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Inside Mortgage Finance

November 16, 2007

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Nonconforming Mortgage Production Slumps Sharply in Third Quarter, Government Programs Stage Comeback

Severe downturns in subprime and Alt A mortgage originations pushed the nonconforming mortgage business to its lowest level since the refinance boom of 2003, according to a new market analysis and ranking by Inside Mortgage Finance... [Includes five charts] Read More

Fannie Reports Hefty $1.4 Billion Loss in 3rd Quarter, Raises Fees to Offset Deteriorating Credit Quality

Declining housing market conditions and rising credit-related expenses led Fannie Mae to a $1.4 billion loss during the third quarter, and analysts expect the government-sponsored enterprise’s problems to last a while. Fannie has already begun to... Read More

Fannie Mae, Confirming New Trend, Raises Prices on New Flow Business

Ongoing deterioration in the housing and mortgage market has pushed Fannie Mae to raise pricing for certain higher-risk loan products. “In 2007, there have been unprecedented changes in the market, including declines in national home prices that are... Read More

House Weighs New RESPA Disclosures in H.R. 3915; OMB Reviews HUD Proposal for New GFE Format

The pace of mortgage settlement reform efforts has suddenly picked up in the past week as the Office of Management and Budget began a review of a much anticipated proposed rule and the House of Representatives prepared to consider legislation mandating certain... Read More

Cramdown Bill Markup More Uncertain as Compromise Continues to Elude Partisans

An expected markup of mortgage cramdown legislation this week again failed to materialize as the search for a compromise on the bill, H.R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007, continued. House Judiciary Committee... Read More

GSEs Being Forced to Investigate Lender Appraisal Practices As Turf War Between OFHEO and New York A.G. Looms

The bar for lender appraisal practices is going up, as Fannie Mae and Freddie Mac last week agreed to a demand by New York Attorney General Andrew Cuomo to appoint an independent examiner to audit loans purchased from Washington Mutual. Last week, Cuomo’s office... Read More

Rep. Frank’s Committee Passes Measure to Outlaw Coercion of Appraisers, Set Protections for Investors

The House Financial Services Committee approved federal legislation last week that would establish new protections for consumers and investors and prohibit the improper coercion of appraisers to meet target appraisals. The measure goes to the full House, where... Read More

Bush Administration Backs Mortgage Industry Position On Emerging Anti-Predatory Lending Legislation

The Bush administration this week issued a policy statement that stopped short of a veto warning on proposed anti-predatory lending legislation, urging lawmakers instead to balance the interest of borrowers and the mortgage industry as it prepares to vote on the... Read More

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