Cart

Inside Mortgage Finance

February 26, 2009

View Archived Issues

Private MI Market Share Tumbled in 2008 as FHA Absorbs Nearly 70% of New Primary Business

The private mortgage insurance business sank to new lows in the latter stages of 2008 and it’s hard to even see the horizon, much less make out any glimmer of recovery. Private MIs wrote an estimated $24.43 billion of new primary insurance during the fourth quarter, the industry’s lowest three-month volume in 13 years. The last time the industry posted a lower... [Includes four charts] Read More

MGIC, Radian Cooperate with GSEs in Implementing Bold Refinancing Program

Several private mortgage insurers say they will work with Fannie Mae and Freddie Mac to implement an historic new streamlined refinance program for underwater mortgages that in many cases will result in the government-sponsored enterprises effectively waiving the credit-enhancement requirement that’s baked into their charter. The Federal Housing Finance Agency late last week said new private MI will not... Read More

Private MIs Continue to Toughen Standards As Housing Market Slides Further Downhill

Private mortgage insurers continued to tighten their eligibility criteria and underwriting guidelines in recent months – including taking aim at the mortgage broker channel – as the industry’s financial condition and the housing market slumped further. Mortgage Guaranty Insurance Corp. and PMI Mortgage Insurance raised the bar to a new level by announcing they will no longer... Read More

TARP Money Could Bring Some Relief but Not Enough to Protect MIs from Future Losses

A capital infusion from the Troubled Asset Relief Program could provide temporary relief to private mortgage insurers and stabilize current MI ratings, but not enough to stave off coming losses, according to analysts. Industry analysts remained cautious even as Federal Housing Finance Agency Director James Lockhart’s vocal support for TARP funding for the private MI industry continued to... Read More

Mortgage Servicers Embrace Obama Plan For Standard Loan Modification Protocol

Although federal regulators are still building the new, industry-wide loan modification scheme proposed by the Obama administration, mortgage servicers testified on Capitol Hill that the program should make their loss mitigation efforts simpler and more efficient. “Immediately after the President’s announcement, we were ready to assist our customers with information through our Web... Read More

Obama Housing Plan Could Benefit About $1 Trillion of Existing Production

About $1 trillion of existing agency mortgage loan production may be positively affected by the Homeowner Affordability and Stability Plan, roughly four to five million homeowners, according to analysts at Barclays Capital. A major component of the plan calls for Fannie Mae and Freddie Mac to begin refinancing mortgages at current market rates for loans with loan-to-value ratios anywhere from 80 percent... Read More

Industry Gets Mixed Signals Over Whether TARP Spurred Lending

Banks and federal regulators are being pushed to explain how the huge capital infusions under the Troubled Asset Relief Program were used to shore up the mortgage market and the consumer economy, but the data fail to provide a clear picture. The Treasury Department this week issued a report showing that every bank that got TARP funding also posted declining mortgage originations... 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