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Inside Mortgage Finance

February 5, 2009

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2008 Ends in Rush of Servicing Consolidation and More May Be in Store for Troubled Banking Industry

Many of the major consolidations of mortgage capacity over the years have resulted from lenders seeking to amass economies of scale in their home loan businesses, but the meltdown in the broader financial markets became the major force in the mortgage market last year. Thanks to a handful of huge banking consolidations, the top five servicers in the... [Includes one chart and one graph] Read More

Frank to Focus on Systemic Risk Regulation, Tougher Secondary Market Oversight in ‘09

House Financial Services Committee Chairman Barney Frank, D-MA, this week said he will first deal with systemic risk in 2009 and later revive consumer protection legislation with tougher liability regulation of firms that securitize mortgage loans. In a press briefing on Capitol Hill, Frank said systemic risk will be his committee’s top legislative priority this year in... Read More

Freddie Announces New Round of Fee Increases, Expanded Effort to Help Struggling Borrowers

Persistent declines in the housing market forced Freddie Mac to raise fees charged on certain higher-risk mortgages and launch a new initiative to mitigate losses. Late last week the government-sponsored enterprise said a new round of increases on post-settlement delivery fees is needed to address “the additional risk associated with some mortgages, particularly those that... Read More

House Committee Approves Legislation to Fix H4H, Protect Servicers in Loan Mods

The House Financial Services Committee this week approved separate bills to tune up the underperforming HOPE for Homeowners program and protect servicers from litigation when they modify loans facing foreclosure. The two bills, both based on provisions already approved by the House in legislation to reform the Troubled Asset Relief Program, may be attached to mortgage... Read More

Treasury Mulls Strategy for TARP II; Sentiment May Lean toward Guarantees

Obama administration officials are being bombarded with advice on how to spend the remaining $350 billion of funding for the Troubled Asset Relief Program as they finalize a game plan that’s expected to be released early next week. A few things are given. TARP II will feature a significant foreclosure relief component that could account for up to $100 billion. Mark Zandi, chief... Read More

State AGs Warn TARP II May Preempt State Laws Requiring Publication of Pre-Foreclosure Sale Notices

Two state attorneys general are raising concern that the Treasury Department’s Troubled Asset Relief Program could unintentionally preempt state law requiring public notices prior to the sale of foreclosed properties. The sheriff of Wayne County, Michigan, which includes Detroit, this week ceased enforcing foreclosure sales because of TARP. In recent letters to the Treasury Department... Read More

Fed, FDIC Stand to Gain in Regulatory Reform as Momentum Grows for Greater Regulatory Authority Over Systemic Risk

After forking over $700 billion to prop up a faltering financial system that helped drag the U.S. economy into a severe recession, policymakers in Washington want to create a regulatory authority that will protect the country from “systemic risks.” The most likely candidates for the job appear to be the Federal Reserve and the Federal Deposit Insurance Corp. Rep. Barney Frank... Read More

Wells Fargo Ranks First in Burgeoning 2008 Ginnie Mae Servicing Market

Wells Fargo ranked as the top servicer of mortgages financed through Ginnie Mae mortgage-backed securities, according to a new ranking by Inside Mortgage Finance. Wells serviced $169.71 billion of FHA and VA loans in Ginnie pools at the end of last year, which gave the company a huge 26.7 percent share of the market. Wells grew its Ginnie servicing portfolio by 25.8 percent last year... Read More

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