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Inside Mortgage Finance

March 14, 2008

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Frank to Propose $15 Billion Bailout via Government Refinancing of Written-Down Subprime Mortgages

Rep. Barney Frank, chairman of the House Committee on Financial Services, this week detailed legislation he plans to propose to help avoid foreclosures as lawmakers on Capitol Hill move closer to a potentially incendiary partisan fight over the government’s... Read More

Modification Bill Gains Speed

Reps. Paul Kanjorski, D-PA, and Michael Castle, R-DE, this week introduced legislation to give mortgage servicers a legal safe harbor for making loan modifications. The “Emergency Mortgage Loan Modification Act of 2008,” H.R. 5579, is a... Read More

Agencies Gear Up for Jumbo Market, But Segregation May Dampen Impact

Fannie Mae, Ginnie Mae and Freddie Mac are rolling out programs to securitize jumbo mortgages in coming weeks, but the guidelines are likely to impose a measurable extra cost above the price available for conforming-balance loans. For starters, the agency-eligible... Read More

FNMA Updates Pricing

Fannie Mae late last week released an updated pricing matrix for its flow business transactions. Aimed at further declines in the housing market, the revised schedule of loan-level pricing adjustments closely match similar changes imple-mented by Freddie Mac... Read More

Mortgage Delinquency Rates Continued Climbing in Late 2007; Pace of Deterioration May Be Slowing

Mortgage delinquency rates were almost universally higher in the fourth quarter of 2007, although there was some evidence that the market’s freefall may slow a bit in coming months. According to the Inside Mortgage Finance Large Servicer... [Includes two charts] Read More

HUD Again Calls for Full FHA Reform As Lawmakers Pore Over Bush Budget

Department of Housing and Urban Development Secretary Alphonso Jackson made another appeal to lawmakers this week to pass full FHA modernization legislation, including risk-based premiums and permanently higher loan limits, as President Bush’s latest... Read More

U.S. Courts Side with Nehemiah, Ameridream, Vacate HUD Rule Banning Seller-Funded DPA

Providers of seller-funded downpayment assistance claimed victory after two federal courts on opposite coasts upheld plaintiffs’ assertions that the Department of Housing and Urban Development violated federal administrative procedures when it... Read More

Too Few Delinquent Borrowers Qualify for FHA Secure Program, HUD Acknowledges

Relatively few of the borrowers who have refinanced under the Department of Housing and Urban Development’s FHASecure program were delinquent on their previous mortgage, and an agency official acknowledged that there are many distressed borrowers... Read More

Bush Task Force Issues Sweeping Recommendations To Improve Mortgage Lending and Securitization

Treasury Secretary Henry Paulson this week unveiled the broad outline of a massive regulatory response to the upheaval in financial markets spawned by the meltdown in subprime mortgage lending, focusing largely on improved regulation and transparency... Read More

Mortgage Servicing Growth Slowed In Late 2007, Tilts to Agency Market

The mortgage servicing business continued to grow bigger during the late stages of 2007 despite declining new loan production, falling house prices and rising defaults. The Federal Reserve late last week reported that... [Includes one chart] Read More

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