Frustration abounds regarding conforming jumbo programs even as Congress is close to dramatically increasing the conforming loan limit. Production of the mortgages has not met expectations, with fingers being pointed by brokers, lenders, the FHA and the government-sponsored enterprises. According to the Inside Mortgage Finance MBS Database, $2.47 billion of [Includes one chart]...
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Increased protections aimed at subprime loans will purposefully capture higher-priced Alt A loans as well, according to the Federal Reserve. And community advocates are calling for similar rules for all nontraditional mortgages, a suggestion that cannot be ruled out considering the sway such advocates held over changes the Fed made…
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The purchase of a special servicing unit from UBS will keep Impac Mortgage Holdings afloat for years to come, according to Joseph Tomkinson, chairman and CEO of Impac. “I decided that we’re not going to allow people to control our destiny,” he said at the lender’s annual stockholder meeting this month. The UBS platform serviced…
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Sales of 40-year mortgages to the government-sponsored enterprises continue to tumble after peaking in the third quarter of 2007. Through two quarters this year, Fannie Mae was the dominant buyer of the products. According to the Inside Mortgage Finance MBS Database, the GSEs purchased $1.21 billion worth [Includes one chart]…
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After seizing control of IndyMac Bank this month, the Federal Deposit Insurance Corp. is looking to unload the lender’s assets by the beginning of October. While the federal regulator grapples with troubled loans in the portfolio and continues to operate IndyMac’s reverse mortgage unit, a sale of many of the lender’s retail...
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Wachovia and Washington Mutual stopped originating option ARMs in the second quarter of 2008, but they certainly are not done dealing with the loans. Each lender took large losses during the period due to the mortgages and have since increased their loss mitigation efforts on option ARMs. Wachovia this week posted...
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An update to the Department of Housing and Urban Development’s reverse mortgage program is imminent after numerous delays. The House this week approved comprehensive housing legislation which includes an update of the home-equity conversion mortgage program. The House approved H.R. 3221, “The Housing & Economic Recovery Act,” by...
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