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Inside Mortgage Finance

July 8, 2010

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GSE Market Cools Further in Second Quarter as Refi Market Tapers Off

Fannie Mae and Freddie Mac saw a continued decline in new business activity during the second quarter despite hints that lenders may be reaching a little deeper to sustain production levels. The two government-sponsored enterprises issued $188.11 billion of single-family mortgage-backed securities during the second quarter, mostly as a result of slumping refinance... [Includes three charts] Read More

As Real Estate Brokers, HWCs Evaluate Impact of RESPA’s New Interpretive Rule, Legal Experts Raise New Questions

An interpretive rule issued recently by the Department of Housing and Urban Development on marketing fees paid by home warranty companies to real estate agents is raising regulatory questions that go beyond the rule’s apparently narrow scope, according to compliance experts. Published June 25 under the Real Estate Settlement Procedures Act, the interpretive rule appears to be limited to per... Read More

HUD Scrambles to Implement New Wholesale Lending Rules for FHA, Upgrade Technology

The Department of Housing and Urban Development has sailed into choppy water in the transition to a new framework for FHA wholesale lending in which the agency no longer approves correspondents and leaves wholesale lenders in charge of their third-party origination partners. Although HUD’s new rule terminating correspondent approvals took effect on May 20, the agency... Read More

As HVCC Sunset Appears, Fannie Makes Changes to The Appraisal Process, But Not Everyone Is on Board

Although the Home Valuation Code of Conduct appears to be coming to an end, Fannie Mae has made some changes to its appraisal process that will raise the bar for appraisers and appraisal management companies. At the same time, lenders are being reminded they are ultimately on the hook for the quality of the appraisals backing the loans they originate, according to some top industry officials... Read More

A Broken Record: Congress Passes Flood Insurance Extension Through Sept. 30

Congress last week passed yet another reauthorization of the National Flood Insurance Program through Sept. 30, the fourth temporary extension of the program since last December. The bill allows new and renewed policies to be retroactive, but there is still a 30-day waiting period after issuance until new policies take effect. The last extension expired June 1, and during... Read More

Illinois AG Goes After Countrywide Again, This Time for Allegedly Steering Blacks, Latinos into Harmful Mortgages

Nearly two years after spearheading a multi-state anti-predatory lending lawsuit against Countrywide Financial Corp., the Illinois Office of the Attorney General again filed a lawsuit against the once-largest independent mortgage lender in the country for allegedly targeting minorities with subprime mortgages that later turned bad. The lawsuit announced by Attorney General Lisa Madigan... Read More

FHFA Proposes Rule to Clarify That Stockholders Stand Last in Line in Claims on GSE Receiverships

The Federal Housing Finance Agency this week proposed a new rule that would set standards for handling conservatorships or receiverships of institutions it regulates. The FHFA proposal makes clear that claims by shareholders of an institution put in receivership, such as Fannie Mae and Freddie Mac, stand last in line. The first claims to be paid are... Read More

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