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Inside Mortgage Finance

November 13, 2008

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Ongoing Losses, Deteriorating Market Conditions Drive Private MIs to Higher Ground in 3Q08

Private mortgage insurers continued to tighten underwriting requirements and raise premium prices during the third quarter, ceding more market share to government programs while trying to shore up their own deteriorating financial condition. All seven private MIs reported net losses on their mortgage insurance business during the third quarter... [Includes four charts] Read More

At Long Last, HUD Issues RESPA Reform Rule, Makes Key Changes to Appease Industry Critics

The Department of Housing and Urban Development this week issued long-anticipated mortgage settlement regulations aimed at simplifying estimated closing-cost disclosures and helping consumers shop for the lowest cost mortgage. Revised final rules implementing the Real Estate Settlement Procedures Act were announced by HUD Secretary Steven Preston and other top agency... Read More

Government Shuns Asset Purchase Program, Considers Targeted Over Wholesale Purchases

Financial institutions are eager and ready to sell their distressed asset holdings to the federal government under the Troubled Asset Relief Program, but the Treasury Department this week said asset purchase is no longer a top priority under the TARP. Treasury Secretary Henry Paulson ended weeks of speculation saying that wholesale purchases of troubled mortgage assets would be an... Read More

Fannie Reveals No Major Shift in Business Strategy After Posting Historic $29 Billion Loss in 3Q08

Fannie Mae announced a massive $29 billion loss for the third quarter – but no corresponding shift in business strategies to put the government conservatorship back on a path toward profitability.Much of Fannie’s historic third-quarter loss came from a $17.0 billion valuation allowance against its deferred tax asset, which totaled $21.4 billion. The company also added another $6.7 billion... Read More

Loan Mod Efforts Widened as Streamlined Program Announced for Fannie and Freddie

Federal regulators this week announced a streamlined loan modification program to be undertaken by Fannie Mae and Freddie Mac, although skeptics questioned how much impact it will have. The new Streamlined Modification Program targets loans owned or guaranteed in securities by the government-sponsored enterprises that are at least 90 days delinquent and have loan-to-value ratios of... Read More

Ginnie Mae Clarifies Policy for Pooling Repurchased Loans

Ginnie Mae late last week announced a new policy requiring that delinquent loans repurchased from its mortgage-securities pools be brought current in their payments before they can be re-securitized in the most popular MBS programs for level-payment mortgages. According to All Participants Memo 08-23, repurchased mortgages can only be re-pooled in Ginnie I X SF, Ginnie II M SF and... Read More

Federal Agencies Announce Significantly Lower Conforming Loan Limits for High-Cost Markets

Given the ongoing declines in home prices and unavoidable changes mandated by law, federal mortgage regulators this week released significantly lower conforming loan limits for many housing markets in 2009. The 2008 housing act provides that the existing conforming loan limit of $417,000 for single-family properties would be unchanged in 2009 despite widespread declines in average house... Read More

Mortgage Financing Problems Taking Toll on Home Sales, New IMF-Sponsored Study Finds

This year’s significant tightening of mortgage credit standards is taking its toll on would-be homebuyers looking to capitalize on reduced home prices. According to a new study sponsored byInside Mortgage Finance, nearly one in seven home sale contracts nationwide were cancelled during September and October because buyers were unable to obtain mortgage financing. Separately, the... Read More

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