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Inside Mortgage Finance

February 25, 2010

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Correspondent Production Continued Strong Run in 2009; Broker Market Hit New Low

Mortgage originations by correspondent lenders working with wholesale buyers continued to account for a huge share of overall production in 2009, according to a new Inside Mortgage Finance ranking and analysis. The correspondent production channel accounted for a record 37.4 percent of total originations last year as overall originations in the market... [Includes seven charts] Read More

MBA Proposes Forbearance for Unemployed Borrowers As Mortgage Performance Continues Showing Strain

Mortgage default rates generally worsened in late 2009, with the Inside Mortgage Finance Large Servicer Default Index climbing to a record 12.72 percent of outstanding mortgages either delinquent or in foreclosure. That was up from 12.34 percent in the third quarter, although the data are still preliminary as more information is being provided from some firms. All of the increase in... Read More

Obama Administration Rolls Out Plan for Hard-Hit Markets, Groups Urge Extensions

The Federal Reserve may be plotting its exit strategy from the massive liquidity programs launched to shore up financial markets, but administration officials are still coming up with new programs to aid the distressed mortgage market – and industry groups are urging them on. The Obama administration late last week unveiled a $1.5 billion Help for the Hardest Hit Housing Markets... Read More

Credit Expenses Fuel Freddie’s $6.5 Billion Loss in 4Q09, as Net Worth is Cut in Half

Freddie Mac’s losses continued to mount in late 2009, and although the government-sponsored enterprise appeared to be standing on thicker ice as the year came to a close, new accounting rules immediately shoved the company’s net worth into a black hole. Freddie reported a net loss of $6.5 billion for the fourth quarter, compared with a net loss of $5.4 billion for the previous... Read More

Dodd Delays Overhauled Financial Regulatory Reform Bill, Resumes Negotiations with Shelby

Sen. Chris Dodd, D-CT, delayed the unveiling of a new version of his financial reform legislation this week as his Republican counterpart, Sen. Richard Shelby of Alabama, got back into the dance.Dodd and Shelby, the respective party heads of the Senate Banking, Housing and Urban Affairs Committee, have struggled for almost two months to reach a bipartisan deal on comprehensive reform of... Read More

Principal Forgiveness Options Could Be Next Wave Of Loss Mitigation for Underwater Mortgages

Obama administration officials are hopeful that the new short-sale and deed-in-lieu options under the Home Affordable Foreclosure Alternative program slated to start in early April turn out a lot better than the government’s previous effort at principal forgiveness: the much-maligned FHA HOPE for Homeowners refinance program. Even after a series of program improvements were installed... Read More

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