Chris Flanagan News
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Ben S. Bernanke’s efforts to revive housing are making real estate bulls even more bullish.
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Homeowners with underwater mortgages in U.S. states worst-hit by foreclosures are leading refinancings after the government expanded programs to aid borrowers, strengthening the weakest link in the housing recovery.
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U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.
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Investors should avoid taking risk in all categories of U.S. securitized debt because American and European policy makers may damage financial markets as they respond to a slowing economy and government deficits, according to Bank of America Merrill Lynch analysts.
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Interest rates on new U.S. home loans are rising slower than yields on the mortgage securities they’re packaged into, helping to contain an increase in borrowing costs across debt markets.
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Investors should be buying bonds in all categories of U.S. securitized debt, in part because the market will continue to shrink next year, according to Bank of America Merrill Lynch analysts.
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Sales of U.S.-backed mortgage bonds soared to a three-year high as steps by the Federal Reserve and Obama administration to make home ownership more affordable propelled a 34 percent jump in refinancing.
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Seer Capital Management LP increased its bets on commercial mortgage-backed securities, saying the debt has more room to gain than residential notes, according to a letter sent to investors.
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Demand for the Federal Reserve’s sales of mortgage debt assumed in the 2008 government bailout of American International Group Inc. may add to reasons the central bank won’t soon expand its balance sheet again, according to Bank of America Corp.
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President Barack Obama’s re-election is fueling investor concern that homeowner refinancing is set to increase after debt yields tumbled and amid speculation his administration will pursue more aggressive measures to boost the housing recovery.
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