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Inside Mortgage Trends

July 10, 2009

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FDIC Policy for Failed Bank Buyers May Discourage Private Investors

Proposed federal standards that raise the bar for potential buyers of failed banks and thrifts may end up discouraging private investors from bringing much-needed capital to the banking industry, observers say. In proposed new guidance and eligibility standards for private investors in failed banks or thrifts, the Federal Deposit Insurance Corp. said it wants to make sure these buyers... Read More

Loan Mod Efforts May Be Gaining Ground

Mortgage servicers’ efforts to curb foreclosures through loan modification may finally be making a dent in the massive freefall in loan defaults just as a series of new government initiatives are introduced in the market. Federal agencies and lawmakers on Capitol Hill have been exhorting mortgage servicers to be more aggressive in their loss mitigation efforts, with a lot... [Includes one graph] Read More

Mid-Sized Banks Finding Profitability

Smaller, community banks are continuing to show their strength through the first half of 2009, and several bank executives said that even the drop-off in refinance activity shouldn’t cut too deep into bank profits. Both Texas-based Colonial Savings FA and Arkansas-based Arvest Mortgage Co. touted their swelled 2009 lending totals this month, providing examples of community banks... Read More

Flagstar Concludes $50M P.E. Capital Raise

Flagstar Bancorp Inc., one of the top sellers of mortgages to Fannie Mae and Freddie Mac, recently concluded a final $50 million investment by private equity firm MP Thrift Investments L.P., an entity formed by MP (Thrift) Global Partners III LLC. The transaction between Flagstar and MP Thrift Investments L.P., also known as MatlinPatterson, is part of a recent trend of PE firms... Read More

GMAC Conversion Allows Raising of Public Capital

In a move that opens the door for the infusion of public ownership and public investment capital, as well as greater liquidity for the mortage lending operations of its financial services unit, GMAC last week converted from a Delaware limited liability company into a Delaware corporation. Each unit of each class of membership interest issued and outstanding immediately prior... Read More

Preparation is Key to HUD Audit Survival

The Department of Housing and Urban Development is getting more aggressive about monitoring the performance of the rapidly growing ranks of lenders engaged in the FHA single-family program as FHA lending has mushroomed over the past two years. It’s critical for lenders to be well prepared if they want to navigate an FHA audit, which usually happens every 18 months... Read More

Agencies Advise on Liquidity Risk Management

Federal regulators have issued proposed guidance on funding and sound liquidity risk management to help financial institutions avoid the liquidity-related problems that led to the collapse of the mortgage securities market and the downfall of many investors. Published in the July 6 Federal Register, the guidance reflects the agencies’ expectations with regard to sound practices... Read More

Mortgage REITs Are Up in 2Q09

Life is getting better for real estate investment trusts that invest in mortgages. REITs are up nearly 15 percent for the second quarter – a healthy showing for a struggling industry, but lagging a bit behind stronger performances in the overall REIT world during the period. The FTSE NAREIT Mortgage REIT Index published by the National Association of Real Estate Investment Trusts was up... Read More

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