Cart

Inside Mortgage Finance

February 12, 2009

View Archived Issues

Wholesale Channel Wins Back Sliver of Market Share as 2008 Wound to a Close

Retail loan production had its strongest market share ever in 2008, but the wholesale channel continued to rebuild over the course of the year, according to a new Inside Mortgage Finance market analysis and ranking. All three production strategies posted significant declines in volume in 2008 as the market continued to decline over the year. With total mortgage originations... [Includes seven charts] Read More

Current Market Poses Funding Challenges To Lenders Despite Cookie-Cutter Sameness

Although the mortgage market has become increasingly focused on conforming fixed-rate loan production, lenders are grappling with new uncertainties about their funding and pipeline issues, according to experts speaking on a panel at the annual meeting of the American Securitization Forum held in Las Vegas this week. “We’re about as vanilla as it can get right now,” said Garry Cipponeri... Read More

Congress Takes Up Stimulus Compromise After Stripping Out Mortgage Provisions

Senate and House negotiators this week agreed on a compromise economic stimulus package that appears to leave out changes in conforming loan limits and other provisions targeted to the residential mortgage market. Details on the compromise remained sketchy as Inside Mortgage Finance went to press. But negotiators apparently decided not to include a provision included in the House... Read More

Citigroup Sells Former Ameriquest Subprime Servicing Book to Distressed Servicing Buyer

Citigroup’s announcement that it is unloading some $37 billion in subprime servicing came as less of a surprise than the company’s decision to buy the former Ameriquest Mortgage portfolio back in late 2007 as the wheels were coming off the subprime business. Fighting credit problems and capital constraints, Citi said it will sell the 185,000 loan portfolio to American Home... Read More

Obama Administration Announces Massive Financial Aid Plan, But Details Remain Sketchy

Wall Street slammed President Barack Obama’s new financial stability plan this week, in part because of a lack of specificity on such details as to how he plans to address the crippled housing market. However, administration officials suggested the White House’s forthcoming foreclosure plan will lean heavily on the IndyMac model developed by the Federal Deposit Insurance Corp., and likely... Read More

Declining Warehouse Funding Capacity Prompts Industry to Seek Congressional, Federal Assistance

A growing liquidity crunch in the warehouse lending market is threatening to restrict funding for mortgage loans, prompting mortgage bankers and warehouse lenders to call for immediate legislative and administrative measures to boost the flagging market. The Mortgage Bankers Association last week asked to meet with the Treasury Department to discuss the warehouse shortage... Read More

Fannie Launches Streamlined Refi Program, But Parameters May Be Too Narrow to Spark Surge

Fannie Mae announced a streamlined refinance program that will ease some of the documentation requirements for eligible loans processed through the company’s Desktop Underwriter system. The DU Refi Plus program, announced last week in a technology advisory to lenders, is designed to increase flexibility in underwriting standards to allow for the refinance of existing... Read More

TARP Recipients Face Tough Questioning Over Funds’ Uses

Riled up by widespread taxpayer anger over the Troubled Asset Relief Program, members of the House Financial Services Committee pressed bank executives to justify how they used the money. Rep. Chairman Barney Frank, D-MA, opened the hearing by noting that there was a gathering crowd of members of the Service Employees International Union ready to protest. Called to report on... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results