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Inside Mortgage Finance

September 24, 2009

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FHA Makes Major Changes to Mitigate Risk as Capital Reserve Level Drops Below Target Level

The FHA announced sweeping changes to several aspects of its single-family mortgage insurance program on the heels of learning that its capital reserve levels have fallen below allowable levels. But it’s unclear how quickly tighter underwriting and tougher standards for FHA lenders will restore the program’s financial health – particularly at a time when housing markets are still under severe... Read More

Democrat Lawmakers Willing to Drop ‘Plain Vanilla’ Concept in Revised Consumer Protection Scheme

Industry groups have secured some key concessions from members of Congress as lawmakers pledge to press ahead on the Obama administration’s controversial proposal to create a Consumer Financial Protection Agency. At the top of the list is the removal of a requirement that consumers be offered ‘plain vanilla’ financial products and another that providers ensure consumers fully... Read More

Conforming Jumbo Market Showed Some Signs Of Life in 2Q09 as Fannie and FHA See Big Gains

The jumbo mortgage lending business saw a solid rebound in new originations during the second quarter of 2009, but the success of the so-called conforming jumbo programs – especially at Fannie Mae and the FHA – have taken a big chunk out of the traditional jumbo market. A total of $28.0 billion of jumbo mortgages over the maximum $729,750 conforming loan... [Includes three charts] Read More

Feds, States to Share Intelligence, Resources in Combating Foreclosure Relief, Loan Mod Scams

Federal agencies and state attorneys general have agreed to work as a team to combat mortgage fraud nationwide, particularly widespread mortgage foreclosure rescue and loan modification scams that victimize homeowners on the verge of losing their homes. Five government agencies – the Treasury Department, Financial Crimes Enforcement Network, Department of Housing and Urban... Read More

Mortgage Servicing Outstanding Shrinks Again in 2Q09 Despite Increase in MBS

The mortgage securities market continued to capture a larger share of mortgage debt outstanding through the midway point in 2009, according to an Inside Mortgage Finance analysis. With declining house prices and slumping housing markets, the total supply of 1-4 family mortgage loans fell again in the second quarter – the fifth consecutive quarterly decline... [Includes one chart] Read More

Critics Continue to Pound Administration’s CFPA Bill Despite Frank’s Draft Proposals to Appease Detractors

An Obama administration proposal to create a Consumer Financial Protection Agency found no respite from critics during a House Financial Services Committee hearing this week even as its chairman, Rep. Barney Frank, D-MA, issued a new discussion draft that responds to lawmakers’ concerns. Treasury Secretary Tim Geithner was subjected to intense questioning by Republicans who equated the... Read More

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