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Inside Mortgage Finance

October 5, 2007

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Private Conduit Issuance Sputters to Five-Year Low as Illiquidity Crunches Non-Agency Market

New securities issuance by private mortgage conduits in the third quarter sank to its lowest level in more than five years as the unraveling of the subprime market spread to Alternative A and jumbo mortgage production. Just $91.44 billion of... [Includes two charts] Read More

Majority Leaders Unveil Plan to Ease Loan Mess, Urge President Bush to Appoint ‘Mortgage Czar’

Senate and House Democratic leaders this week announced a plan for curbing the rapid rise of foreclosures, which observers say could be the foundation of a Democratic strategy to make the mortgage market turmoil a major economic issue in the 2008 elections... Read More

Clinton Proposes Anti-Predatory and Foreclosure Measures; NFIP Reform, Other Mortgage-Related Tax Bills Advance

Sen. Hillary Rodham Clinton, D-NY, the leading Democratic presidential contender, has introduced legislation addressing abusive lending practices and the rising foreclosure rate as she urged Congress to act quickly to restore consumer confidence in... Read More

Fannie, Goldman Rumored to be Kicking Tires At C-BASS in Uncertain Pricing Environment

C-BASS, the specialty mortgage servicing business that became a key stumbling block to the merger of two top mortgage insurers, is shopping for financial backing in a market that’s attracting a growing number of investors from outside the mortgage business... Read More

Private Downpayment Assistance Providers Sue to Stop HUD from Implementing DAP Prohibition

Two national providers of seller-funded downpayment assistance have filed separate lawsuits challenging a final rule published by the Department of Housing and Urban Development banning such cash “gifts” from federally insured home loans. The final rule... Read More

Washington Mutual Ups the Disclosure Ante For Brokers With New Direct-Call Program

Washington Mutual is setting new disclosure rules for the 19,000 or so mortgage brokers that refer loans to the lender, as well as raising the bar for itself with a new direct-call program that might change the way lenders and brokers across the country do business... Read More

Countrywide Ranked as Top Subprime, Alternative A Lender in Early 2007 Before Market Disappeared

Countrywide had the largely unwanted distinction of ranking as the top subprime and Alternative A mortgage originator in the first half of 2007, just before the nonprime market unraveled. Countrywide reported $13.6 billion in subprime production...[Includes two charts] Read More

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