Today’s must-read links… -New Government-Assisted Refi Program Coming (MarketWatch) -CHART: Areas With Most-Underwater Homes (NewYorkTimes) -The Eurozone Crisis Explained in Brief (RobertSinn) -Kids With Huge Jobs At Treasury (BusinessWeek) -UK Shifting from ARMs to 30yr Fixed? (FT) -Is Teaching A Profession (Weakonomics)

Usually I don’t repeat foreclosure numbers, for a variety of reasons. But the latest numbers were so bad I had to say something: the number of notices of default jumps 25.9% from the second quarter. An estimated 71,275 notices of default were filed against California properties during the three months that ended Sept. 30, with [...]

After four bank failures Friday, eighty banks have failed in 2011. At the current pace 100 will be closed this year, better than the 160 banks the FDIC closed due to insolvency in 2010 or the 139 that failed in 2009. According to Trepp, a CMBS and commercial mortgage data services provider, loans tied to [...]

Some believe that DTC (Direct to Consumer) lending will eventually pass retail channels. For now, the MBA says internet-lending still accounts for less than 10% of mortgage lending. Until this number changes, here’s National Mortgage News’ list of the top traditional retail lenders: Wells Fargo, Chase, Bank of America, PHH Mortgage, CitiMortgage, Quicken Loans, U.S. [...]

Whether it is due to a backlog, or the improving stability of the remaining borrowers, foreclosure numbers are improving. But it is still an issue to be reckoned with in our industry. In a Deed of Trust state (like California) as opposed to a Mortgage state (like Michigan), foreclosure is accomplished through a “trustee’s sale” [...]

The U.S. Treasury Department is exploring a plan that could help 1 million or more homeowners avoid foreclosure. It applies to non-agency (in securities not issued by government agencies) mortgages, and is an attempt to promote modifications of delinquent or defaulted home loans, including write-downs of principal, by bringing fresh private capital into the market.

The federal government’s interactions with the economy have been shortsighted, and government has refused to acknowledge that its own policies mandated bad mortgage lending practices. Policy has concentrated on blaming lenders for robo-signing foreclosure documentation and finding ways for lenders to accommodate troubled borrowers.

The government is exploring ways to liquidate hundreds of billions, or trillions, of Fannie & Freddie portfolios. There are 15 F&F-related bills in the House, little interest in the Senate about doing anything soon, and the NAR and mortgage-related groups arrayed against House Republicans, who are now looking to peddle F&F’s assets.