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Inside Mortgage Finance

February 11, 2010

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Dodd to Press Forward with CFPA, Regulatory Reform as Bipartisan Talks Bog Down on Proposed Stand-Alone Agency

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-CT, this week vowed to push through regulatory reform legislation including an “independent” consumer protection agency – with or without Republican support. Dodd said bipartisan negotiations over his draft regulatory reform legislation reached an “impasse” after two months of talks over key... Read More

Lawmakers Put Markers Down in Housing Policy Landscape as Congress Awaits Obama on GSEs

Key members of Congress are laying the groundwork to start considering the future of the nation’s housing finance system as lawmakers from both parties wait for some specific reform recommendations from the Obama administration for Fannie Mae and Freddie Mac and perhaps the Federal Home Loan Banks. House Financial Services Committee Chairman Barney Frank, D-MA, is planning to... Read More

Lenders Have Difficulty Growing Servicing Business in Slumping Mortgage Market

Although some top mortgage servicers managed to continue expanding their business in 2009, most of the industry watched their portfolios shrink as housing sales remained low and property values fell. The top five servicers in the industry administered $6.421 trillion in home loans as of the end of 2009, equaling 59.6 percent of the total market. That was up... [Includes one chart and one graph] Read More

Mortgage Delinquency Rates Continue to Worsen In Late 2009 as Virus Spreads to Prime Loans

Mortgage delinquency rates continued rising to new record levels at the end of 2009, with the worst increases coming in product categories that had been holding their own against a severe housing downturn and economic recession. According to Lender Processing Services, the share of all loans classified as delinquent crossed the 10 percent threshold for the... [Includes one chart] Read More

MBA Takes Major Loss in Sale of DC Headquarters, Reserves Take Huge Hit

The Mortgage Bankers Association will take a significant loss after deciding to unload its Washington, DC, headquarters building in a weakened commercial real estate market. The MBA announced that it is selling its 10-story headquarters building for just $41.3 million after paying $79.0 million to acquire the 169,000 square foot property at 1331 L Street, NW. The trade group bought... Read More

2009 is Record Year for FHA Market Share, Originations Decline Expected in 2010

The FHA endorsed $375.79 billion in loans in 2009 and accounted for some 21 percent of total originations in last year, both record highs in production for the government insurance program. Last year’s total FHA activity, including $31 billion in home equity conversion mortgages, was up 48 percent from 2008 levels. In fact, the two-year total of $629.66 billion is more than the... Read More

FHFA Could Temporarily Raise Minimum Capital Requirements for Fannie, Freddie and FHLBanks

Although it’s questionable whether Fannie Mae and Freddie Mac will ever be pushed back to the real world from government conservatorship, the Obama administration this week proposed expanding the authority of the Federal Housing Finance Agency to temporarily raise minimum capital standards for the government-sponsored enterprises. “Especially in times of economic... Read More

RESPA Experts Warn Lenders About Providing Pre-Approvals in Lieu of Full GFE Disclosure

Some mortgage lenders are trying to avoid providing the good faith estimate by offering pre-qualifications and charging higher fees for the service – a new wrinkle in the implementation of Real Estate Settlement Procedures Act rules that federal housing officials are now monitoring closely. Pre-qualification offers and the use of worksheets in lieu of the GFE appear to be... Read More

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