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Inside Mortgage Finance

April 2, 2009

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GSE Business Volume Booms in Early 2009 As Mortgage Market Turns More Conservative

Fannie Mae and Freddie Mac last month posted their biggest monthly volume in new mortgage-securities issuance in nearly five years as a surge of refinance business poured into the secondary market, according to a new ranking and analysis by Inside Mortgage Finance.Together, the two government-sponsored enterprises issued a whopping $144.85 billion of single-family... [Includes three charts] Read More

Tougher Anti-Predatory Lending Bill Gets Mixed Reviews from Compliance Experts

Legislation introduced last week that would overhaul mortgage regulations and impose tougher consumer protections on the mortgage industry is getting negative reviews both from compliance experts and consumer groups. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, is described as a tougher version of a bill which the House passed back in 2007 with... Read More

MBA Offers Model Bill Creating Uniform Lending, Consumer Protection Standards, New Regulator

The Mortgage Bankers Association has drafted a mortgage reform proposal that combines many of the lending and consumer protection provisions in the Federal Reserve’s Home Ownership and Equity Protection Act rule with elements from an anti-predatory lending bill the House passed in 2007. The MBA’s legislative proposal, the Mortgage Improvement and Regulation Act, would implement new... Read More

HUD Shows Signs of Tightening as FHA Market Share Remains High

The Department of Housing and Urban Development has issued several rule changes in recent weeks that point to tightening of credit standards for an FHA mortgage insurance program that saw a huge gain in market share last year and high production levels in early 2009.Last week, the FHA decided to adopt an additional appraisal requirement recently announced by Fannie Mae... Read More

Congress Moves to Boost Efforts to Detect and Fight Mortgage Fraud

Two separate bills designed to combat mortgage fraud are moving on Capitol Hill as industry data suggest problems continue to pile up in today’s distressed market conditions. The House Judiciary Committee this week heard testimony from legal professionals, law enforcement officials and consumer and taxpayer advocates on H.R. 78, the “Stop Mortgage Fraud Act.” Introduced by... Read More

Mortgage Industry Ramping Up Short Sales Despite Operational Issues at Servicers

The mortgage industry is increasingly looking at short sales as a means of mitigating mortgage losses, despite longstanding problems mortgage servicers have in expeditiously processing these cases and a strong push by the government in favor of loan modifications. Short sale resolutions at Fannie Mae and Freddie Mac grew by a factor of four over the course of... Read More

Obama Administration Position in SCOTUS Preemption Case Disappoints State Advocates

Supporters of the petitioner in Andrew Cuomo, attorney general of New York v. The Clearing House Association and the Office of the Comptroller of the Currency expressed disappointment but no surprise over a brief filed by the Obama administration in support of federal preemption of state consumer protection laws. The U.S. Supreme Court has agreed to review the case, which has... Read More

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