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Inside Mortgage Finance

February 19, 2009

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Government, Agency Programs Extend Grip On Mortgage Market During Fourth Quarter

Government-insured mortgage lending had its biggest year ever in 2008, as the volume of FHA and VA originations jumped by 150 percent in a steadily declining market. A new market analysis and ranking by Inside Mortgage Finance reveals that FHA and VA lending accounted for 33.6 percent of new originations during the fourth quarter. Although government... [Includes five charts] Read More

Obama Administration Announces Broad Housing Stability Program That Pushes Refinance, Aid for Distressed Borrowers

President Obama this week announced a three-pronged initiative to shore up the mortgage industry by allowing millions of homeowners to refinance their mortgages even if their house values have dropped, provide aid to delinquent borrowers and bolster Fannie Mae and Freddie Mac. The new Homeowner Stability Initiative will use $75 billion from the Troubled Asset Relief... Read More

Stimulus Incentives, Coupled with Other Initiatives, Could Reinvigorate Housing, Mortgage Markets, Analysts Say

The major mortgage issue addressed in the $787 billion economic stimulus package signed into law by President Obama this week is the restoration of last year’s maximum conforming loan limits – and authority for the Department of Housing and Urban Development to make local adjustments as it sees fit. But the final version of H.R. 1, the American Recovery and Reinvestment Act of... Read More

Experts Call for More Guidance to Help Lenders, Appraisers Comply with HVCC

There is not enough guidance to help mortgage lenders and appraisers implement and comply with the requirements of Fannie Mae’s and Freddie Mac’s new appraisal code, which is set to take effect May 1, according to mortgage and appraisal experts. The current question-and-answer guidelines issued by the two government-sponsored enterprises are insufficient as... Read More

OCC and OTS Expand Data Reporting for Loan Mod Efforts

The Office of the Comptroller of the Currency and the Office of Thrift Supervision will take a closer look at how servicers modify loans as controversy continues to swirl over the effectiveness of the industry’s loss-mitigation practices. The OCC sparked a debate among federal banking regulators when it reported that 58 percent of modified loans fell delinquent again within eight months... Read More

Freddie Mac Reviews Its Policies to Guard Against Predatory Lending

Freddie Mac last week issued a reminder to lenders that the government-sponsored enterprise will not buy mortgages that are classified as “high-cost” loans under federal or state regulations. Freddie said any loan for a primary residence with “excessive points and fees” of more than five percent of the mortgage amount are not eligible to be sold to the GSE. Freddie said such fees... Read More

Industry Groups Urge HUD’s Donovan to Set Aside or Delay Controversial RESPA Rule

The Department of Housing and Urban Development is facing mounting calls to withdraw or delay new disclosure requirements under the Real Estate Settlement Procedures Act until the agency can coordinate those disclosures with related disclosures under the Truth in Lending Act. This week, the Consumer Mortgage Coalition joined other financial services trade associations... Read More

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