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Inside Mortgage Finance

February 4, 2010

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2011 Housing Budget Proposal Omits GSE Details, Tweaks FHA Premium Structure, Reduces Mortgage Tax Deduction

The Obama administration’s 2011 budget plan released this week includes an expected bid to raise FHA insurance premiums and a somewhat surprising proposal to tinker with the mortgage-interest tax deduction – but the massive package does not include a blueprint for dealing with the Fannie Mae and Freddie Mac conservatorships that many had anticipated. As part of its proposed budget... Read More

GSE Refinance Program Continues Modest Gains In Late 2009, But High LTV Option Little Used

More borrowers were able to refinance through Fannie Mae and Freddie Mac programs targeted to equity-strapped homeowners in late 2009, adding more flavor to what proved to be an unusual year in mortgage refi activity. According to data from the Federal Housing Finance Agency, some 34,458 borrowers used the Home Affordable Refinance Program to get a new loan through Fannie and... [Includes one chart] Read More

Private MIs’ Bumpy Ride Continues in 2010 as Mortgage Industry Woes Linger, Analysts Say

The private mortgage insurance industry’s roller-coaster ride is expected to continue in 2010, propelled by rising mortgage delinquencies, unemployment, increased foreclosures, more policy rescissions and with a few bright spots due to ongoing loan modification efforts. Analysts at Keefe, Bruyette & Woods and Fitch Ratings are less than optimistic in their outlook for... Read More

Treasury Refines HAMP Documentation Process to Help Ease Borrower Transition from Trial to Permanent Mod

The Obama administration last week announced revisions to documentation requirements under the Home Affordable Modification Program to expedite moving homeowners from trial to permanent loan modifications. The Department of the Treasury and the Department of Housing and Urban Development unveiled the changes in an effort to remove a major obstacle to efficient transition from a trial... Read More

Administration Official Admits HAMP Conversions, Trial Mods Are Challenges, Servicers Say They Can Do More

An official from the Obama administration put his best spin on recent Treasury Department statistics concerning the Home Affordable Modification Program but admitted that the initiative presents a few difficult challenges. But while the blame for the program’s struggles are tossed around like a hot potato, some servicers say their industry should be doing more to help... Read More

Agencies Likely to Keep Their Focus on Risk Management in 2010, Try to Mitigate Losses

The federal government agencies that have dominated the mortgage market for the past two years show no signs that they will lead the market toward a more relaxed approach to credit that could boost production levels this year. New leadership at the Department of Housing and Urban Development is trying to balance the sometimes competing interests of stimulating the housing market and managing... Read More

Congressional Support for Covered Bonds Legislation Grows as Backers Hope Third Time is the Charm

Supporters of covered bonds hope the continuing struggles in the U.S. housing market, stagnation in the credit markets and lingering uncertainty about what to do with Fannie Mae and Freddie Mac will convince policymakers to establish a legal framework for covered bonds in this country. “We have tried at least two times before to bring covered bonds to the attention of the U.S. market... Read More

Re-Purchased Mortgages Are Only Sector Growing in Fannie and Freddie Portfolios

The retained mortgage portfolios of Fannie Mae and Freddie Mac gradually shrank over the course of 2009, ending the year at their lowest levels since they were thrown into government conservatorship back in the third quarter of 2008. Together, the two government-sponsored enterprises held $1.528 trillion in their retained mortgage portfolios at the end of... [Includes one chart] Read More

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