FHA reported $21 billion of new residential endorsements in November, down from the previous month but up substantially from the same period a year ago. Fixed-rate mortgages accounted for 80 pecent of the total. For details see the new edition of Inside FHA Lending.
Residential Capital Corp., the bankrupt mortgage division of Ally Financial, has asked for court permission to sell an estimated $130 million of FHA-insured residential loans.
Fourteen months after the White House signaled its intention to make Carol Galante the nation’s next housing commissioner, the Senate on Sunday afternoon finally confirmed her nomination.
Sen. Bob Corker, R-TN, a key member of the Senate Banking Committee, has secured a commitment from Acting FHA Commissioner Carol Galante to toughen agency rules to put the insurance fund on a sounder financial footing.
Bexil American Mortgage has finally obtained its Ginnie Mae servicer approval and this week inked a deal to purchase a small nonbank lender whose identity it, so far, has not been revealed.
The Department of Housing and Urban Development late in the first quarter will auction off a package of up to 15,000 severely delinquent FHA-insured mortgages. A portion of the loans will be offered in Neighborhood Stabilization Outcome (NSO) pools in targeted areas.
Competition in FHA lending may get a boost following the easing of reporting requirements for insured depository institutions with $500 million or less in total assets.
Fannie Mae and Freddie Mac saw a noticeable decline in Home Affordable Refinance Program activity during the final months of 2012, according to a new Inside MBS & ABS analysis. At a time when overall refinance business rose 11.0 percent at the two government-sponsored enterprises, deliveries of HARP loans fell 6.9 percent. The biggest decline was in issuance of MBS specifically geared for underwater mortgages. A total of $62.28 billion of high loan-to-value ratio mortgages were securitized...[Includes two data charts]
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