|
|
Latest Mortgage News Headlines |
| Last Updated Friday, May 09, 2008, 08:19 AM Texas Time |
|
|
|
|
MGIC said it will halt mortgage insurance on some properties, no longer insure a number of loan programs and significantly restrict several other programs. (May 9)
The U.S. House of Representatives approved sweeping legislation that would modernize the Federal Housing Administration, provide $300 billion in FHA guarantees for borrowers facing foreclosure and increase oversight of government-sponsored enterprises. (May 8)
A pair of former executives of a New York-based mortgage banker have been charged with duping secondary market lenders on mortgage purchases exceeding $40 million. (May 8)
Despite growing concern that a major wave of balloon payments on commercial mortgages coming due would have difficulty refinancing, a new report indicates these borrowers are finding lenders. But that hasn't stopped delinquency from rising. (May 8)
A slight increase in fixed rates along with a slight decrease in adjustable-mortgage rates helped push ARM share higher. But refinance applications surged -- pushing overall applications higher. (May 8)
Research and technology are increasingly being used to boost mortgage lead generation results and conversions. One report found the best results from trigger leads can be obtained between one and two weeks after the trigger date. (May 8)
Politicians in three states have recently proposed or implemented foreclosure moratoriums ranging from one month to two years, while a Chicago-based group is recommending a plan that would turn foreclosed borrowers into renters then back in to borrowers. Meanwhile, a new report analyzed the impact of foreclosures on children. (May 7)
One of New York's state legislative bodies has declared a public emergency and passed a bill that would give judges the power to delay subprime foreclosures for up to one year. Another bill that passed requires mortgage brokers to have an agency relationship with loan prospects. (May 7)
Citigroup's warehouse lending subsidiary will cut nearly 150 California jobs this year. (May 7)
Since yesterday, downgrades have hit another 82 classes of Alt-A residential mortgage-backed securities, another half billion dollars in classes of scratch-and-dent deals and $2.4 billion more in classes of collateralized-debt obligations. But commercial MBS saw nine classes upgraded. (May 7)
Mortgage-related losses announced during the past two days topped $13 billion. Meanwhile, a government-sponsored enterprise has a new chief and a New York-based financial services company on an apparent acquisition binge said it has taken a bigger position in mortgage lending than originally planned. (May 7)
Despite an increase in April's average 1-year Treasury yield, the monthly treasury average fell for the 12th consecutive month. (May 6)
Improvements to compliance services dominated mortgage technology enhancements during the past week. Other innovations included alliances, integrations and implementation of electronic imaging. (May 6)
Commercial mortgage originations hit another record last year. Activity was again dominated by loans for office properties. (May 6)
As mortgage bankers hold their annual secondary marketing conference, banking associations are strengthening secondary alliances and enhancing rural financing programs. A $14 billion servicing portfolio of government loans is on the market, as is a portfolio of loans backed by apartments, condominiums and land, and another closing of a smaller transaction helped the seller clear out an expiring warehouse line. (May 6)
The past five days have seen ratings downgrades to nearly $10 billion in classes of collateralized-debt obligations, nearly 200 tranches of Alt-A RMBS and more than $3 billion in classes of subprime residential mortgage-backed securities issued in 2003 and 2004. Even prime RMBS from 2003 and 2004 saw classes downgraded, though just a single commercial MBS class was downgraded. (May 6)
As banks continued to tighten their lending standards on prime mortgages and home equity lines-of-credit, demand for those products was down, according to a new Federal Reserve report. (May 5)
The financial sector continued to scramble in an effort to shore up capital, with two public offerings raising more than $7 billion and two major mortgage lenders facing mounting pressure to complete a number of transactions. In other corporate activity, several acquisitions made their way through the merger pipeline. (May 5)
Freddie Mac has eased loan-to-value restrictions on some programs. (May 5)
First quarter mortgage originations tumbled from a year earlier but were better than the fourth quarter, according to an analysis of earnings data by MortgageDaily.com. (May 5)
|
First quarter mortgage originations tumbled from a year earlier but were better than the fourth quarter, according to an analysis of earnings data by MortgageDaily.com.
Among 14 of the largest U.S. primary lenders, residential volume was $370.6 billion during the first quarter 2008, down about 22 percent from the first quarter 2007 but up approximately 3 percent from the fourth quarter.
Countrywide Financial Corp., which is expected to be acquired by Bank of America Corp. during the third quarter, retained its No. 1 spot. (May 5)
IBM's mortgage unit plans to expand its operations in North Carolina. (April 30)
IBM Lender Business Process Services, launched last year to provide outsourcing for mortgage lenders, will add 600 North Carolina jobs during the next four years, the state's Gov. Mike Easley announced Tuesday.
With a $2.4 million investment and a job development investment grant from the state, the IBM subsidiary will reportedly open a mortgage processing center in Charlotte, where it is currently based. (April 30)
Hard-money wholesale lenders have stepped in to fill the void left by failed subprime wholesalers. Among loan programs being marketed are those that allow stated incomes, no minimum credit scores and commercial properties.
The U.S. Department of Housing and Urban Development has spelled out guidelines for qualifying borrowers using nontraditional credit. (May 2)
Average credit scores were highest in the New England region of the country, though it was a Midwest state that had a higher score than any other. The lowest average score was in a state where everything is bigger. (April 30)
|
|
|
complete archive of mortgage business news for mortgage bankers
|
|
|
