According to the Department of Housing and Urban Development, FHA has nearly exhausted its $25 billion authority for FY 2013 to insure multifamily, risk share and health care programs.

Wells Fargo cuts 760-plus mortgage workers. Meanwhile, Bexil American enters the New Jersey market through the wholesale channel.

President Obama this week affirmed his view that Fannie Mae and Freddie Mac should be wound down through a “responsible transition” to a new mortgage finance system that preserves the 30-year fixed-rate mortgage while emphasizing private capital. In a highly anticipated speech in Phoenix this week, Obama listed among his key reform principles that private capital should be in a first-loss position and the government should provide an appropriately priced, explicit guaranty to ensure continued access to the 30-year FRM. Those are the major components of the bipartisan reform legislation drafted by Sens. Bob Corker, R-TN, and Mark Warner, D-VA, although the president did not mention the bill by name. Obama also said...

For the first time in six years, the four surviving private MIs reported a combined profit on their domestic MI business during 2Q13.

The guidelines follow the Senate’s passage last week of the Reverse Mortgage Stabilization Act of 2013.

Despite the best efforts of supporters, including a renewed public showing of support from the White House, a new push to enhance the Home Affordable Refinance Program through legislation will go nowhere fast, say industry observers. Introduced by Sen. Jeff Merkley, D-OR, the Rebuilding Equity Act, S. 1373, would modify HARP to cover $1,000 in closing costs for underwater borrowers who choose loan terms of 20 years or less to rebuild equity in their homes. “Both [the Congressional Budget Office] and Fannie Mae have estimated that this bill would have no net cost, because it would reduce the severity of financial loss when defaults do occur,” said Merkley. The bill would require...

A pair of newly filed bills by a lone Senate Democrat would see the Home Affordable Refinance Program further expanded as a means to provide underwater homeowners with new refi options. The Rebuilding American Homeownership Act, S. 1375, would modify HARP to allow loans “that lack a government guaranty” to be refinanced through HARP. The bill would also direct Fannie Mae and Freddie Mac to price for the risk that the GSEs would be assuming, so that the program has no net costs, as well as establish an automatic sunset for the program after 24 or 36 months.

Mortgage lenders saw a noticeable decline in refinancing of underwater Fannie Mae and Freddie Mac mortgages during the second quarter of 2013, according to a new Inside Mortgage Trends analysis of mortgage-backed securities data. Overall refinance volume at the two government-sponsored enterprises declined by 13.6 percent from the first quarter of 2013 to the second, although refi activity continued to make up a huge 75.8 percent of GSE business. Deliveries of Home Affordable Refinance Program ... [Includes two data charts]

The Senate Committee on Banking, Housing and Urban Affairs this week approved bipartisan legislation to strengthen FHA solvency and oversight authority over lenders, paving the way toward dealing with the larger issue of housing finance reform. Introduced by Committee Chairman Tim Johnson, D-SD, and Ranking Minority Member Mike Crapo, R-ID, the FHA Solvency Act (S. 1376) passed by a vote of 21-1. The approved bill included...

When Wells Fargo recently pulled the plug on its remaining loan-production joint ventures, it downplayed the significance of the move, explaining that in the scheme of things these unique partnerships – mostly with real estate companies – account for just 3 percent of its total production. But for some of the eight JVs that were shoved aside, it could be a big deal because it means they may now have to find either a new partner or raise additional capital. Still, not all of the JVs are fretting...