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Inside Mortgage Finance

November 2, 2007

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GSEs See Hefty Increase in Market Share During the Third Quarter Meltdown of Non-Conforming Business

Fannie Mae and Freddie Mac showed up for work during the third quarter of 2007, produced a modest increase in new guaranty business and saw their share of the mortgage market catapult to its highest level this decade. Together, the two... [Include one chart] Read More

Mortgage Banking Profits Hammered in Third Quarter As Industry Records Severe Losses from Write-Downs

Mortgage banking absorbed heavy losses during the third quarter, with 27 top lenders posting an aggregate loss of $315 million, according to a new analysis by Inside Mortgage Profitability, an affiliated newsletter. It was the first time the industry posted... Read More

Countrywide Still Tops in Mortgage Servicing, But Results Uneven in Troubled Third Quarter

Countrywide Financial continued to rank as the top mortgage servicer in the industry as rough-and-tumble conditions in the non-conforming market during the third quarter did little to slow the company’s growth. Countrywide reported a... [Includes one chart and one graph] Read More

Fed’s HOEPA Revision, Frank’s Predatory Lending Bill Dueling to Regulate Subprime Mortgage Market

As mostly negative reaction pours in on an anti-predatory lending bill recently introduced by top Democrats in the House, the Federal Reserve continues to plug away at its own overhaul of mortgage market regulations. Fed officials continue to say they will offer... Read More

Smaller Lenders, Brokers Must Clear Many Hurdles to Operate in New ‘Agency’ Dominated Mortgage Market

Smaller lenders and mortgage brokers are facing a number of significant challenges as they scramble to adjust to a mortgage market that virtually overnight has become dependent on Fannie Mae, Freddie Mac and FHA for funding. That’s one... [Includes one graph] Read More

HUD Says Payment to Unapproved Brokers For Processing FHA Loans Violates RESPA

Compensation made to an unapproved mortgage broker for originating a federally insured home loan violates the fee-splitting provision of the Real Estate Settlement Procedures Act, the Department of Housing and Urban Development warned in a policy alert issued this week... Read More

Sunset Provision Considered to Ease Industry’s Cramdown-Bill Concerns

A largely partisan panel in a House subcommittee hearing this week called for passage of legislation amending Chapter 13 of the Bankruptcy Code, including a controversial provision that would allow bankruptcy courts to modify a home mortgage, even as the... Read More

Wells Fargo Tops in Ginnie Servicing as Big Companies Add Volume Aggressively

The three largest lenders in the Ginnie Mae servicing business – Wells Fargo, Countrywide and CitiMortgage – all have aggressively beefed up their portfolios over the past year, according to a new Inside Mortgage Finance ranking and analysis... [Includes one chart] Read More

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