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Inside Mortgage Finance

September 23, 2010

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Agency Programs Continue to Dominate Jumbo Mortgage Market; Loan Limit May Be Extended

Fannie Mae, Freddie Mac and the FHA program continue to finance well over half of the originations of big-ticket mortgages through the middle of 2010, posing a significant challenge to revival of the non-agency sector even while they continue to lubricate a struggling housing market. Together, the three agencies provided financing for... [Includes two data charts] Read More

Under a Barrage of Praise and Criticism, Warren is Named Temporary Overseer of BCFP; Transfer Date is Announced

Elizabeth Warren’s appointment as temporary construction manager for building the Bureau of Consumer Financial Protection immediately drew a range of barbs and praises, largely along party lines. Separately, the Obama administration this week announced a formal “transfer date” of July 21, 2011, for other agencies to cede consumer protection authority to the BCFP. Warren said... Read More

First-Time Homebuyer Activity, FHA Financing Tumble in August, New Survey Numbers Reveal

After dominating the home purchase market for much of the past year, first-time homebuyers have staged a hasty retreat this summer. And the use of FHA financing in the home purchase market is taking a hit as a result. According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, the first-time homebuyer share of new home purchase transactions sank to... Read More

HUD Official Defends Administration’s Efforts to Bolster FHA Financial Health While Edging Toward Smaller Role

FHA Commissioner David Stevens told the House Financial Services Committee this week that the program is “making progress” on replenishing its capital reserves, but many committee members aggressively questioned this assertion. Lawmakers focused on how the FHA role can be reduced to historic levels to make room for... Read More

MBA Says It’s Time to Consider Future Roles of FHA, Ginnie Mae, Including Market Penetration

Ginnie Mae and the FHA are too important to first-time, underserved and low- to middle- income homebuyers to be allowed to fail, according to a new Mortgage Bankers Association report that outlines recommendations to help the agencies thrive in future markets. Since the housing market began to crash in 2007, government policymakers responded with... Read More

Fannie, Freddie Begin Designing Replacement Standards for Controversial Appraisal Code

A replacement is in the works for the Home Valuation Code of Conduct, the appraisal standards designed to bolster appraiser independence that were adopted by Fannie Mae and Freddie Mac in response to pressure from the New York attorney general. The Dodd-Frank Wall Street Reform and Consumer Protection Act passed earlier this summer requires... Read More

HMDA Data Point to FHA, Refinancing as Keys to 2009 Production Rebound, More Efficient Process

The mortgage industry may have begun to relax its underwriting standards last year after raising the bar significantly following the housing market crash that began in 2007 – or maybe borrowers just got used to the new standards. According to an Inside Mortgage Finance analysis of 2009 Home Mortgage Disclosure Act data released this week by federal regulators, mortgage lenders... [Includes one data chart] Read More

Treasury Defends Use of GSEs as Oversight Panel Eyes TARP Contractors for Conflicts of Interest

Treasury Department officials this week defended the use of Fannie Mae and Freddie Mac to administer and enforce Obama administration housing rescue initiatives, even though the pair became essentially insolvent failed institutions and have received considerable financial support from... Read More

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