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Inside Mortgage Finance

September 17, 2009

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Refinance Market Continues Driving Volume in 3rd Quarter as Mortgage Rates Remain Attractive

Mortgage refinance activity, which was the dominant factor in the industry’s strong production levels during the first half of 2009, continues to push volume in the third quarter, according to a new analysis and ranking by Inside Mortgage Finance. Thanks to a sharp dip in mortgage interest rates engineered by the Federal Reserve and the U.S. Treasury... [Includes three charts and one graph] Read More

Congress Moves to Bolster FHA Operational Resources and Step Up Lender Oversight

The House of Representatives this week approved legislation that would allow the FHA to tap excess insurance premiums to pay for program infrastructure upgrades that most observers say are long overdue, while also pushing agency officials to keep closer tabs on lenders. The 21st Century FHA Housing Act of 2009, sponsored by Rep. John Adler, D-NJ, and a bipartisan mix of other... Read More

Mortgage Bankers Express Concern, Uncertainty As Industry Faces an Avalanche of New Laws, Regulations

A sense of dread and uncertainty permeated this week’s gathering of the Mortgage Bankers Association’s top compliance executives and experts in Washington, DC, to discuss new state and federal regulations and the ongoing wide-scale restructuring of financial regulation. Participants at this year’s MBA regulatory conference admit they are feeling overwhelmed by the number of new... Read More

Distressed Property Sales Are Continuing to Shape Housing Landscape, IMF-Sponsored Survey Finds

Despite some early signs of an upturn in housing activity in recent months, distressed property sales are continuing to cast a big – if not dark – shadow over the U.S. housing market due to rising mortgage defaults and problem loans. In fact, bargain-priced distressed properties appear to be driving a less-than-stable increase in housing sales... [Includes one graph] Read More

No Silver Bullets Emerge Among Options for Ending Fannie and Freddie Conservatorships

There is still no clear most-likely option for taking Fannie Mae and Freddie Mac off government life support, as government and industry analysts flesh out alternatives likely to be considered by the Obama administration as it prepares to make its recommendations early next year. A new report from the Congressional Research Services this week raised two unusual options: merging the two... Read More

Fed’s Final TILA Rule Will Supercede MDIA, HOEPA Amendments to TILA

Any final revisions to Truth in Lending Act regulations that the Federal Reserve Board adopts based on its massive proposed rule will override or change TILA regulations as amended by the Mortgage Disclosure Improvement Act or the Home Ownership and Equity Protection Act final rules, according to the Federal Reserve Board. Paul Mondor, senior attorney at the Fed who had a hand in drafting... Read More

HAMP Could Keep GSEs in Conservatorship; Amherst Says H4H is a Better Alternative to Minimize Loss Severity

The government’s Home Affordable Modification Program has gathered some steam in the last month and could meet its goals this fall, but recent reports note that it could have adverse effects on Fannie Mae and Freddie Mac and may not be the best mod plan on the market. The Government Accountability Office in a recent report noted that federal modification initiatives... [Includes one chart] Read More

State Regulators, Community Groups Call for Bank Affiliates to be Covered by CRA Reviews

State regulators and community development advocates this week urged Congress and federal regulators to toughen the Community Reinvestment Act and its regulations by requiring that all lending and activities by affiliates be part of a bank’s CRA performance review. The Conference of State Bank Supervisors, the National Community Reinvestment Coalition and several other community... Read More

Fed Exerts Oversight Of Non-Bank Subs

The Federal Reserve this week instructed field staff to begin compiling consumer compliance risk assessments for non-bank subsidiaries of bank holding companies and foreign banking organizations. The assessments are due by the end of 2009 for large banking organizations and by the first quarter of 2010 for others... Read More

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