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Inside Mortgage Finance

June 20, 2008

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Senate Weighs Compromise Omnibus Mortgage Bill That Splits the Difference on GSE Loan Limits

Senate negotiators this week tried to sustain momentum to enact a broad-reaching reform of the U.S. government’s involvement in the mortgage market, but a compromise omnibus bill hammered out by Senate Democrats and Republicans still faces significant political challenges. The revamped legislation includes creation of a new regulator for Fannie Mae, Freddie Mac and the Federal Home Loan Banks that... Read More

Groups Favor Harmonized Rulemaking On RESPA, TILA Loan Cost Disclosures

While comments were diverse on most provisions of the proposed Real Estate Settlement Procedures Act reform regulations, industry trade groups appear united in asking the Department of Housing and Urban Development to delay action and work with the Federal Reserve to harmonize proposed disclosures under RESPA and the Truth in Lending Act. The clamor for a coordinated rulemaking effort between HUD and... Read More

Refinance Volume Carried a Faltering Mortgage Market in Early 2008, Countrywide Led the Pack

Refinance lending has become a key component of the U.S. mortgage market in recent years, accounting for over half of new production over the past four years, but it became even more important as the housing market slump worsened in early 2008. A new analysis and ranking by Inside Mortgage Finance reveals that 62.5 percent of new loans originated in the first... [Includes one chart and one graph] Read More

FHA Pushes Ahead on Risk-Based Premiums, Renews Effort on Downpayment Aid, Tries to Spur REO Sales

The Department of Housing and Urban Development will begin implementing a controversial new premium pricing structure based on borrower risk, which will enable government-approved mortgage lenders to compete directly with conventional lenders that regularly use risk-based factors to price mortgage insurance risk. In a June 11 mortgagee letter, HUD announced a new risk-based matrix to... Read More

OCC Bares New Measures for Foreclosure, Recovery Effort, As Hope Now Issues New Guidelines to Speed Up Assistance

The foreclosure inventory continues to rise, but the number of new foreclosures has declined since peaking at the start of the year, according to a new government report. Meanwhile, the Hope Now Alliance announced new guidelines this week to hasten assistance to homeowners facing foreclosure. At the end of March, foreclosures in process totaled 283,988, which rose to 1.23 percent from... Read More

Fannie Gives Servicers Authority to Provide HomeSaver Advances, Makes Them Preferred Loss Mitigation Option

Fannie Mae this week dove headfirst into unsecured consumer loans as a primary tool in efforts to mitigate losses from rising mortgage default rates. The government-sponsored enterprise told servicers its new HomeSaver Advance program should be the first loss mitigation option they consider if a distressed homeowner can’t make up missed payments through a traditional repayment plan. According to... Read More

Foreclosures Will Have Little Effect on Home Prices For Conforming Borrowers, Professor Suggests

A downward housing spiral caused by foreclosures is unlikely, according to Charles Calomiris, a professor at Columbia Business School. “Fears of a huge loss in home values for most homeowners across the U.S. are greatly overblown,” he said. Calomiris based his conclusion on a paper he presented this week at the American Enterprise Institute, where he is co-director of the program on... Read More

Triad Forced Out

Triad Guaranty this week was forced to stop writing new mortgage insurance and go into run-off mode. The company announced that its talks with Lightyear Capital to form a new MI company ended unsuccessfully. Triad said Freddie Mac has denied its request to remain on... Read More

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