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Inside Mortgage Finance

September 14, 2007

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Mortgage Industry Employment Falling Rapidly, But More Rightsizing Appears Likely in 2007

With many lenders already shut down and survivors announcing substantial layoffs, the mortgage industry is undergoing a massive downsizing in employment that some analysts say could amount to a decline of 30 percent between now and the... [Includes one graph] Read More

Dodd Unveils Anti-Predatory Lending Bill, Similar Legislation From Frank Expected to Follow

Tough talk from Congress is turning into action as Sen. Chris Dodd, D-CT, detailed his long-awaited anti-predatory lending bill last week. Analysts expect similar legislation in the House from Rep. Barney Frank, D-MA, shortly. The strong legislation has a good... Read More

Mortgage Delinquencies Climb in Virtually Every Category, But ARMs See Biggest Gains

Nearly all top mortgage servicers reported higher delinquency rates in the second quarter of 2007, as cyclical trends, a slumping housing market and recent innovations in product design created new stresses on borrower payment ability.... [Includes one chart] Read More

Schumer, Citing GSE Reform Deadlock, Introduces Bill to Lift Caps, Loan Limits

Sen. Charles Schumer, D-NY, this week introduced a bill designed to allow Fannie Mae and Freddie Mac to provide liquidity to the nonconforming mortgage sector as Democrats continue to push for a more aggressive response to the slumping housing market... Read More

HUD Publishes Results of Revised GFE, MPO Testing; GFE Model May be Adopted in RESPA Rule Proposal

Model disclosures for a revised good-faith estimate and controversial proposals for guaranteed-cost mortgage packaging have scored high with consumer testers for clarity and simplicity, according to results of tests conducted in 2003 and 2004 but... Read More

HMDA Origination Volume Dropped 10 Percent in 2006 Despite Increase in Some Minority Lending

Mortgage lenders reported a total of $2.446 trillion of new originations in 2006 under the Home Mortgage Disclosure Act, according to a new Inside Mortgage Finance analysis of data released this week by the Federal Reserve Board. That... [Includes one chart] Read More

Servicers Must Analyze Borrower’s DTI Ratio Before Employing Loss Mitigation, Agencies Warn

Federal and state banking regulators have issued new warnings to mortgage servicers regarding loan modifications even as the agencies continue to encourage lenders to explore all available options under existing agreements to help troubled borrowers stay in their homes... Read More

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