The Alt A origination estimate is based on the volume of first-lien conventional mortgages with interest rates ranging from 150 basis points over the prime mortgage rate to 300 bps over.
The GSEs are beginning to take in a significant amount of money from R&W settlements, but both stand to reap an even larger windfall from a pending civil lawsuit filed by the FHFA against 17 issuers of private label MBS.
Meanwhile, the regulator Monday morning unveiled new “master policy” requirements for the MI industry, which will make it harder for insurance firms to get out paying claims on defaulted mortgages.
Standard & Poor’s recently published an updated estimate of likely losses stemming from mortgage-related litigation, finding that banks face future costs of $56.5 billion to $104 billion.
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.
The once deadlocked, but now all-but-certain, confirmation of Rep. Mel Watt, D-NC, to be the new director of the Federal Housing Finance Agency has left industry observers uncertain as to the continued policy direction of the FHFA.
Commercial banks and savings institutions reached a record level of investment in non-mortgage ABS during the third quarter of 2013, according to a new Inside MBS & ABS analysis and ranking. Banks and thrifts held a combined $173.12 billion of non-mortgage ABS as of the end of September, up 4.4 percent from the previous quarter. The industry’s aggregate ABS portfolio was up 6.9 percent from the third quarter of last year. Banks and thrifts pushed...[Includes one data chart]
The sudden, dramatic increase in flood insurance premiums – some by as much as 1,000 percent – are leaving homeowners and prospective homebuyers stunned.
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