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Inside Mortgage Finance

May 2, 2008

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FDIC Offers New Twist on Mortgage Bailout As House Panel Works on FHA-Supported Plan

Federal banking regulators offered a new plan to help distressed borrowers who need a more affordable mortgage and a grace period to get back on their feet to avoid foreclosure. The proposal outlined this week by the Federal Deposit Insurance... Read More

Countrywide Remains Atop Mortgage Servicing Business, But Industry Fortunes Are Shifting

Countrywide Financial remained the top mortgage servicer in the industry at the end of the first quarter, according to a new Inside Mortgage Finance ranking and analysis. Although the top 10 servicer ranking was virtually unchanged from... [Includes one chart] Read More

GSEs Report Shrinkage in Retained Portfolios In Early 2008, Sluggish ‘New Business’ Volume

The massive mortgage investment portfolios at Fannie Mae and Freddie Mac declined slightly during the first three months of 2008, despite efforts by federal policymakers to push the government-sponsored enterprises to provide more support for a faltering market... Read More

IRS Defers to Mortgage Industry, Withdraws Bid to Change Tax Treatment of Home Loans

The Internal Revenue Service last week quietly abandoned a proposed rulemaking that could have raised taxes for mortgage bankers and the government-sponsored enterprises. The agency said it was persuaded to drop an August 2006 proposed rule after reviewing industry... Read More

HUD Agrees That Certain Affordable Housing Goals Were Unreachable for Fannie and Freddie

Fannie Mae and Freddie Mac have convinced their mission regulator that two affordable housing targets set for the government-sponsored enterprises were just not feasible. The GSEs late last year advised the Department of Housing and Urban Development that they could... Read More

Bank of America Unveils Aggressive CRA, Foreclosure Plan to Allay Concerns about Countrywide Purchase

Bank of America this week announced major initiatives in community development, investment and foreclosure relief to ease public concerns about its proposed acquisition of Countrywide Financial. BofA executives unveiled an ambitious post-merger agenda during... Read More

House Democrats to Push Through Ambitious Agenda of Mortgage Legislation by Midyear

Lawmakers plan to send a package of mortgage-related bills to President Bush, possibly before Congress breaks for its July 4 recess, Rep. Barney Frank, chairman of the House Financial Services Committee, said this week. The package will include legislation to... Read More

House Legislators Lean on HUD to Give More Time to Comment on RESPA Plan

Democrats and Republican lawmakers in the House are leaning on the Department of Housing and Urban Development to give the industry more time to review the agency’s sweeping proposals to overhaul the mortgage lending process. HUD in mid March published a proposed... Read More

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