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Inside Mortgage Finance

October 14, 2005

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Private MBS Conduit Volume Surges In 3Q05; Countrywide Leads Boom

New securitization volume by private conduits bounced to a record $265.01 billion during the third quarter of 2005, according to a new analysis and ranking by Inside Mortgage Finance. Judging from the booming volume in the overall non-agency MBS business and surging issuance of Fannie Mae and Freddie Mac securities, the mortgage market overall posted a strong increase in volume during the three months ending in September. As has been the case since the beginning… [One data table included] Read More

Fannie and Freddie Could Take a Major Hit from Exposure to Hurricane Damage

Fannie Mae and Freddie Mac have disclosed their potential losses from property damage in the Gulf Coast area – and the numbers are higher than most mortgage industry observers expected. According to the government-sponsored enterprises, Fannie and Freddie could lose up to a combined $1 billion because of damage wrought by Hurricane Katrina and Hurricane Rita. Fannie told investors last week that it expected after-tax losses of between $250 million and $550 million due to… Read More

House Vote on GSE Reform is Back on Schedule; H.R. 1461 Is Expected to Draw Broad Support

A bill to create a new regulator for Fannie Mae and Freddie Mac has been given the green light in the House, sources confirmed, after stalling last month because of disagreement over new affordable-housing money that is included in the closely watched legislation. Rep. Michael Oxley, R-OH, chairman of the House Financial Services Committee, tried to push H.R. 1461 to a floor vote in September past the objections of GOP conservatives by targeting grants from… Read More

‘Other’ Mortgage Issues Unlikely to Be Cleared Up As Clock Winds Down on Legislative Year

While reform of the government-sponsored enterprises and predatory lending have grabbed most of the headlines in mortgage-related legislation this year, a number of other unresolved issues remain on Congress’ plate as the legislative session comes into the late innings. Typical of past sessions, the 109th Congress has seen the introduction of a spate of new mortgage-related bills. But many of them – such as bills that would provide new relief for various groups of mortgage… Read More

Minorities Will Account for Majority of Mortgage Market Growth, Highlighting Need for Diversity

With two-thirds of the growth in the residential mortgage market over the next five years expected to come from minorities, lenders need to do more to make sure their companies look like the borrowers they serve, according to some industry observers. A diverse workforce will improve the prospects of lending to a diverse group,” said Maurice Jourdain-Earl, managing director at Compliance Technologies. “That is a logical outcome, but for some reason it has not… Read More

California Accounts for Slightly Larger Share of 2004 Mortgage Market; Prices Spikiest on the Coasts

California remained the largest mortgage market in the U.S. in 2004, casting a slightly larger shadow over the national origination activity than the year before, according to a new analysis of Home Mortgage Disclosure Act data. A total of $650.78 billion of HMDA mortgages were reported in California during 2004, or about 26.6 percent of the national total, according to an analysis by Geosegment Systems, based in Nashua, NH. Although that was down 20.8 percent… [One data table included] Read More

Holding Mortgages in Portfolio Likely to Become More Attractive Under Emerging Capital Rules

Banks and thrifts over the next few years can likely expect to see further regulatory incentives for holding unsecuritized mortgage loans – especially high quality collateral – in their investment portfolios. Federal banking regulators late last week approved a tentative rulemaking that would allow the vast majority of small and medium-sized depository institutions to lower the amount of capital they have to hold against residential mortgages in portfolio. The move – an advance notice… [One data table included] Read More

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