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Inside Mortgage Finance

October 21, 2010

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Industry Divided on Fed’s Interim Appraisal Rule, Compliance Expert Says Agency Did a Good Job

While building on existing banking rules on appraisals and the Home Valuation Code of Conduct, a new interim final rule released by the Federal Reserve this week features safe-harbor options for lenders and other settlement service providers to make sure they comply... Read More

Mortgage Finance Industry Expects Courts to Side With MERS in Disputes Over Right to Foreclose

Mortgage industry insiders are confident most courts in the country will rule in favor of the Mortgage Electronic Registration Systems and its right to foreclose on defaulted mortgages, based on a host of previous legal decisions. As the foreclosure documentation debacle has spread... Read More

Bank of America, Fidelity National Reach Deal to Move Foreclosure Sales Forward

The roaring controversy over servicers’ foreclosure processing added the burden of title uncertainty to a housing market still struggling to regain its form, but Bank of America has apparently found a way to move foreclosure sales forward. Some title insurers reportedly suspended... Read More

Congressional Panel Questions GSE Performance, Treasury Oversight of Gov Modification Program

A new report from the Congressional Oversight Panel set up to monitor the Troubled Asset Relief Program has questioned the performance of Fannie Mae and Freddie Mac in the execution of their respective roles in the Home Affordable Mortgage Program, as well as the Treasury Department’s oversight thereof. “The panel has long been concerned... Read More

FHA Official Says Lenders to Be Held More Accountable, Help Underwater Borrowers

Transparency and accountability in the mortgage lending process – plus a more aggressive response to the problem of negative equity – are key to pulling the housing market out of its three-year slump, according to FHA Commissioner David Stevens. “If we don’t all embrace... Read More

Mozilo Agrees to Pay $67.5 Million to Settle SEC Charges of Misleading Investors Over Subprime

Former Countrywide Financial CEO Angelo Mozilo agreed to pay $67.5 million to settle charges from the Securities and Exchange Commission that he engaged in insider trading and misled investors over his firm’s growing exposure to credit risk as the subprime crisis began to spread. Mozilo will pay... Read More

Dodd-Frank Fails to Address Problems In Mortgage Market, Analysts Say

The Dodd-Frank Wall Street Reform and Consumer Protection Act fell short in its efforts to address the role of federal housing policy in the greater economic crisis, according to industry observers participating in a recent seminar sponsored by the American Enterprise Institute. Dodd-Frank “ignored... Read More

Without Correspondent Volume, Top Producers Control Less of the Market

The largest mortgage lenders in the industry controlled a significantly smaller share of overall production in terms of their direct originations – loans funded through their own retail operations or through mortgage brokers. With the growth of correspondent production in recent years, direct originations accounted...[Includes two data charts] Read More

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