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Inside Mortgage Finance

June 18, 2009

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Industry Eyes New Consumer Protection Regulator, Broad CFPA Powers Expected to Ignite Turf Debate

President Obama this week proposed sweeping changes to the nation’s financial regulatory system, including the creation of a new federal consumer protection agency that would approve and regulate financial products and services and the entities that provide them. The recommendation for a Consumer Financial Protection Agency came with a package of proposals unveiled... Read More

House GOP Emphasizes Private Market Discipline In Separate Plan for Financial Regulatory Overhaul

Republicans in the House of Representatives last week called for a regulatory reform program based on putting a stop to any more federal bailouts, getting the government out of picking winners and losers and restoring market discipline to eliminate the expectation of a government rescue. “The plan we are announcing brings a new era of responsibility to Wall Street,” said Rep. Spencer... Read More

Home-Equity Portfolios Come Under Increased Strain in 2009 as Lenders Scale Back Production

Banks and thrifts continued to ride the brakes on their home-equity lending business during the first quarter of 2009 as default rates climbed higher, according to a new Inside Mortgage Finance ranking and analysis. Home-equity lending, including originations of closed-end second mortgages and borrowing on home-equity lines of credit, totaled just... [Includes one chart and one graph] Read More

Chase/WaMu Sued for Freezing HELOCs, California Lawsuit is Frivolous, Observer Says

A federal court in California’s southern district was asked to certify class in a case that may have ramifications for all borrowers with a home-equity line of credit that was either restricted or frozen by their lender in an attempt to limit the institution’s exposure in the weak housing market. Attorneys for Michelle Kimball filed a complaint June 10 alleging that defendants... Read More

Lenders Forced to Buy Back More Home Loans In 2009 as Buyers Get Tough and Defaults Rise

Investors shoved an increasing volume of home loans back to mortgage lenders during the first quarter of this year as rising default rates spurred mortgage buyers to become more aggressive about enforcing repurchase requirements. Preliminary bank call report data suggest that commercial banks repurchased or indemnified over $4.3 billion of single-family mortgages... [Includes one graph] Read More

Supply of Mortgage Servicing Shrinks Again in Early 2009 as Portfolio Lending Recedes Further

An increasing share of the mortgage servicing business is tied up with mortgage-backed securities or assets sold directly to Fannie Mae and Freddie Mac, according to an Inside Mortgage Finance analysis of recently-released data from the Federal Reserve. The Fed reported late last week that there were $11.024 trillion of 1-4 family mortgages outstanding at the... [Includes one chart] Read More

Private MIs Make Case for U.S. Capital Infusion on Capitol Hill, Say Industry Doesn’t Pose Systemic Risk

Private mortgage insurers could use a $10 billion capital infusion from the U.S. government to bolster their ability to insure an additional 6 million mortgages, according to an industry official testifying on Capitol Hill this week for the Mortgage Insurance Companies of America. Teresa Bryce, president of Radian Guaranty Inc., told the House Financial Services Subcommittee on... Read More

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