Mortgage industry trade groups are urging Congress to resist calls for a nationwide moratorium on foreclosures and allow servicers to complete their review of foreclosure documents, even as state attorneys general expand their inquiries into paperwork anomalies. A blanket freeze on all foreclosures is...
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Fannie Mae and Freddie Mac mortgage-backed securities have always been exempt from the Securities and Exchange Commission’s registration requirements, but the agency appears to be taking a historic turn away from that principle thanks to the recent financial reform legislation. The SEC last week issued...
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Federal regulators are scheduled next week to take the wraps off controversial new appraisal standards that will take effect very quickly under provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. While extending many of the features of the Home Valuation Code of Conduct that has governed...
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The Department of Housing and Urban Development late last week announced a proposal for strengthened authority to coerce certain lenders into indemnifying the FHA for losses on insurance claims paid on mortgages that did not meet the agency’s guidelines. The proposal applies mostly to loans originated under HUD’s Lender Insurance. HUD would have the authority to force these FHA lenders to reimburse the government for committing “serious and material” violations of FHA origination requirements “such that…
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The supply of residential mortgages continued to decline during the second quarter of 2010, slipping to $10.644 trillion, according to the Federal Reserve. That was down 0.6 percent from the end of March and represented a 3.3 percent drop over the past 12 months. The supply of 1-4 family mortgages as of the middle of this year was... [Includes two data charts]
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The Federal Housing Finance Agency this week announced a four-point plan for Fannie Mae and Freddie Mac in dealing with deficiencies in the foreclosure process in light of procedural defects that are now the subject of a nationwide investigation. FHFA acting director Edward DeMarco this week directed the two government-sponsored enterprises to implement...
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A genuine, sustainable refinance boom in the near future seems unlikely despite the near-historic low rates available to borrowers, according to industry analysts. There is “no refinancing wave in sight,” said Barclays Capital analysts Derek Chen and Wei-Ang Lee in a recent report. Recent “prepayment speeds came...
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PHH Mortgage has provided corrected delinquency data for its servicing portfolio as of the end of the second quarter. Based on the dollar volume of loans serviced, 2.09 percent were 30 days past due, 0.54 percent were...
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