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Inside Mortgage Finance

March 12, 2009

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Consumer Advocates Call for Market-Based Solutions as Regulators, Industry Back Stronger Consumer Protection

Consumer groups this week urged Congress to strengthen the mortgage market not by creating impediments to sensible loans, but by focusing on effective market-based solutions and on creating a mortgage regulatory system that will work for everyone. With the changes that have occurred since the House passed anti-predatory lending legislation in 2007, it is imperative that Congress... Read More

GSEs Tackle Obama Loan Modification Program, Revise Loss Mitigation Priorities

Mortgage servicers could be pushing as much as $200 billion of Fannie Mae and Freddie Mac mortgages through new standard loan modification procedures launched late last week by the government-sponsored enterprises – but the biggest potential impact of the program designed by the Obama administration still rests in the more distressed non-agency market. Administration officials... Read More

MBA Recommends $30 Billion Backstop to Boost Warehouse Funding of Mortgage Loans

The Mortgage Bankers Association has called for a short-term federal guarantee of warehouse lines of credit, including a $30 billion backstop to boost liquidity for warehouse lending for loans insured or guaranteed by federal housing agencies, Fannie Mae and Freddie Mac. The MBA hopes that a federal guarantee will encourage the government-sponsored enterprises to provide temporary... Read More

HUD Seeks Comment on Withdrawal of ‘Required Use,’ Considers New Proposal for Controversial Provision

The Department of Housing and Urban Development is seeking public comment on withdrawing the revised definition of “required use,” which the department promulgated last year as part of a final rule under the Real Estate Settlement Procedures Act, so it can start on a new rulemaking. In a final rule published in the Federal Register this week, HUD further announced that it is... Read More

Housing Panel Endorses Extended Conforming Loan Limit Hikes, Close Program Management

Lawmakers on the House Financial Services Committee think the Obama administration should ask for increased resources to manage an FHA mortgage insurance program that’s rapidly gaining market share in a potentially treacherous housing market. The panel’s non-binding statement on housing budget issues debated this week says it is critical that FHA single-family loans continue to... Read More

Freddie Reports Huge 4Q08 Loss

Severe writedowns and heavy credit-related costs led Freddie Mac to a whopping $23.85 billion loss during the fourth quarter of last year and $50.12 billion in losses for the full year. That was more than enough to wipe out the cumulative $42.19 billion in net earnings Freddie reported between 1971 and 2006. The government-sponsored enterprise lost $3.09 billion in... Read More

Thrift Mortgage Production Hit 8-Year Low In Late 2008, Retained Portfolio Shrinks

Thrifts originated just $53.51 billion in home mortgages during the fourth quarter of 2008, the industry’s lowest three-month production volume since midway through 2000, according to data recently released by the Office of Thrift Supervision. Thrift mortgage production dropped 20 percent in the final three months of the year, bringing total originations in 2008 to... [Includes two charts] Read More

Cramdown Bill Passes House, Moves to Final Test in Senate as Industry Issues Warning

The House passed its much-debated version of a bill allowing cramdowns on residential mortgage loans late last week, and the Senate is scheduled to take up the bill soon. House lawmakers reached compromises on several key provisions in H.R. 1106, the “Helping Families Save Their Homes Act,” which was approved by a 234-191 vote. It gives bankruptcy judges the ability to reduce... Read More

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