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Inside Mortgage Finance

November 12, 2009

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Private MIs Continue to Take a Beating as FHA Rockets to New Record Market Share

The private mortgage insurance industry suffered through one of its worst quarters ever during the three months ending in September as the six active companies in the market posted a whopping $987.4 million in losses. And at a time when the credit quality of new mortgage originations is said to be as good as it’s ever been, the MIs continued to lose ground to the FHA... [Includes four charts] Read More

Dodd Unveils Massive Regulatory Reform Bill, Mostly Parallels Bills Advancing in the House

Like its counterpart in the House, comprehensive draft regulatory reform legislation introduced by Sen. Christopher Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban Affairs, this week elicited mostly negative reactions from providers of mortgage credit. Dodd’s massive bill goes further in some respects than the reform package being assembled by House... Read More

When Does HVCC End?

The National Association of Realtors is pressing federal and state regulators to clarify when the controversial Home Valuation Code of Conduct will officially expire. The HVCC, which was designed to upgrade appraisal quality on Fannie Mae and Freddie Mac mortgages, was created through an agreement reached jointly by the government-sponsored enterprises... Read More

HAMP Support Causes $24 Billion in Losses, Credit Expenses, Repurchases to Rise at Fannie, Freddie

Fannie Mae and Freddie Mac lost a combined $23.9 billion in the third quarter this year, largely due to escalating credit expenses associated with the White House’s housing rescue initiative. Fannie reported a net loss of $18.9 billion in the period, compared with a loss of $14.8 billion in the prior period. Adding the government-sponsored enterprise’s dividend payment to the U.S. Treasury... Read More

HAMP Mostly Hitting Targets Through October, 650,000 Trial Mods Started

The government’s massive mortgage modification effort continued to expand its reach in October with more than 650,000 trial mods underway, and many of the states most in need are seeing the most activity, according to an Inside Mortgage Finance analysis of Treasury Department data. Through October, 650,994 borrowers had entered into trial periods under the... [Includes two charts] Read More

Ruling Places Captive Re Arrangements at Risk, Court Says Monetary Harm Not Needed to Sue

A borrower need not suffer monetary damages in order to sue for violation of and recover treble damages under the Real Estate Settlement Procedures Act, according to the U.S. Court of Appeals for the 3rd Circuit. In Alston v. Countrywide Financial Corp., the 3rd Circuit reversed a Pennsylvania district court decision that aligned with previous court rulings that consumers should have been... Read More

FHA Reserves Sustain ‘Significant Losses,’ But Reserve Will Hold Up Under Housing Stress

The annual audit of the FHA’s financial position revealed that the program sustained substantial fiscal losses during fiscal 2009 mostly from older books of business, but its reserve levels will remain above zero based on economic projections from a third-party auditor. FHA’s capital reserve ratio measures reserves held in excess of those needed to cover projected losses over the next... Read More

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