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Inside Mortgage Finance

July 9, 2009

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Crush of GSE Mortgage Business in 2Q09 Leans Heavily Toward Lower Risk Profile

Fannie Mae and Freddie Mac continued to scoop up the low-hanging fruit during the huge business surge of the second quarter of 2009, according to a new Inside Mortgage Finance analysis. With refinance activity running near the record levels of 2003 and widely trumpeted new programs aimed at helping distressed borrowers, key loan quality indicators... [Includes three charts] Read More

Expanded GSE Refinance Program for Underwater Borrowers Could Revive Sagging Refi Market

As many as 3 million borrowers in mortgages backed by Fannie Mae and Freddie Mac could benefit from last week’s announcement that the Obama administration will allow the two government-sponsored enterprises to buy refinance mortgages with loan-to-value ratios up to 125 percent. Fannie and Freddie in recent months have ramped up initiatives under the administration’s Home... Read More

Regulator Has Broad Discretion to Determine Which New GSE ‘Activities’ Are ‘Programs’

Fannie Mae and Freddie Mac have to seek prior approval for a broad range of new business activities from their regulator under an interim rule adopted by the Federal Housing Finance Agency this week, but the FHFA would retain considerable discretion in judging whether the planned activity qualifies as a new product subject to public comment. As part of the government-sponsored enterprise... Read More

Hostility Increasing Between Industry, Consumer Groups Over Proposed CFPA

A major fight is brewing between the financial services industry and consumer groups over an Obama administration proposal to create a federal consumer protection agency with vast regulatory powers over mortgage lending and other financial products and services, including the companies that offer these services. Last week, consumer groups reacted strongly to reports that industry... Read More

Tougher Underwriting Requirements Still Holding Back Home Sales, New IMF-Sponsored Study Finds

Mortgage-related issues are continuing to put a damper on home sale activity in 2009, according to a new Inside Mortgage Finance-sponsored study. And joining tougher mortgage underwriting as a major obstacle to buying a home are the newer problems of rising mortgage rates and lower appraisals. The new research is based on a nationwide survey of more than 1,500 real estate agents... Read More

Groups Reiterate Call for RESPA Rule Withdrawal and Joint Rulemaking as Implementation Nears for Some Rules

The mortgage industry appears to be in a compliance jam, with the clock winding down fast on the implementation of new Truth in Lending Act disclosures and the continued refusal by federal housing regulators to withdraw the Real Estate Settlement Procedures Act final rule taking effect on Jan. 1. Ten mortgage trade associations have asked the government to consider withdrawing final... Read More

AMC Confusion Irks Appraisal Industry, HUD Contemplating Policy Revision

Major appraisal groups urged the Department of Housing and Urban Development to change its policy governing appraisal management companies and fee restrictions last week, noting that the industry is grappling with conflicting rules that hurt their business. Meanwhile, the debate over the role of AMCs continues as new regulations set industry limits that aren’t sitting well with some... Read More

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