While the timing of other key provisions in the omnibus housing bill signed into law this week remain unclear, the oversight board implementing the $300 billion borrower-rescue package under the FHA has committed to have the program up and running by Oct. 1. Emerging from a meeting with board members on Capitol Hill early this week...
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President George Bush on Wednesday signed into law the omnibus housing legislation and created a new government regulator – the Federal Housing Finance Agency – that will over the next year consolidate its authority to oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Although more than a dozen key provisions...
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House Democrats grilled top industry executives over the role played by mortgage servicers in an increasingly challenging market, reiterating earlier threats to hold lenders accountable for their efforts to mitigate the damage. Key lawmakers leaned on the industry to delay foreclosures until a new FHA refinance program is launched...
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Mortgage servicers completed 181,000 loan workouts to help borrowers avoid foreclosure in June, according to Hope Now, a group representing lenders and investors. That brought total workouts in the second quarter to 522,000, up from 482,000 during the first three months of the year...
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California provided more mortgage loans for Fannie Mae and Freddie Mac securitization programs than any other state, with well over twice the market share of its nearest rivals, according to a detailed new Inside Mortgage Finance analysis of data from the first half of 2008. But California’s high housing costs...[Includes one chart]
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Federal banking regulators have a year from enactment of this week’s massive new housing law to put revised mortgage disclosure rules in place, as well as have all federally regulated loan originators registered with the Nationwide Mortgage Licensing System. It won’t be easy. The Housing and Economic Recovery Act of 2008 contains an...
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Countrywide ranked as the top issuer of Ginnie Mae securities through the first half of 2008, as a surge in FHA and VA lending pushed the program to record levels in the second quarter. Countrywide issued $16.95 billion of new Ginnie mortgage securities during the second quarter, lifting its...[includes one chart and one graph]
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