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Inside Mortgage Finance

April 30, 2009

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Mortgage Production Volume Rebounds Smartly In Early 2009; Fannie and Freddie Set the Pace

Mortgage origination activity increased by a robust 71 percent during the first quarter of 2009, fueled by a huge supply of conventional mortgage refinances pouring through securitization programs at Fannie Mae and Freddie Mac. An estimated $445 billion of single-family mortgages were originated during the first three months of... [Includes two charts and one graph] Read More

House Panel Passes Mortgage Reform Bill, Expands Safe Harbor, Modifies Risk-Retention Provisions

The House Financial Services Committee agreed to key changes during markup of the mortgage reform bill this week, including expansion of a “qualified loan” safe harbor to include loans other than 30-year fixed rate mortgages and new flexibility that will allow federal regulators to set, adjust or even drop a 5 percent risk-retention requirement for originators. H.R. 1728, the Mortgage... Read More

MBA Faces Tough Sledding as Market Contraction Hits Programs, Membership

The Mortgage Bankers Association is slogging through its most challenging financial situation in years at a time when slumping real estate markets have the potential to sour the biggest investment the trade group has ever made: its purchase of an $80 million office building in mid-2008. An Inside Mortgage Finance analysis of trends in attendance at major MBA conferences and... Read More

Treasury Offers Loan Mod Incentives to Second Lien Holders, H4H Refinances

The Treasury Department this week tried to address two significant hurdles in its mortgage recovery programs by offering incentives to second mortgage holders that allow loan modifications to go through and upping the ante for loans that succeed in the FHA HOPE for Homeowners program. The new Second Lien Program will provide incentives to lenders that service second liens on properties... Read More

Agencies Accept New Role in Lending, But Fraud Still Poses Major Problems

Government officials said their agencies’ role in the mortgage industry is finally honing in on appropriate levels necessary to provide a foundation to the troubled market, but the rapid spike in business is still leaving the door open for fraudulent activity from all angles. Nowhere is the new role of government lending more apparent than at the FHA, which insured... Read More

MBA Ready to Celebrate Cramdown Defeat In Senate, Prepares ‘Aggressive’ Policy Agenda

The Mortgage Bankers Association kicked off its annual National Policy Conference in Washington, DC, this week with encouraging news that the Senate appeared likely to defeat bankruptcy cramdown legislation. The Senate is expected to consider the proposal to allow bankruptcy judges to modify mortgage terms, including “cramming down” the secured debt to current market values, as an amendment to... Read More

Senate Adds Crisis Commission to Legislation Beefing Up Efforts to Combat Mortgage Fraud

The Senate voted overwhelmingly this week to provide more funding to combat mortgage fraud and establish a potentially controversial commission to study the factors that led to the economic crisis that began in the financial markets. The House is working on similar legislation. In a 92-4 vote, the Senate moved to approve the Fraud Enforcement and Recovery Act, which authorizes... Read More

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