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Inside Mortgage Finance

December 14, 2007

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Bush-Wall Street Plan Expected to Provide Some Help To Ailing Mortgage Market, But It’s No Silver Bullet

Mortgage industry groups dutifully embraced a plan announced late last week that gives servicers a fast-track option for modifying certain subprime ARMs, while observers suggest the program is a partial solution to a growing problem. The Bush administration and... Read More

Dodd’s Anti-Predatory Lending Bill Includes Consumer Protections for Nontraditional Loans, But no Preemption

Sen. Chris Dodd this week unveiled a major anti-predatory lending bill that proposes tougher consumer protections for a broader range of mortgage loans than similar legislation already approved by the House. And like the House bill, Dodd’s legislation does not... Read More

House Panel Moves Cramdown Bill

The House Judiciary Committee this week approved compromise legislation allowing bankruptcy judges to modify home mortgages under court-approved repayment plans. As amended, H.R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of... Read More

GSEs Impose Delivery Fees to Cover Increased Risk as Markets Continue to Deteriorate

Fannie Mae and Freddie Mac have both imposed new 25 basis point delivery fees for new business in the wake of further declines in housing and mortgage markets. Fannie last week announced a new “adverse market delivery charge” of 25 bps that covers all... Read More

Washington Mutual Forced to Scale Back Mortgage Business, Quit Subprime Market

Washington Mutual announced a major downsizing of its mortgage lending operations as part of a plan to shore up its capital and liquidity in an environment that shows no signs of improving any time soon. The company – the sixth largest originator in the... Read More

HUD Highlights RESPA Rule in Semiannual Rulemaking Agenda, Not Much New on FHA

The Bush administration is pushing for improved mortgage disclosures and updated goals for Fannie Mae and Freddie Mac as major regulatory goals for housing in its final year in office. According to the latest semiannual regulatory agenda released this week, the... Read More

Countrywide Ranks First in Refinance And Purchase-Money Lending in 2007

Countrywide Financial ranked as the top refinance lender and the top provider of purchase-money mortgages through the first nine months of 2007. Countrywide reported that 57.6 percent of its originations this year were refinance transactions... [Includes two charts] Read More

Mortgage Servicing Business Tops $11 Trillion Mark, Agencies Pace Growth

Mortgage debt on single-family housing broke through the $11 trillion mark in the third quarter of 2007 despite declining house prices and slowing loan production. The Federal Reserve Board reported that $11.028 trillion of home mortgages were outstanding... Read More

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