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Inside Mortgage Finance

September 7, 2007

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Top Lenders Scramble to Adjust to Liquidity Crunch; Production Headed for Major Decline

The history-making upheaval in the U.S. mortgage market over the past few months is having a huge impact on the way the top lenders do business – but not all firms face the same challenges. A new analysis by Inside Mortgage Finance suggests... [Includes one chart] Read More

Lenders Began Shifting to Retail Production As Nonconforming Market Weakened in 2Q07

Mortgage lenders relied increasingly on their retail production channels as credit concerns heightened during the second quarter of 2007, according to a new ranking and analysis by Inside Mortgage Finance. Retail production increased... [Includes five charts] Read More

Lawmakers Split on How to Respond to Current Mortgage Market Problems

Legislators in the House Financial Services Committee are split along party lines on what response, if any, Congress should make to the evolving problems in the mortgage market. At a hearing this week, Rep. Barney Frank, D-MA, chairman of the committee, called... Read More

New IMF Survey Highlights Extent of Mortgage Market Disruptions in August

How bad was last month in terms of disrupted mortgage closings and the availability of loans? Pretty bad, according to a new Inside Mortgage Finance-sponsored study that found as many as one in three home purchase closings were cancelled as the result of mortgage... Read More

President Bush Launches FHA Program to Help Subprime Borrowers Cope with ARM Resets

The Bush administration last week announced a plan to use the FHA to help homeowners facing payment shock on adjustable-rate mortgages stay in their houses, ambitiously estimating that as many as 240,000 borrowers could take advantage of the new program. FHASecure is... Read More

Agencies Urge MBS Servicers To Help Troubled Borrowers

Federal and state regulators this week urged lenders servicing loans that have been pooled in mortgage securities to take advantage of loss mitigation strategies. Lenders should study MBS pooling and servicing agreements to assess their... Read More

Freddie Boosts Loss Reserves; GSE Anticipates More Defaults, Delinquencies Going Forward

Freddie Mac net income took a pounding during the second quarter, as the government-sponsored enterprise was forced to set aside almost half as much in loss reserves, $320 million, as it reported making in profit for the period, $764 million. That’s off steeply from... Read More

Delinquencies Rise in 2Q07

The overall mortgage delinquency rate jumped 28 basis points in the second quarter of 2007, climbing to 5.12 percent, according to the Mortgage Bankers Association. The share of loans classified as seriously delinquent rose... Read More

Fannie Mae Prepares to Implement Subprime Mortgage Lending Guidance, Adjusts Pricing

Fannie Mae has begun adopting tougher underwriting standards for certain subprime loans and raised the fees it imposes for loans delivered in its inhouse subprime program, Expanded Approval.On Aug. 15, Fannie issued Lender Letter 03-07, which detailed its... Read More

Fitch’s Updated Capital Model Drops Triad’s Rating; Radian at Risk After Merger Fails

Triad Guaranty saw its ratings tumble last week as a result of revisions Fitch Ratings made to the models it uses to analyze private mortgage insurers’ risk and capital levels. Meanwhile, the ratings for various Radian entities face increased pressure after... Read More

Schumer Clashes with Regulators Over GSE Portfolio Caps, Homeowner Relief Responses

Sen. Charles Schumer, D-NY, chairman of the Senate Banking Subcommittee on Housing, has been going head-to-head with top representatives of the Bush administration over how best to respond to homeowners struggling to keep up with their mortgages in the... Read More

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