IndyMac Bancorp and Washington Mutual this week warned that their companies are faltering, and that quarterly earnings will be well below projections. Rising delinquencies and the sluggish housing market are expected to wreak havoc on a number of other top lenders, including Countrywide...
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Fannie Mae and Freddie Mac continued to see strong lender demand for their programs that swap interest-only mortgages for mortgage-backed securities during the latter stages of 2006, despite increasing regulatory scrutiny of these loans...
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Federal regulators are weighing expanding the guidance on nontraditional mortgages to include hybrid adjustable-rate mortgages. Another route could be to update existing guidance on subprime lending...
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Banks and lenders are opposing a federal initiative to collect data on mortgages with negative amortization features, which they said goes beyond the federal interagency guidance on nontraditional mortgages...
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Several thousand borrowers who received option ARMs from Chevy Chase Bank may be able to rescind their loans under a summary judgment issued this week by a federal district court judge. In a lawsuit seeking class-action status filed in U.S. District Court in...
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Borrowers are using the extended terms of 40-year loans to qualify for bigger mortgages rather than reduce their monthly payments, Moody’s reports. While this use might go against the initial intent of the mortgages...
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The Department of Housing and Urban Development is considering revising FHA’s Home Equity Conversion Mortgage program to include testing standards for counselors and a roster of eligible advisors...
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The share of option adjustable-rate mortgages in the market grew in the third quarter of 2006, despite performance and regulatory concerns. Inside Alternative Mortgages estimates that $208 billion in option ARMs...
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Originations of adjustable-rate mortgages declined sharply in 2006, as rising short-term interest rates fueled fixed-rate products, Freddie Mac’s annual ARM survey found. But hybrid ARMs gained at the expense of traditional 1-year adjusting ARMs, Freddie said...
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Some 54 million potential borrowers lack credit reports, the Brookings Institution says. But if lenders consider additional factors, such as payments for utilities, most of these potential borrowers could qualify for a mortgage, the think tank found...
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