales in Arizona in the second quarter, the second highest percentage among the states, according to a report Thursday from RealtyTrac . Irvine-based RealtyTrac said Arizona pre-foreclosure sales …

IRVINE, Calif. (AP) — foreclosure homes made up nearly one-fourth of all residential sales in the second quarter, according to a report Thursday from RealtyTrac Inc. The foreclosure tracking outfit said 248,534 U.S. homes sold in some stage of foreclosure …

JPMorgan Chase, one of the nation’s leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit. The …

foreclosure rates in the Hampton Roads area are on the rise. According to new data from CoreLogic for the Virginia Beach-Norfolk-Newport News area, the rate of foreclosures was 1.33 percent for July 2010. In July 2009, the rate was 1.10 percent. That …

JPMorgan Chase & Co., the third- largest U.S. servicer of mortgages, said it’s asking judges to postpone rulings in pending foreclosure cases while the bank reviews and possibly resubmits statements. JPMorgan began to “systematically re-examine …

Was Suleman trying to use her “fame” to make a sale? Not only was she selling her old bras and bikinis, if you paid $10 you would get a photo with the infamous mother. Or if you have $100 to waste, you could get a photo with Suleman and the octuplets. If …

The bank’s decision will affect 56,000 borrowers in 23 states where allegations of forged documents and signatures and other similar problems are being used to try to overturn court-ordered evictions. Yet the impact may be much broader, given J.P. Morgan’s …

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

Best Pricing Gone. Rebate Still Seen Under 4.25% Fed Considers QEvII. Debate Goes Public $100bn in 2s, 5s, 7s Absorbed with Ease Refi Apps Down Four Weeks in a Row. Has Demand Stalled Out? In yet another slow, choppy session, bond traders booked profits before and after the third consecutive oversubscribed TSY auction of the week. The 10 yr note went out -0-09 at 101-02+ yielding 2.501% (+3.2bps). The 2s/10s curve steepened 3bps to 206bps. 5s were the weakest spot on the curve, closing 4.9bps higher at 1.281%. While profit taking and position squaring should be a theme over the next two days, larger than average month-end index extensions (duration demands) should help keep “rate sheet influential” benchmarks from running significantly higher. However, if the overall bullish bias in the bond…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/174285.aspx”>read more)