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Inside Mortgage Finance

May 27, 2010

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Mortgage Bankers Grapple with Secondary Market On ‘Life Support,’ Regulatory Threats at NYC Event

Mortgage bankers this week gathered in New York City for what was once one of the industry’s biggest annual events – the Mortgage Bankers Association’s National Secondary Market Conference. But the mortgage industry is still recovering from the credit meltdown of the past two years and dealing with a secondary mortgage market that is on government-subsidized life support... Read More

Mortgage Market Continues to Rely Heavily – Almost Exclusively – on Agency Programs

The residential mortgage market continued to show very little life outside the government-supported confines of the agency market during the first three months of 2010, according to a new analysis and ranking by Inside Mortgage Finance. A record 91.3 percent of mortgage originations in the first quarter were classified as government-insured or... [Includes three charts] Read More

Fannie/Freddie Share of Home Purchase Market Remains Shockingly Low, New Research Confirms

FHA Commissioner David Stevens made news this week when he announced at the Mortgage Bankers Association’s National Secondary Market Conference in New York that his relatively small agency appeared to have funded more home-purchase mortgages in the first quarter than Fannie Mae and Freddie Mac combined. According to numbers compiled by Inside Mortgage... Read More

Government Housing Agencies Tout Stability in Countercyclical Role, Await Private Market Return

Government officials from the FHA, Department of Veterans Affairs and Ginnie Mae said they are trying to improve the finer points of their mortgage programs as they – and mortgage lenders – wait for the return of the private sector. “Let’s be real – it’s still a government-financed market,” said FHA Commissioner David Stevens at the Mortgage Bankers Association’s... Read More

Reconciliation Process for Regulatory Reform Bill Begins, Senate Language May Prevail in Most Areas, Sources Say

Congress this week began the process of reconciling House and Senate financial regulatory reform bills that would impose significant changes in the way Wall Street and the financial services industry structure and market financial products and services to strengthen consumer protection and prevent a repeat of the worst financial meltdown since the Great Depression. Sen. Christopher Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban... Read More

Fannie and Freddie to Collaborate on Universal Data Collection Initiative, Field Complaints About HVCC

The meltdown in mortgage credit led to an industry-wide focus on loan quality that is reaching to the nittiest, grittiest levels as federal regulators prodded Fannie Mae and Freddie Mac to launch a joint effort to set new standards on the integrity of data they collect at loan delivery. According to industry sources, the Uniform Mortgage Data Program will also help lender efficiency by... Read More

Fannie Mae, Freddie Mac and Six FHLBanks Are Regulatory Concern, FHFA Tells Congress

The Federal Housing Finance Agency reported to Congress this week that there have been a number of positive indicators for struggling Fannie Mae and Freddie Mac, but the agency also raised some surprising concerns about the Federal Home Loan Banks. The regulator said it has serious concerns with the quality of the FHLBanks’ investments in non-agency mortgage-backed... Read More

FHA Suspends Anti-Flipping Rule to Move REO Inventory, OIG Concerned About Fraud

The FHA temporarily waived its rule preventing rapid resale of homes financed with FHA loans, but a government watchdog expressed concern that the change will open new opportunities for fraud. The Department of Urban Development published a rule in the May 21 Federal Register stating that sales made on or after Feb. 1 this year may be exempt from the FHA’s existing “anti-flipping"... Read More

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