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Inside Mortgage Finance

April 20, 2007

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GSEs Develop Products to Bail Out Subprime Borrowers as Congress Scrutinizes Foreclosures

Under sustained pressure from Capitol Hill, a number of mortgage market players are stepping up to offer homeowner assistance programs for subprime borrowers facing payment shock and a far less forgiving lending environment. Fannie Mae and Freddie Mac this week... Read More

Fremont Sells Most of its Loans, Origination and Servicing Platforms; New Century Sale Questioned

Fremont Investment and Loan this week announced that it will sell $2.9 billion in subprime loans, as well as its subprime lending business, to an undisclosed buyer, in a market where exit strategies appear to be getting harder to come by. Other major subprime... Read More

Dodd Sets May 2 Deadline for Foreclosure Summit Participants to Come up with Solutions

Chairman Chris Dodd, D-CT, and his Republican counterpart on the Senate Committee on Banking, Housing and Urban Affairs has given industry leaders, as well as consumer and civil rights groups, until May 2 to come up with a plan to stem the rising foreclosure rate and... Read More

Private Mortgage Conduit Business Shows Surprising Strength in Early ’07; Subprime and Alt Products Help

Private mortgage conduits issued a sturdy $241.4 billion of new non-agency MBS during the first quarter of 2007, buoyed in large part by continued strength in the subprime market and nontraditional loan products. Private conduit issuance was... [Includes one chart] Read More

Senate Republicans Introduce GSE Reform Proposal With Tougher Language on New Product Approval

Top Republicans on the Senate Banking, Housing and Urban Affairs Committee have introduced their version of legislation to overhaul the regulation of the nation’s government-sponsored enterprises, included provisions designed to toughen regulatory oversight of new... Read More

SCOTUS Aligns with Industry on Federal Preemption, Dissenting Justices Warn of Impact on Dual Banking

The U. S. Supreme Court this week settled a key federal preemption issue for federally chartered lenders with mortgage operating subsidiaries, ruling that mortgage business conducted either through the bank or the subsidiary is subject to federal, not state... Read More

GAO Recommends Legislative Changes to Strengthen HUD’s RESPA Enforcement

The Government Accountability Office this week recommended that Congress consider amending the Real Estate Settlement Procedures Act to strengthen enforcement of federal prohibition on referral fees and crack down on sham business arrangements between title insurers... Read More

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