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Inside Mortgage Finance

December 18, 2008

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Mortgage Servicing Market Shrinking in 2008 Despite Surge in Agency Business

Growth in mortgage debt outstanding has always been a given in the mortgage business, but one of the little-noticed developments in a year of industry tumult has been the shrinkage of the home loan servicing market for the first time ever. The Federal Reserve late last week reported that total 1-4 family mortgage debt outstanding fell... [Includes one chart] Read More

GSE Appraisal Deal With NY Attorney General Still in Limbo, But Standards Are Getting Tougher

The government-sponsored enterprises are moving to upgrade their appraisal requirements for loans delivered after April 1, 2009, but a controversial agreement with the New York attorney general to create new layers of appraisal bureaucracy and tough restrictions on lender use of affiliated appraisers is indefinitely on hold. “The GSE appraisal deal was supposed to go into effect in January,” said... Read More

Incoming HUD Secretary Faces Antiquated Agency, Rapidly Changing Environment

Industry observers are uniformly enthusiastic about the pending appointment of an experienced housing professional with extensive experience in government work as President-elect Barack Obama’s choice to head the Department of Housing and Urban Development.Shaun Donovan, with experience in affordable housing issues at Prudential Mortgage and as head of the New York City... Read More

GSEs Launch Streamlined Modification Programs, But Even Lenders Acknowledge More Must be Done

Supporters hope the new Streamlined Modification Programs put in gear at Fannie Mae and Freddie Mac this week will make it easier for lenders to manage the overwhelming flood of loan modification requests and keep the foreclosure crisis from getting worse. But even lender representatives are increasingly vocal about the need for much more to be done in order to avert a catastrophe... Read More

NAR Proposes Rate Buydowns, FDIC Loss-Sharing Proposal Wins Support

The Federal Reserve this week cut short-term interest rates to historic lows and hinted that it might expand on its $600 billion liquidity commitment to the mortgage market, but industry groups are continuing to push for new government programs to push mortgage rates lower and address a worsening default situation. Interest is growing in a proposal from the National Association of... Read More

HOPE for Homeowners Slowed by Red Tape, May Put Too Much Legal Risk on Lenders

The Bush administration’s efforts to tune up the HOPE for Homeowners FHA refinance program may be facing new procedural issues and a fatal design flaw that will curb lender enthusiasm. The Department of Housing and Urban Development on November 19 announced a handful of changes designed to make H4H more palatable, including higher loan-to-value ratios that would require existing... Read More

Lenders Find Many Vexing Issues as They Look Closely at Revised GFE, HUD-1 Forms

The mortgage financing industry will be facing substantial compliance burdens unless modifications are made to the new Real Estate Settlement Procedures Act rule issued recently by the Bush administration. In fact, lenders are preparing a draft of technical and other key issues raised by the rule for discussion with regulators next year. Many of the biggest issues come from changes... Read More

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