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Inside Mortgage Finance

August 13, 2009

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Private MI Losses Continue Piling Up in 2Q09 as Government Programs Claim Bigger Market Share

Under persistent heavy losses on their existing books of business, private mortgage insurers were shunted further from the more desirable, lower-risk market of 2009 during the second quarter, according to a new market analysis and ranking by Inside Mortgage Finance. The total volume of new mortgage originations covered by primary MI rose by... [Includes four charts] Read More

Freddie Warns MIs Could be Suspended If They Fail to Meet the GSE’s Eligibility Requirements

Freddie Mac said one or more of its mortgage insurance counterparties could be found incapable of meeting regulatory capital requirements over the remainder of 2009 and could face suspension under the government-sponsored enterprise’s MI eligibility requirements. In its second quarter financial filing, the GSE expressed concern that while it expects private MIs, with... Read More

Warehouse Lending Takes One Step Forward, One Step Back as Industry Struggles to Rebuild Capacity

Citigroup this week indicated it is joining the likes of GMAC and Wells Fargo and entering a warehouse lending market that’s been depleted by the withdrawal of PNC Financial Services Group earlier this year and the increasingly dicey prospects at Colonial BancGroup, which faces the possibility of being placed into receivership. Citi, in a report on its use of the money received... Read More

Credit Losses Presage More Trouble for Fannie, Freddie; Accounting Helps GSEs Look Better

Freddie Mac turned a profit in the second quarter while Fannie Mae dramatically cut its losses, based in large part on their adoption of new accounting rules, but the government-sponsored enterprises continue to face mounting credit expenses and obligations to the U.S. government. Freddie reported net income of $768 million for the period, compared to a net loss of $9.9 billion... Read More

Loan Mod Decisions Should Be Based on Investors’ Best Interest, Regardless of Lien Position, Says FFIEC

Mortgage servicers should not feel conflicted about a decision to modify a first-lien mortgage and the potential impact of that action on the subordinate lien loan, and vice versa, said federal banking regulators last week as they pledged continued support for responsible loss mitigation activities. The regulators on the Federal Financial Institutions Examination Council made clear... Read More

Legislation Would Force Congressmen to Divulge Personal Mortgage Information; Ethics Committee Clears Senators

On the heels of the Senate Ethics Committee dismissing complaints that several senators had received special mortgages, legislators introduced a bill late last week that would subject members of Congress to stricter requirements for transparency and disclosure of personal financial information. Senators Barbara Boxer, D-CA, and Johnny Isakson, R-GA, introduced a bill that would... Read More

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