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Inside Mortgage Finance

November 6, 2008

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GSEs Have Been Spinning Their Wheels as Debt Costs Rise in Turbulent Funding Market

Since Fannie Mae and Freddie Mac were placed into federal conservatorship in early September, the two government-sponsored enterprises have done fairly little to fulfill their regulator’s pledges of providing billions of dollars of support to the mortgage market, due at least in part to a widening of spreads that have jacked up their debt funding costs. “The conservatorships just... Read More

Financial Turmoil Continues to Produce Major Changes In Mortgage Servicing Business, BofA Moves to the Top

Bank of America jumped to the top of the residential mortgage servicing business during the third quarter of 2008, although the fallout from the restructuring of the U.S. banking industry is anything but settled. BofA became the first company ever to amass more than $2 trillion of mortgage servicing business as a result of its... [Includes two charts and one graph] Read More

Treasury, FDIC Still at Odds over Mega-Foreclosure Relief That Lenders Think Could Be a Better Deal

The Treasury Department and the Federal Deposit Insurance Corp. remain at loggerheads over a developing plan to have the federal government guarantee millions of mortgages to help stave off a growing tsunami of foreclosures. The crux of the debate involves a proposal advanced by FDIC Chairman Sheila Bair to take as much as $50 billion from the $700 billion federal bailout package and... Read More

GSE Reluctance to Accept H4H Payoffs Questioned, Foreclosure Referrals Under Review, Says Fannie

The biggest, most ambitious loan modification program ever launched by the federal government is up and running, but it is unclear whether Fannie Mae or Freddie Mac are supporting it. The question of whether the government-sponsored enterprises would accept a HOPE for Homeowners refinancing of distressed GSE-backed mortgages came up during an audio conference hosted... Read More

2008 Election Results Suggest Pro-Consumer Agenda, Tougher Environment for Lenders

This week’s historic election results suggest that the mortgage industry is now far more likely to see cramdown legislation, more aggressive foreclosure prevention efforts, more federal funds committed to backstopping mortgages and a friendlier environment for the government-sponsored enterprises, according to industry observers. “Federal efforts to mitigate foreclosures and stabilize... Read More

U.S. Attorney Preparing to Charge Thousands Of California Borrowers with Mortgage Fraud

While lenders are coming under increased pressure to help borrowers avoid foreclosure, the U.S. Attorney in San Francisco has launched an effort to pursue fraud cases against subprime borrowers who lied on their loan applications. “In my way of thinking, it didn’t make any sense for us to excuse any one component of the group that was involved in this phenomenon,” said U.S. Attorney Joseph... Read More

Chase Includes Federal Borrower-Rescue Programs in Effort to Restructure Troubled Portfolio Mortgages

Responding to government pressure for increased loan modifications, JPMorgan Chase has announced a $70 billion nationwide loan modification initiative, including a freeze on foreclosures for the next 90 days and the use of government borrower-rescue programs to help distressed homeowners keep their homes. The plan aims to restructure mostly mortgages on owner-occupied properties owned by... Read More

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