Browse articles from all of our Newsletters related to Mortgage Buybacks.
June 7, 2013 - Inside Mortgage Trends
Mortgage repurchases and indemnifications soared to a whopping $12.83 billion during the first quarter of 2013, a huge anomalous blip in an otherwise moderating trend. As has been the case over the past few years, industry-wide buyback figures were dramatically skewed by one institutions settlement. Bank of America recorded a whopping $10.45 billion in mortgage repurchases and indemnifications during the first quarter of 2013, according to a new Inside Mortgage Trends analysis ... [Includes one data chart]
June 7, 2013 - Inside MBS & ABS
U.S Bank may proceed on a limited basis in its legal claim against Bank of America and Countrywide Financial in connection with a soured $1.75 billion MBS deal after a New York state judge ruled last week to narrow the case to just a fraction of the loans in dispute. Judge Eileen Bransten dismissed a breach of contract claim against BofA that sought to force the bank to repurchase some 4,400 loans in the pool due to pervasive breaches in the representations and warranties of the securities. U.S. Bank, in its capacity as trustee for HarborView Mortgage Loan Trust, sued BofA and Countrywide in August 2011 seeking repurchase of non-performing loans from the underlying residential MBS. The judge said...
May 24, 2013 - Inside MBS & ABS
Two repurchase lawsuits in the New York state court involving allegedly defective mortgage-backed securities and the states six-year statute of limitations have resulted in different outcomes for defendants, one of which could potentially limit MBS putback claims in the Empire State. In a May 13 decision, Justice O. Peter Sherwood of the Commercial Division of the New York Supreme Court dismissed with prejudice a $259 million MBS putback lawsuit against Nomura Credit & Capital. The decision was significant in part because it was the first among dozens of MBS putback cases currently pending in NY state court that was dismissed with prejudice on grounds that the six-year statute of limitations has expired, according to defense attorneys. Two affiliates of hedge fund Fir Tree Partners filed...
May 17, 2013 - Inside FHA Lending
FHA jumbo loan originations increased in the first quarter of 2013 as well as from the same period last year pending hikes in the mortgage insurance premium and the required downpayment on loans above $625,500, according to Inside FHA Lendings analysis of FHA data. FHA jumbo lenders produced an estimated $5.44 billion in loans over $417,000 during the first three months of the year, up 6.6 percent from the fourth quarter of 2012 and 14.0 percent higher compared to the volume from a year ago. Consumers continued to use the FHA jumbo product despite FHAs decision to raise the annual mortgage insurance premiums on ... [2 charts]
May 17, 2013 - Inside FHA Lending
FHA lenders now face more stringent default monitoring and reporting requirements as federal housing regulators try to keep close tabs on loan performance to reduce losses to the FHA insurance fund. New guidance issued by the Department of Housing and Urban Development requires FHA lenders to use new status codes in their monthly reporting of delinquent single-family mortgages, special forbearances and trial payment plans. At the same time, HUD announced a new reporting requirement for FHA loan modifications in which the servicer receives no incentives. The requirement to use the new codes and to ...
May 16, 2013 - Inside Mortgage Finance
Fannie Mae and Bank of America resolved a huge portion of the whopping $19.04 billion in disputed buyback requests facing the mortgage industry at the beginning of 2013, but both government-sponsored enterprises will remain aggressive in hunting for repurchase opportunities. In fact, new repurchase requests increased by a whopping 87.8 percent in the first three months of this year compared to the fourth quarter of 2012, reaching a record $12.14 billion, according to an analysis of GSE quarterly reports by Inside Mortgage Finance. The biggest increase was at Fannie Mae, where new buyback requests soared to $9.91 billion, while Freddie Mac reported a more modest 5.2 percent increase. The jump in new buyback demands occurred...[Includes one data chart]
- GSE Private Mortgage Insurance Profile
- Mortgage Profitability Report
- GSE Seller Profile: 1Q13
- GSE Repurchase Activity Full Year 2012
- Top Mortgage Players
- 2013 Mortgage Market Statistical Annual
What should be done to reform Fannie Maes and Freddie Macs position in the mortgage market?
- Wind the two GSEs down as quickly as possible while setting up some new government guarantee program for conservatively underwritten conventional mortgages.
- Let the two GSEs continue to funnel money to the Treasury while developing a plan to take them out of conservatorship as private companies.
- Do nothing since the housing market is too dependent on the two GSEs and Congress is unlikely to agree on a major change in the status quo anytime soon.
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