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Inside Mortgage Finance

April 15, 2010

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White House Launches Effort to Gather Public Input on Future of Mortgage Finance, GSE Model Seems Dead

The Obama administration this week turned to the public for ideas on how to reform the nation’s housing finance system, including Fannie Mae and Freddie Mac, as well as the overall role of the federal government in housing policy in the future. “A well-functioning housing finance system is critical to the long-term stability of the housing market,” Treasury Secretary... Read More

Lawmakers See Hope for Bipartisan Resolution on Regulatory Reform Before Bill Goes to Senate Floor

Prominent lawmakers this week expressed confidence that Senate negotiators will be able to break the impasse on regulatory reform before forwarding pending legislation to the Senate floor for a vote in two weeks. In remarks to the Mortgage Bankers Association’s National Policy Conference, Rep. Frank Kanjorski, D-PA, chairman of the House Financial Services Subcommittee on Capital Markets... Read More

SEC Securitization Proposal Moves Risk Retention Closer to Reality for Non-Agency Mortgage Market

Although many industry groups continue to oppose government efforts to rewrite the economics of securitizing non-conforming mortgages, a key federal agency last week proposed that most sponsors of such deals retain a significant interest in the transaction. Under a rule proposed by the Securities and Exchange Commission, sponsors of non-agency mortgage securities would... Read More

HAMP Efforts Jump Forward as New Program Cogs Start Moving, Impact Scenarios Still Cloudy

The Obama administration’s Home Affordable Modification Program continued to gain momentum in March, with a record 60,590 converted trials during the month, but servicers and analysts don’t agree on the net impact that the massive initiative will have when all is said and done. Some 227,922 permanent HAMP mods have been completed through... [Includes one chart] Read More

Legislation Tries to Open Door for Second Lien Mods, Servicers Point to Probability of 2MP Success

House Democrats frustrated with the roadblocks to loan modification caused by second mort-gages have introduced a bill that would prohibit lenders from owning subordinate debt on a home that also secures a first mortgage they service. Representatives said at a hearing in the House Financial Services Committee that two-thirds of all distressed mortgages are now serviced by the four largest... Read More

Credit Union Share of Mortgage Market Drifts Lower in 2009, Navy Federal Leads Sector

Credit unions posted a solid 16.8 percent increase in their home mortgage originations last year, but that wasn’t enough to keep pace with the refinance-driven growth in the overall market, according to a new ranking and analysis by Inside Mortgage Finance. Credit unions originated $117.12 billion in mortgages last year, a record for the industry that edged... [Includes one chart] Read More

New Ginnie Mae Program Will Allow Daily Single Loan Deliveries to Pools, Initiative to Benefit Smaller Lenders

The Department of Housing and Urban Development this week announced a new initiative at Ginnie Mae that will allow mortgage lenders to deliver single loans to multi-seller pools on a daily basis. The initiative was announced by HUD Secretary Shaun Donovan during remarks at the Mortgage Bankers Association’s National Policy Conference. The MBA welcomed the announcement, which will benefit... Read More

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