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Inside Mortgage Finance

October 8, 2009

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Fannie and Freddie Business Down Sharply In 3Q09; Lender Giants Still Lead the Way

Fannie Mae and Freddie Mac continued to stick closely to the high-quality, low-risk mortgage strategy that has characterized their business since the housing market began to crumble nearly two years ago, declining to chase volume – or aggressively interpret their mission – as consumer demand began to wane in the third quarter. The two government-sponsored enterprises... [Includes three charts] Read More

Treasury Prepares Short Sale Option for Distressed Loans That Can’t Be Modified

Borrowers who are eligible for the Obama administration’s Home Affordable Modification Program will have an easier time executing a short sale or deed in lieu of foreclosure transaction under a new government program, according to draft Treasury Department documents obtained this week by Inside Mortgage Finance. Short sales and DIL transactions are well established loss mitigation tools, but it can... Read More

Higher-Priced Lending Dropped Sharply in 2008, But More Than Subprime Bust Was Involved

The proportion of loans designated as “higher price” under Home Mortgage Disclosure Act reporting rules dropped sharply in 2008, but the shift was the result of more than just the demise of the subprime and Alt A mortgage markets, according to analysts at the Federal Reserve. The Fed reported that 11.6 percent of loans reported under HMDA in 2008 had annual percentage rates that were... Read More

Major Shortcomings in FHA Lender Approval Process Persist, Inspector General Report Finds

The FHA still hasn’t shored up its lender approval process or prevented lenders with previous violations from getting re-certified to make government-insured mortgages, according to a new report from the Department of Housing and Urban Development Inspector General. The OIG said HUD needs to speed up its implementation of recent legislation that would bolster the process. The report exposed... Read More

Agencies’ Metrics Report Indicate Slowdown in Foreclosures in 2Q09 Due to Trial Modifications

Despite continuing economic weakness and rising mortgage delinquencies, “home retention actions” increased significantly in the second quarter as servicers put more effort into helping homeowners avoid foreclosure, a new federal analysis of loan performance data showed. According to the Office of the Comptroller of the Currency and Office of Thrift Supervision Metrics Report for... Read More

Mortgage Industry Keeps Pressing for Extending Higher Loan Limits at Fannie, Freddie and FHA

Representatives of the mortgage finance and financial services industries kept up their offensive to persuade members of Congress to keep the higher loan limits instituted for Fannie Mae, Freddie Mac and the FHA from expiring at the end of the year. Congress approved the higher loan limits in the Economic Stimulus Act of 2008 and, earlier this year, extended the high-cost limit... Read More

Fannie and Freddie Reportedly Plan Modest Warehouse Lending Aid

Fannie Mae and Freddie Mac are reportedly getting closer to taking a more active role in providing some limited warehouse lending support.According to one press account, the two government-sponsored enterprises will build on a previously undisclosed pilot program that Freddie is said to have with Provident Funding Associates LP, a privately held wholesale lender based in Burlingame... Read More

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