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Inside Mortgage Finance

November 26, 2008

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Correspondent Production Continues Gaining Share in Wholesale Market During 3Q08

Correspondent lending programs through which a mortgage originator funds new loans and promptly sells them servicing-released to a large aggregator have become more prevalent in the troubled mortgage market of 2008. A new analysis by Inside Mortgage Finance reveals that 37.0 percent of new originations in the third quarter of 2008 came... [Includes seven charts] Read More

Paulson Urged to Comply with TARP’s Original Intent, As FDIC Rolls Out Tool Kit for Systematic Modifications

Congress and the Federal Deposit Insurance Corp. are moving resolutely towards a more aggressive foreclosure prevention program and use of taxpayer funds under the Troubled Asset Relief Program to mitigate the massive wave of foreclosures over the next two years.Following up on a contentious committee hearing last week with Treasury Secretary Henry Paulson and Federal... Read More

Mortgage Industry in Limbo, Waiting To See How TARP Unfurls in 2009

The sense of optimism and relief that spread through the mortgage industry in October as the Treasury Department prepared to launch a $700 billion program to buy illiquid mortgage assets has soured into one of uncertainty and disappointment. The agency has indefinitely put off planning to buy any mortgages or mortgage securities under the Troubled Asset Relief Program and... Read More

Cramdown Proponent Offers Bill to Require Mortgage Servicers to Heed H4H Requests

Congress is widely expected to give serious consideration to residential mortgage cramdowns when it reopens for business in 2009, but it’s also becoming clear that it may be just one component of a broader mandate pushing the industry to do more to avoid foreclosures. Sen. Richard Durbin, D-IL, introduced a bill in the Senate last week that would give bankruptcy courts the authority... Read More

Fannie, Freddie Suspend Foreclosure for the Holidays, Gear Up to Implement Streamlined Modification Plans

Fannie Mae and Freddie Mac announced late last week they were suspending all foreclosure sales and evictions from single-family homes from Nov. 26, 2008, through Jan. 9, 2009, while they implement their recently announced Streamlined Modification Programs. Under their new foreclosure suspension programs, if the relevant property is occupied, the servicers and foreclosure attorneys... Read More

Federal Reserve to Pump Up to $600 Billion of Liquidity Into MBS Market

The Federal Reserve this week announced a major new initiative to lower mortgage rates by buying up to $600 billion of debt and mortgage-backed securities issued by the government-sponsored enterprises. After spiking sharply higher last month, mortgage rates have remained near 6.0 percent in part because of deliberate government efforts to provide liquidity to the market. The Treasury... Read More

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