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Inside Mortgage Finance

July 20, 2007

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FDIC Presses Fed to Use HOEPA to Regulate All Subprime Mortgage Lenders, Pushes for Minimum National Standards

The FDIC this week put added pressure on the Federal Reserve by urging the Fed to use its authority to regulate all subprime lenders. Additionally, the FDIC called for minimum national standards on subprime lending that would allow states to innovate... Read More

GSEs Implement Nontraditional Mortgage Guidance, But Tighter Regulation May Prolong Housing Slump

Under pressure from the Office of Federal Housing Enterprise Oversight, Fannie Mae and Freddie Mac late last week formally instructed lenders that they will only purchase nontraditional mortgages that comply with controversial... [Includes one chart] Read More

Private Mortgage Conduit Production Slumps in Second Quarter 2007 as Subprime Market Continues to Slow

Business in private mortgage conduits slowed down during the second quarter of 2007 as the subprime market continued to produce a declining volume of new loans, according to a new ranking and analysis by Inside Mortgage Finance... [Includes two charts] Read More

Federal and State Regulators Launch Project To Regulate Subprime Lenders and Brokers

Federal and state regulators will soon begin a collaborative project reviewing non-depository subprime lenders. The pilot is meant to improve collaboration between the regulators and has the endorsement of lenders. The regulators will conduct targeted... Read More

Suitability Becomes a Civil Rights Issue as HUD Launches New Unit to Investigate Lending Practices

The Department of Housing and Urban Development will begin employing a suitability factor in determining whether discrimination is involved in the origination or targeting of mortgage loans with pricing disparities or abusive features. The strategy will be used... Read More

Declining Market Prompts Fannie Mae to Remind Lenders to Evaluate Mortgage Collateral Objectively

Fannie Mae late last week urged sellers to be objective in assessing property values in declining housing markets. “It is acceptable, and expected, that a lender will deliver mortgage loans to Fannie Mae that are secured by properties located in declining markets... Read More

Housing Trade Groups Ask Congress to Oppose OFHEO Plan to Lower Conforming Loan Limit

Key housing industry trade groups are urging Congress to join them in opposing a reduction in the conforming loan limit that the Office of Federal Housing Enterprise Oversight appears ready to implement in 2008. The Mortgage Bankers Association, National Association of... Read More

Frank Mulls Timing of His Anti-Predatory Lending Bill, Other Lawmakers Jump in With Their Own Versions

The mortgage industry could be in for an interesting fall season when Congress begins to consider anti-predatory lending legislation that House Financial Services Committee Chairman Barney Frank, D-MA, plans to introduce soon. Reps. Brad Miller and Melvin Watt, both... Read More

Contentious Iraq War Debate Causes Delay of Senate Banking Hearing on FHA Modernization

Angry Senate Republicans this week moved to block all committee hearings, including a Senate banking committee hearing on proposed modernization of the FHA mortgage insurance program, in response to Democratic attempts to force a vote on U.S. troop withdrawal from... Read More

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