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Inside Mortgage Finance

May 28, 2009

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Non-Conforming Market Continued to Shrivel In Early 2009 Despite Modest Jumbo Rebound

Paced by a landslide of refinance activity, the conventional conforming mortgage market surged to a massive 70 percent share of new originations during the first quarter of 2009, according to a new market analysis and ranking by Inside Mortgage Finance. An estimated $310 billion of conventional conforming home loans were produced during the... [Includes three charts] Read More

Some Changes in Foreclosure Relief Law Already in Effect, Others Need Guidance

President Obama’s signature enacting the Helping Families Save Their Homes Act last week put into immediate effect new legal protection for mortgage servicers that modify loans, but other provisions in the new foreclosure prevention law will have to be implemented by government bureaucrats. The “safe harbor” now allows servicers to make loan modifications regardless of cooperation... Read More

Fannie Mae’s HomeSaver Advance Program Shows High Re-Default Rate, Regulator Says

Fannie Mae’s unorthodox consumer loan program designed to help distressed homeowners restore their finances is showing high rates of re-default and raising questions about its viability, according to federal regulators. As of the end of March, Fannie had purchased some $516 million of HomeSaver Advance loans from its mortgage servicers. Under the program launched early last year, delinquent... Read More

U.S. Set to Step Up Anti-Fraud Efforts in Mortgage Industry

Legislation to strengthen anti-fraud efforts was signed into law last week, giving the federal government additional tools to combat mortgage fraud. The Fraud Enforcement and Recovery Act amends the False Claims Act to cover mortgage fraud, providing incentives for whistle blowers. FERA authorizes over $500 million in additional funding for the Department... Read More

President Obama Moves to Restore Respect for State Powers, But Action Comes Too Late, Observers Say

The Obama administration last week struck a blow for state rights with a directive to federal executive departments and agencies to limit preemption statements and provisions in federal regulations and to use federal preemption only when it can be justified. It remains to be seen whether the new approach will have any impact on the key states rights issue in the mortgage industry... Read More

Fannie, Freddie Unlikely to Meet Proposed Lower Housing Goals, GSEs Tell Regulator

The regulator of Fannie Mae and Freddie Mac recently proposed a ratcheting down of the government-sponsored enterprises’ affordable housing goals to 2004-2006 levels, but neither company believes it can meet even those lowered expectations. “Fannie Mae supports the efforts of [the Federal Housing Finance Agency] to set the goals at levels that more accurately... [Includes one chart] Read More

FHA Mortgagee Review Board Not Up to the Task, Inspector General Says

A report released this week by the Department of Housing and Urban Development’s Office of the Inspector General found that the Mortgagee Review Board that examines FHA-approved lenders has been woefully inadequate as the FHA’s role in the mortgage market has spiked. The OIG reviewed 25 referrals to the MRB during fiscal year 2008 and found that the MRB’s sanctions directly affected... Read More

Latest RESPA Fee Splitting Case Raises New Questions about Settlement Service Pricing

A recent decision by a federal district court in Alabama involving administrative fees charged by real estate brokers is raising new questions about how settlement service providers price their services and whether those charges comply with the Real Estate Settlement Procedures Act. The latest controversy stemmed from a class-action decision in Busby v. JRHBW Realty, Inc. in April... Read More

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