Two top Democrats on the Senate Committee on Banking, Housing and Urban Affairs called upon the FHA to revise its eligibility policy to enable more distressed borrowers to qualify for loan modification. Senate Banking Committee Chairman Tim Johnson, D-SD, and Sen. Elizabeth Warren, D-MA, urged FHA Commissioner Carol Galante in a letter to eliminate a provision that requires borrowers to be currently employed in order to receive loss mitigation assistance from the FHA. The FHA inserted the provision into the FHA guidelines for ...
Genworth U.S. Mortgage Insurance has stepped up its competition with the FHA in the home purchase market by announcing reduced rates and the elimination of certain overlays to make it easier for customers to deliver loans through the government-sponsored enterprises automatic underwriting systems. Effective on Sept. 16, the credit policy changes closely align Genworths requirements with those for loans approved by Fannie Maes Desktop Underwriter or Freddie Macs Loan Prospector. Specifically, Genworth will expand guidelines for its Simply Underwrite program to enable lenders to offer affordable low-downpayment financing to ...
The Department of Housing and Urban Development has used up the $25 billion of commitment authority allocated by Congress for the FHA multifamily and healthcare programs, though mortgage insurance applications will still be accepted through Sept. 30. Firm commitments issued as of Sept. 16 will be honored and loans may be endorsed and closed up until the cutoff date, HUD said in a letter this week to program partners. HUD will be unable to issue new commitments until an FY 2014 budget for the FHA multifamily and healthcare programs is approved. All transactions requesting commitment authority between ...
Residential mortgage REITs held $327 billion of single-family MBS at the end of the second quarter, according to a new market analysis by Inside MBS & ABS.
The shift from distressed property sales to non-distressed creates opportunities for mortgage bankers because distressed properties are often purchased by investors with cash.
Fannie Mae this week hired James Kittridge, a former executive from Barclays Capital, to manage its participation in the fledgling common securitization platform project with Freddie Mac. However, both Fannie Mae and Freddie Mac and their regulator continue to provide little in the way of public information on how the CSP project is progressing. The Federal Housing Finance Agency will not even confirm that it recently hired the search firm of Spencer Stuart to help find an executive to oversee work being performed by the government-sponsored enterprises and a core group of staffers at the regulator. The starting salary for the FHFA CSP post is...
Its not a surprise that FHFA has been quiet about its not-overly popular state-level g-fee proposal, according to Robert Bostrom, a shareholder at the law firm of Greenberg Traurig and a former general counsel at Freddie Mac.
Now that PennyMac Mortgage Investment Trust has put together its first jumbo MBS, can a security collateralized by non-performing loans be far behind? Weve looked at it, said a company spokesman. Wed like to do one down the road, but were not there yet. For us, it will happen when the execution of NPLs is more economical. One thing is...
Five years after it filed for Chapter 11 protection, the remains of the investment bank Lehman Brothers is asking a New York bankruptcy judge to rebuff a legal claim by Freddie Mac that would put the GSE at the front of the line of creditors. In papers filed with U.S. Bankruptcy Court in Manhattan last week, Lehman Brothers Holdings Inc. said that Freddie is not entitled to a priority recovery under Lehmans confirmed plan of reorganization as the GSE seeks to recover $1.2 billion in unpaid loans. Freddie had been...
The industry believes there are problems in the QM rule's content and requirements as well as in developing policies and procedures to support the measure and implement it.