The Center for American Progress, the National Community Reinvestment Coalition and other groups want Fannie Mae and Freddie Mac to survive and are persuading several Democratic politicians to side with them. As for the GOP...
Construction-to-permanent loans are picking up a head of steam in certain markets. “Down here [in Florida] it’s extremely hot,” said Joe Adamaitis, vice president and residential lending manager for Insignia Bank.
An East Coast-based warehouse executive, requesting anonymity, said he has approached his credit board about such a change, and his waiting to hear back from them.
In his report, Guggenheim analyst Jaret Seiberg writes, “There is still anger in Congress over having to put cash into the enterprises in the first time."
Despite the not-so-good news on applications, one warehouse lender suggested to IMFnews that larger lenders are suffering much more than smaller firms.
“These are factually and legally complex cases and don’t trust anyone that thinks this is a slam dunk for any one of the parties,” predicted legal expert David Reiss.
“In recent client meetings, Stratmor heard that lender fees are now being included in the rate sheet price,” Yung said. Indications are that the 3 percent cap is causing lenders to fold the lender fees into the rate – specifically on the retail side.
Ginnie Mae has issued a clarification as to when issuers can buy certain loans out of the pool and redefined certain familiar terms used by government agencies in insuring or guaranteeing mortgage loans. The agency’s mortgage-backed securities guide allows issuers to purchase loans out of pools when the borrower has missed three consecutive monthly mortgage payments or is 90 days past due. However, the guide is unclear whether the issuer must wait at least three months before buying a loan out of the pool if the borrower is making at least a partial payment while the loan is in default. Ginnie Mae made clear in a May 16 memo that issuers may purchase a loan from an MBS pool even though it is seriously delinquent. For example, if the last installment payment on a mortgage loan was Dec. 1 and the borrower missed payments in ...
Nonprime lender Citadel Loan Servicing increased its maximum loan size this week to $1.5 million from $1.0 million. Dan Perl, Citadel’s CEO, said the lender is on track to close $14 million in originations in May and $15 million in June. He added that Citadel is close to entering the non-agency mortgage-backed security market. Walter Investment Management revived Ditech Mortgage and the lender will offer jumbos, among other products ... [Includes four briefs]
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