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Inside Mortgage Finance

December 10, 2009

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‘Jumbo’ Market Stages Quiet Recovery in 2009 As ‘Agency’ Programs Gather Momentum

Jumbo mortgage lending – originations of loans that exceed the benchmark $417,000 conforming loan limit – has bucked broader market trends in 2009 and continued to gather momentum, according to a new analysis by Inside Mortgage Finance. While overall mortgage originations sank by 25.5 percent from the second quarter to the third quarter of this year... [Includes two charts] Read More

Frustration Mounting Over Disappointing Results of Foreclosure Mitigation Strategies

Massive federal loan-modification efforts may ultimately prevent relatively few borrowers from losing their homes to foreclosure, and there¡¯s little consensus among policymakers, advocates and mortgage lenders about whether the Obama administration¡¯s program can be fixed. ¡°We have a great frustration at the failed efforts of the combined efforts of elements of the federal... Read More

Only 10,000 HAMP Mods Completed

Only about 10,000 homeowners received permanent loan modifications under the Obama administration’s Home Affordable Modification Program, a tiny percentage of the 650,000 trials that are underway, according to a Congressional Oversight Panel report released this week. The COP reported the biggest challenge in successfully converting trial mods is that only... Read More

HUD Inspector General Audit Says Recent FHA Financial Outlook May Be Too Rosy, Cites Risk of Old Technology

Independent auditors hired by the HUD Inspector General say the FHA’s financial statements for 2009 and outlook for the future may be overly optimistic, a charge that officials at the Department of Housing and Urban Development strongly disagreed with. FHA’s process for estimating its mortgage guaranty liabilities is based on econometric models that rely heavily on historic claim payment... Read More

HUD Launches Webinar Series to Help Lenders Prepare for New RESPA Rule

The Department of Housing and Urban Development this week began a last-ditch effort to help mortgage lenders and other settlement-service providers comply with new regulatory changes under the Real Estate Settlement Procedures Act taking effect Jan. 1, 2010. The series of live interactive online presentations began Dec. 3, with presentations are scheduled for Dec. 7, 10, 11 and 16 on the... Read More

No Big Surprises in HUD Regulatory Pipeline, No Timetable for Next Step in RESPA Reform

The Department of Housing and Urban Development has a number of regulatory projects in the works for the FHA mortgage insurance program, but appears not to have figured out how to proceed on controversial proposals to tackle “required use” in real estate settlement services. The Obama administration revealed no major new initiatives for HUD in the semiannual regulatory agenda... Read More

Debate Resumes on Massive Financial Reform Plan That Now Includes Anti-Predatory Lending Bill

The House of Representatives this week resumed debate on, H.R. 4173, the Wall Street Reform and Consumer Protection Act, even as the mortgage industry expressed its opposition to the bill. The massive bill includes a package of reforms aimed at addressing the myriad causes of the financial crisis. Among other things, H.R. 4173 would enhance and strengthen consumer protections by... Read More

Thrift Mortgage Lending Drops 24 Percent In 3rd Quarter, Retained Portfolio Declines

Mortgage activity in the thrift industry followed the same pattern as the overall market during the third quarter: slowing originations and a further decline in loans retained for investment. Lenders regulated by the Office of Thrift Supervision originated $47.10 billion of home loans during the third quarter, down 24.4 percent from the previous three-month period... [Includes two charts] Read More

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