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Inside Mortgage Finance

December 11, 2008

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Mortgage Default Rates Worsen Significantly In Third Quarter, Foreclosure Pipeline Grows

Mortgage default rates worsened in every conceivable way during the third quarter, producing a growing logjam of severely distressed loans as a result of over-taxed mortgage servicing operations and increasing pressure to avoid foreclosure. The Inside Mortgage Finance Large Mortgage Servicer Delinquency Index jumped 132 basis points from the second quarter... [Includes two charts] Read More

Latest OCC Data Reveal That Many Loan Modifications Merely Delay Foreclosure

A top banking regulator offered more sobering data on modified mortgage loans that end up in default again within a few months – a problem that could worsen as the housing market and economic conditions continue to deteriorate and lenders press to do even more loan modifications. Comptroller of the Currency John Dugan revealed a sneak preview of his agency’s mortgage metrics report, which he... Read More

Fannie Mae Launches Early Workout Program for At-Risk Mortgages, Expands Forbearance Options

Fannie Mae this week announced a new Early Workout program that will allow servicers to begin loan modification processes for at-risk borrowers even before the loan goes into default. The program, which is based on loan-by-loan analyses, serves as a complement to the new Streamlined Modification Program that both Fannie Mae and Freddie Mac are scheduled to launch next week... Read More

Treasury Creates Office to Explore Loan Mod Options, But No Plan Yet, GAO Says

The Treasury Department, widely criticized by Democrats for failing to use the Troubled Asset Relief Program to address rising mortgage foreclosure rates, has taken a few steps toward devising a strategy to fulfill that mandate, but it’s unclear where the initiative is heading. The agency has created an Office of Homeownership Preservation that is considering various options to use TARP to... Read More

Comments Sought on Fed’s Proposed TILA Statutory Changes to Early Disclosure Rules for Mortgage Loans

The Federal Reserve Board is getting ready to implement an obscure change in mortgage disclosure laws buried in this summer’s housing act – but only part of the new requirements – adding further change to an already confusing pipeline of new mortgage compliance headaches. The Mortgage Disclosure Improvement Act, which amends the Truth in Lending Act, was baked into the mix with very little... Read More

Former Fannie CEO Asserts Conservatorship Unneeded, But Reform Hawk Calls for Placing GSEs into Receivership

Did federal regulators make a mistake in putting Fannie Mae and Freddie Mac into conservatorship – or did they not go far enough? Members of the House Oversight and Government Reform Committee were told this week that putting Fannie into conservatorship wasn’t necessary and that a more restrained intervention by the federal government might have been all that was required. “While I... Read More

Federal Financial Support of GSEs Begins, But Aid Doesn’t Seem to Address Long-Term Debt Problem

The Federal Reserve made its first purchase of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks late last week, snapping up $5 billion of the government-sponsored enterprises debt that matures in 2009 and 2010. The move initiates a process the Fed will use as it sets out to buy as much as $100 billion of such paper, with varying maturities. Initial purchases... Read More

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