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Inside Mortgage Finance

February 3, 2011

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Servicing Market Continued to Lose Air In 4Q10, But Defaults Turned a Corner

The mortgage servicing market continued to shrink as 2010 came to a close, marking the third consecutive year of decline in a business that has been thrust into the glare of public scrutiny. A new Inside Mortgage Finance analysis of the servicing market shows that many of the top lenders in the business failed...[Includes two data charts] Read More

Lack of Clarity, Certainty Stump Industry as Stakeholders Attempt to Comply with Fed’s LO Compensation Regulation

Two months to go until compliance becomes mandatory and the mortgage industry, including compliance technology providers, are concerned about the confusion and lack of certainty regarding the Federal Reserve’s final rule on loan originator compensation. Taking effect on April 1, the Fed compensation rule has been compared... Read More

Consumer Financial Protection Bureau Needs to Select Vendor to Develop New Mortgage Disclosure Form Soon

The Bureau for Consumer Financial Protection needs to select the vendor it wants to help develop a new, simplified mortgage-disclosure form sooner rather than later if the new agency is to meet its deadline-sensitive task of accomplishing what so many others within the mortgage arena have previously attempted... Read More

Bankruptcy Courts Can Find Solutions To Avoid Foreclosure, Advocates Say

Mediation efforts under the supervision of bankruptcy courts can provide a useful way for distressed homeowners and servicers to reach agreement on ways to reduce losses or avoid foreclosure, according to proponents. Witnesses at a hearing in the Senate Judiciary Committee this week said... Read More

Obama’s Nominee to Head FHFA Withdraws, Current Occupant DeMarco May Be Staying

It looks like one Mr. Smith won’t be going to Washington after all. North Carolina Bank Commissioner Joseph Smith, President Obama’s nominee to run the Federal Housing Finance Agency, has withdrawn his name from consideration by the Senate after encountering continued opposition from Alabama Sen. Richard Shelby, the top Republican on the Senate Banking, Housing and Urban Affairs Committee. Industry observers had... Read More

Republicans in Congress Say It’s Time To Axe HAMP, Put it Out of Misery

House Republicans have introduced a bill that would pull the plug on the Obama administration’s often criticized Home Affordable Modification Program. “HAMP is a colossal failure,” said Rep. Jim Jordan, R-OH, the bill’s sponsor and chair of the House Oversight Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending. “In many cases, it has hurt...[Includes one graph] Read More

FHA Puts Anti-Flipping Rule on Hold for Another Year as Foreclosure Inventory Continues to Grow

The Department of Housing and Urban Development late last week extended its waiver of FHA’s “anti-flipping” rule, with the intention of facilitating foreclosed home sales in neighborhoods that have a high risk of abandonment. “As a result of the high foreclosures that have been taking place... Read More

Dissenter on Crisis Commission Says GSEs Bought Many More Subprime Mortgages Than Previously Disclosed

Fannie Mae and Freddie Mac purchases of nontraditional mortgages vastly exceeded their acquisitions of mortgage-backed securities backed by such collateral, according to a dissenting member of the Financial Crisis Inquiry Commission. The motivation behind that strategy was not... Read More

Fed Holds Back on TILA

The Federal Reserve announced this week that it “does not expect” to finalize three pending rulemakings under Regulation Z, which implements TILA, prior to the transfer of such rulemaking authority to BCFP this summer. Two of the rulemaking projects being put on the back burner involve... Read More

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