November 2012

TheMReport — News and strategies for the evolving mortgage marketplace.

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FINAL THOUGHTS "While some changes . . . occurred quickly, the banks have taken the full 180 days to stop dual tracking . . . . But this waiting has been painful for homeowners, whose fate is uncertain under the dual track regime." KATHERINE PORTER, California monitor for the Office of Settlement Management Oversight, in her first monthly report on the progress of settlement-related practices in the state Final Thoughts Commentary on the country's economy dominates the national conversation on housing finance as the presidential candidates reach the end of the campaign trail. "You had people who were borrowing money to buy a house that they couldn't afford . . . . But you also had banks making money hand over first, churning out products that the bankers themselves didn't even understand, in order to make big profits but knowing that it made the entire system vulnerable." PRESIDENT OBAMA, during the first debate between the presidential candidates "This is not what a real recovery looks like. If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11 percent." MITT ROMNEY, Republican presidential candidate, speaking out on dropping levels of unemployment seen in early October 80 | THE M REPORT "CONFIDENCE IS KEY TO TURNING THE [HOUSING] RECOVERY'S NEAR- TERM SPRINT INTO A MARATHON. THE SOONER BUSINESSES AND CONSUMERS ARE REASSURED, THE MORE LIKELY THEY ARE TO BUILD, PURCHASE, OR LOAN ON A HOUSE." DR. ALEX VILLACORTA, director of research and analytics for Clear Capital, providing his perspective on the pace of the nation's economic improvements "These Wall Street firms ran a bait and switch operation, and the effects were felt not only in credit unions, but throughout the financial industry." DEBBIE MATZ, chairman of the National Credit Union Administration (NCUA), in comments made following a lawsuit the organization filed against Credit Suisse "The economy is not showing a significant enough improvement, making these asset purchases critical to helping the industry— and economy—move forward." BARRY HABIB, chief market strategist at Residential Finance Corp., on the Federal Reserve's decision to move forward with mortgage-backed securities purchases "We will not tolerate fraud or those who steal from taxpayers for their own personal gain." PREET BHARARA, U.S. attorney for the Southern District of New York, confirming his office's commitment to pursuing perpetrators of bank fraud following three additional arrests connected to the fall of New York's Park Avenue Bank

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