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Inside Mortgage Finance

March 9, 2007

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Alternative Mortgage Market Kept Growing in 2006 Despite Mounting Pressure from Regulators

Alternative mortgages accounted for a hefty 31.9 percent of total originations in 2006, providing considerable oomph to a market that began to sag under a cyclical housing downturn, according to a new analysis and ranking by... [Includes one chart] Read More

Countrywide Financial Ranks as Top ARM And Alternative Mortgage Lender in 2006

Countrywide Financial ranked as the top producer of adjustable-rate mortgages and nontraditional loans during 2006, even though the company shrank its ARM originations considerably.Countrywide reported $210.9 billion of ARM... [Includes two charts] Read More

Proposed Subprime Guidance Gets Mixed Reviews, Mortgage Industry Cautions Against ‘Overreaction’

Guidelines for subprime hybrid ARM lending proposed late last week by federal financial regulators are getting bad reviews from mortgage industry groups and compliance experts, and praise from community and consumer advocates. As anticipated, the agencies decided... Read More

More Turmoil in Subprime Market: FDIC Helps Close the Doors at Fremont General

Federal banking regulators appear to have played a major role in the decision of Fremont General Corp. to exit the troubled subprime mortgage lending business. The Federal Deposit Insurance Corp. on Feb. 27 issued a proposed cease-and-desist order calling for... Read More

Community Bankers Lobby to Fend Off Lending Restrictions, Keep GSEs Out of Primary Market

Politically active thrift executives came to Washington this week to urge government officials to make sure Fannie Mae and Freddie Mac stay out of the primary market, and to resist imposing onerous new restrictions in an effort to clamp down on predatory lending. “Federal banking... Read More

Report Suggests MBA’s Application Survey Overstates Origination Volumes

The Mortgage Bankers Association’s application survey consistently overestimates origination volumes, according to a recent analysis of the weekly survey. Even as the trade group forecasts volume declines this year, the application survey suggests an increase in first... Read More

OTS Approves Countrywide’s Thrift Charter Bid, Alignment of Regulatory, Business Objectives Complete

Countrywide Financial’s banking subsidiary will no longer make mortgage loans as a federal bank as it switches to a new federal thrift charter approved this week by the Office of Thrift Supervision. The Calabasas, CA-based lender will begin operating as a... Read More

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