The agencies securitized just $35.46 billion of refinance loans during November, down 15 percent from the previous month, and refinances accounted for 44 percent of total issuance.
A group of four senators has asked the Obama administration and regulators to reject plans by municipalities to use eminent domain to acquire underwater performing mortgages, warning of a dire impact upon the entire mortgage lending space if such a proposal takes root. In a letter dispatched last week to Treasury Secretary Jack Lew and Housing and Urban Development Secretary Shaun Donovan, the bipartisan quartet of senators expressed their dismay that the administration “has been largely silent” on Richmond, CA’s proposal to seize performing mortgages, then refinance them into an FHA product.
House Financial Services Committee Chairman Jeb Hensarling does not have the votes needed to pass the Protecting American Taxpayers and Homeowners Act in the House and, unless he is willing to be flexible on certain key issues, the package may not reach the House floor at all in this Congress, according to industry lobbyists. Talk that Hensarling, R-TX, may make another push to get the PATH Act to the House floor surfaced this week following an opinion piece he published in the Nov. 27 issue of the Washington Times. In that op-ed, the chairman focused on the bill’s FHA reform component. Hensarling underscored...
The HUD NPL auction features 5,000 delinquent single-family loans totaling $1 billion in unpaid principal balances with representations and warranties.
The top reasons for FHA condo denials include financial instability, pending litigation, insufficient insurance coverage and outdated or missing documentation.
“Eminent domain may be a local matter, but in the context of seizing mortgages, its use would have national consequences,” the four senators write in their letter to Treasury Secretary Jack Lew.
Just how big is Wells Fargo's Ginnie Mae market share? At Sept. 30, the bank controlled 31.53 percent of the market. Its closest competitor was JPMorgan Chase with a mere 11.75 percent.
The Department of Housing and Urban Development expects to issue the long-anticipated FHA FY 2013 independent review of the state of the FHA’s Mutual Mortgage Insurance Fund on or before the middle of December. The report’s release was delayed due to the three-week government shutdown in October.
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