Wall Street believes that housing/GSE reform legislation should provide for the creation of a single agency MBS.

There are signs that residential lenders are willing to accept slightly more credit risk, said one mortgage vendor.

Wells Fargo, JPMorgan Chase and Flagstar are all working on large servicing deals, but as sellers. Meanwhile, HUD is worried about lower GSE loan limits.

Vacant foreclosed properties with mortgages backed by Fannie Mae and Freddie Mac are not subject to the City of Chicago’s registration ordinance, according to a recent ruling from the U.S. District Court for the Northern District of Illinois. The ordinance, which took effect in November 2011, requires mortgage lenders to register vacant properties with the city and pay a $500 registration fee. The ordinance also directs lenders to secure and maintain vacant buildings in accordance with city requirements.

Large parts of the Bay Area and Southern California qualify for the top high-cost limit, while other California markets such as San Diego ($546,250) and Sacramento ($474,950) have intermediate high-cost limits.

CFPB director Richard Cordray could be softening somewhat in response to the mortgage industry’s plea for regulatory enforcement relief when the new rules take effect in January.

Banking regulators are showing new concerns about appraisal management companies, especially those owned by depositories.

The letter to members of Congress is notable for which trade groups didn't sign on, including the American Bankers Association and Mortgage Bankers Association.

Loan standards are not loosening on conventional mortgages, but in the jumbo space the story is entirely different.

The Department of Housing and Urban Development is doing a poor job of overseeing FHA lenders, according to the agency’s Office of the Inspector General, which has found high error rates in ongoing reviews of underwriting. FHA continues to struggle with poorly underwritten mortgages, according to testimony by HUD Inspector General David Montoya in a hearing this week before the House Financial Services Oversight and Investigations Subcommittee. In light of “the apparent systemic problems with the underwriting of FHA insured loans” and successful pursuit of civil enforcement against violators, the HUD IG joined with the Department of Justice and HUD’s Office of General Counsel in early 2012 to focus on the underwriting practices of 10 of the largest FHA-approved lenders. “To date, the underwriting of thousands of FHA insured...