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Inside Mortgage Finance

January 15, 2009

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GSE Business Tapers Off in Final Months of 2008 As Market Steers Toward Lower Risk Lending

New business activity at Fannie Mae and Freddie Mac contracted sharply in the fourth quarter of 2008 even though the two government-sponsored enterprises had been harnessed to try to lift the housing market out of the doldrums. The two GSEs issued a combined $135.31 billion in single-family mortgage securities during the final three months of last year. That was down 21... [Includes three charts] Read More

TARP, Part II, Likely to Focus Heavily On Foreclosure Mitigation Strategies

If the government ends up allocating another $350 billion in spending for the controversial Troubled Asset Relief Program, it’s a safe bet that the next phase will have a much greater focus on loss mitigation and mortgage servicing practices. President Bush this week formally requested the last half of the funds so it would be ready when President-elect Barack Obama takes office... Read More

Industry Lobbies Quietly for a More Acceptable Cramdown Bill After Citi Backs Senate Proposal

Notwithstanding their opposition to cramdowns, certain industry participants are working quietly behind the scenes with members of Congress to craft legislation that will provide better terms than those negotiated by Citigroup. The industry’s willingness to negotiate on a cramdown measure came as stakeholders realized that legislation allowing bankruptcy judges to alter the terms of... Read More

Funding, Staff and Tech Scarcities Leave FHA Vulnerable, Groups Tell Congress

Although the Department of Urban Development has tried its darndest to vet and monitor the growing list of FHA-approved lenders, the agency simply doesn’t have the technology, manpower or resources to do an adequate job screening applications as its share of the mortgage market continues to hit record highs. Officials testifying before the House Financial Services Committee late last week all... Read More

Policymakers May Restore Conforming Loan Limits To 2008 Levels as Jumbo Market Remains Frozen

Support seems to be growing in Congress and the incoming Obama administration to return the maximum loan limit for mortgages in high-cost markets back to the 2008 level of $729,750, probably through a provision in a forthcoming second stimulus legislative package still being debated in the legislative and executive branches. “We got the approval from the Obama administration” for... Read More

HUD Delays RESPA Provision

The Department of Housing and Urban Development issued a notice this week delaying until April 16 the implementation of a controversial “required use” provision under newly revised Real Estate Settlement Procedures Act rules. The provision sets forth a revised definition of “required use,” which prohibits the tying of a discount or rebate, or any other incentive offered to a consumer... Read More

Nominee Donovan Wants to Develop New Programs at HUD, Be Tough on Fraud

Shaun Donovan, the boss-in-waiting for the Department of Housing and Urban Development, faces some lofty expectations from fellow Democrats on Capitol Hill who were hugely unsatisfied with the Bush administration’s handling of the crisis in the housing and mortgage markets that evolved over the past few years. During Donovan’s confirmation hearing in the Senate Banking, Housing... Read More

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