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Inside Mortgage Finance

August 4, 2006

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New Servicing King Appears on the Horizon as Top Lenders Continue Grabbing Market Share in 2006

The top tier of mortgage servicers continued to grow their businesses at a rate faster than the expansion of the overall market during the second quarter of 2006, but pending mergers and shifting strategic approaches to the business promise to create a new order in coming months. Countrywide Financial remained the top servicer in the industry as of the midway point in 2006, according to a new ranking and analysis by Inside Mortgage Finance. The… [One data table included] Read More

Freddie Agrees to Cap Portfolio Growth, Avoiding a Regulatory Confrontation

In a move that sidesteps a possible legal confrontation with one of its regulators, Freddie Mac agreed this week to temporarily limit the growth of its retained portfolio to an annual growth rate of no more than 2 percent above its June 30 level, which was $710.3 billion on a GAAP basis. … Read More

GSE Reform Legislation Prospects Dim As Senate Leader Demands Compromise

Prospects for legislation to reform oversight of the government-sponsored enterprises grew bleaker this week as Republican leaders in the Senate insisted on a bipartisan compromise that so far has proven unattainable. Senate Majority Leader Bill Frist, R-TN, this week publicly stated he will not bring GSE reform legislation to the floor of the Senate for a vote unless all 100 Senators agree. That was essentially the strategy that Sen. Richard Shelby, R-AL, adopted last year… Read More

FHA Modernization Bill Takes a Turn for The Worse as Opposi-tion Arises in the Senate

After a triumphant passage in the House of Representatives, FHA modernization efforts appeared to hit a brick wall after the Senate Appropriations Committee jettisoned the reform provisions from a 2007 funding bill for the Department of Housing and Urban Development and other agencies. The HUD appropriations bill had been seen as the best chance for enacting FHA reform language that the House has effectively approved twice, in its own HUD funding bill as well as… Read More

Resistance is Futile: CitiMortgage Assimilates CitiFinancial to Form Unified Loan Platform

Citigroup has revamped its mortgage loan origination platform, bringing its prime and subprime business together under a single umbrella. Citigroup officials say that the move, announced last week, will make it easier for borrowers, brokers and correspondents to do business with the company while offering a broader range of products to borrowers across the product spectrum. “First and foremost, it’s about the customer,” said CitiMortgage President Bill Beckman in a conference call with reporters.… Read More

Replenishment Rates Slow Modestly in 2006, Most New Loan Production Covers Runoff

Top mortgage servicers continue to run a stern uphill race against prepayments, even in a market where housing activity and refinance demand are cooling, according to a new Inside MortgageFinance analysis. Fifteen of the top mortgage servicers in the industry saw their combined portfolios grow by some $439.1 billion over the first six months of the year. In addition to bulk servicing acquisitions, these lenders also generated a hefty $1.01 trillion in new originations. That… [One data table included] Read More

GSE Housing Goal Incentives Produced Mixed Results in 2005, HUD Study Says

The system of bonus points formerly awarded to encourage Fannie Mae and Freddie Mac to meet certain affordable housing priorities may not have had much impact on the business activities of the two government-sponsored enterprises, according a recently released report from the Department of Housing and Urban Development. Under its previous affordable housing goal regulation, HUD awarded bonus credits to the GSEs for small multifamily properties and single-family rental properties. Fannie and Freddie received double… Read More

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