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Inside Mortgage Finance

July 16, 2009

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Dodd, Frank Ask Regulators to Look into Second Lien Valuations that Might Discourage Use of H4H Program

The chairmen of the Senate and House banking committees have asked federal banking regulators to investigate whether banks’ valuation of second-lien mortgage loans on their balance sheet is inhibiting mortgage servicers from using the FHA’s HOPE for Homeowners program.Senate Banking Committee Chairman Chris Dodd, D-CT, and House Financial Services Committee... [Includes one chart] Read More

Servicers Respond to Geithner’s Call to Step Up HAMP Modification Efforts

Mortgage servicers defended their loan modification efforts following Treasury Secretary Tim Geithner’s urgent appeal last week for expanded modifications and additional resources in order to make President Obama’s initiative to help at-risk homeowners avoid foreclosure successful. Servicers said it is difficult to be on the roll only a month after... [Includes one chart] Read More

FHA Volume Soaring as Agency Looks Toward New Leadership, Possible Program Changes

The FHA is on pace to set another quarterly record at the midway point of 2009, as its volume of insured mortgages is likely to have topped $80 billion for the first time in the agency’s 75-year history. The new FHA commissioner was also approved this week after a lengthy wait, and legislation introduced in the House intends to make further improvements to the department’s outdated systems... Read More

California Loses Some Luster in Early 2009 Production as GSE MBS Volume Surges

The soaring volume of new mortgage-backed securities manufactured by Fannie Mae and Freddie Mac in the first half of 2009 fell unevenly across the country, according to a new market analysis by Inside Mortgage Finance. Although overall MBS issuance by the two government-sponsored enterprises jumped 80 percent during the second quarter, compared to the first three... [Includes one chart] Read More

Industry Groups Call for Servicers to Be Excluded From Pending SAFE Act Registration Requirements

Mortgage finance groups are calling for changes to be made to a proposed rule that aims to bolster consumer protections by requiring mortgage loan originators to register with a multi-state database established to monitor unscrupulous mortgage brokers and loan originators. Federal thrift, banking and credit union regulators issued their proposed rule in the June 9... Read More

Mortgage Brokers May Have to Take on Increased Anti-Fraud Responsibility Under Treasury Proposal

Mortgage brokers and other loan origination participants that aren’t affiliated with depository institutions may have to take on new responsibilities to guard against mortgage fraud, including increased reporting to federal regulators and monitoring potential money-laundering activities. The Finance Crimes Enforcement Network, a Treasury Department agency better known as... Read More

Industry Groups Urge Lawmakers to Reject Proposed CFPA, Retain Consumer Protection, Supervision in Federal Agencies

Financial services industry representatives urged Congress to take a careful, cautious approach to legislation that would overhaul financial regulation, create a consumer protection agency with broad authority, and allow states to pass and enforce stronger consumer protection laws. In a House Financial Services Committee hearing this week on regulatory restructuring... Read More

Mortgage Originations Building Momentum in May As Most Major Lenders Report Increased Volume

Ten large financial institutions getting help from the federal government reported a total of $120.88 billion in mortgage originations during May, an increase of 6.7 percent from the previous month, according to data released this week. Eight of the 10 top firms reported increased mortgage lending volume during the month, with just U.S. Bank and PNC Financial... Read More

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