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Inside Mortgage Finance

February 18, 2010

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Government Programs Continue Pushing Private MI Companies to the Sidelines; A 2010 Rebound?

The FHA and VA loan guaranty programs continued to gobble up a growing share of the insured mortgage market during the fourth quarter, pushing private providers into also-ran status. The six active private MIs accounted for just 11.8 percent of new home loan originations that carried primary mortgage insurance during the fourth quarter of 2009... [Includes three charts] Read More

Private MIs Remain at the Mercy of Government-Sponsored Enterprises as Reform Looms Ahead

Other than Fannie Mae, Freddie Mac and the Federal Home Loan Banks themselves, few companies have more at stake in the emerging debate over national mortgage finance policy than private mortgage insurance companies. With private MI ratings and financial strength driven below required levels, several firms have been kept afloat by remediation negotiations with Fannie and Freddie and deals... Read More

FHA Share of Home Purchase Market Slips Even Before Mortgage Changes Take Effect

While it will be months before FHA’s new annual fee hike or tougher credit score requirements take effect, the housing agency already is seeing a drop in activity in its most popular sector – the home purchase market. According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, FHA’s share of home purchases fell to 31.5 percent... [Includes one chart] Read More

FHFA Proposes New Housing Goals for GSEs Despite Questionable Effectiveness, Conservatorship

The Federal Housing Finance Agency this week proposed new housing goals for Fannie Mae and Freddie Mac, even though the effectiveness of previous goals has been challenged and there is no apparent end in sight to the government-sponsored enterprises’ conservatorship status. “For 2010 and 2011, FHFA is proposing levels for three single-family home purchase goals: low-income... Read More

Government Loan Mod Program Keeps Rolling Along in Early 2010 With Gain in Conversions

Although relatively few borrowers who have embarked on trial modification plans under the Obama administration’s Home Affordable Modification Program have yet to convert to permanently restructured loans, their numbers are growing rapidly. According to data released by the Treasury Department this week, only 116,297 permanent loan mods had been completed under HAMP as... [Includes one chart] Read More

CitiMortgage Tests New Foreclosure Alternative in Search for Solutions to Rising Credit Problems

CitiMortgage is increasing its use of deed-in lieu of foreclosure transactions to help more distressed borrowers and limit the costs of completing foreclosures and reselling foreclosed homes. The Citi Foreclosure Alternatives Program was launched late last week with pilot efforts in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Citi expects this deed-in-lieu program... Read More

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