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Inside Mortgage Finance

March 2, 2007

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Fannie Mae Shuts Down Foundation, Forms New In-House Division to Handle Charitable Activities

Fannie Mae late last week announced plans to close down the nonprofit foundation through which it had run controversial public outreach and community-oriented grant-making activities over the past decade. The move underscores a new direction... [Includes one chart] Read More

Freddie Mac Tightens Hybrid ARM Underwriting for Subprime Borrowers, May Have Finessed Regulators

Freddie Mac’s tightening of underwriting for certain subprime mortgage products announced this week may have zeroed in on a problem on which federal regulators – and Congress – are expending considerable energy these days. The government-sponsored enterprise said... Read More

Nonprime Sector Falls Short of 2005 Record Origination Level, But Alt A Still Growing

The plucky nonprime mortgage business – including subprime and Alt A production – hit a near-record $1.00 trillion in new originations in 2006, falling just short of the all-time high set back in 2005, according to a new analysis and... [Includes five charts] Read More

Regulators Working on Separate Subprime Hybrid Guidance, Emphasis Likely on Underwriting Based on Fully Indexed Rate

Federal thrift and banking agencies are developing guidance apart from the current nontraditional mortgage guidelines to address concerns about the potential harmful effects of subprime hybrid ARMs on consumers, according to a top official of the... Read More

Moody’s Provides Overview of Key Factors In Mortgage Insurance Company Ratings

Moody’s Investors Service this week issued a report outlining its ratings methodology for mortgage insurance companies, most of which enjoy stable or better ratings outlooks from the firm. The report is not expected to have any impact on Moody’s ratings of... Read More

Capitol Hill Researchers See Rising Nonprime Defaults as Housing Market Issue in 2007

A recent report by the Congressional Research Service suggests that delinquencies and foreclosures are on the rise because of the growth of alternative mortgage products and subprime lending.“The growth of the subprime market has allowed borrowers with impaired credit or... Read More

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