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Current Government Headlines
| Last Updated |
Thursday, May 08, 2008 |
06:38 PM |
Texas Time |
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Mortgage Legislation Passes House
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.
H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act, was approved by the House today, according to a congressional announcement.
The legislation combines a number of bills designed to provide relief to the ailing U.S. housing market.
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Secondary Conference, Transactions
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.
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Mergers Progress as Industry Struggles with Liquidity
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, a reverse mortgage wholesale lender has been acquired.
Committee Passes $300 Billion Bailout Bill
A bill passed yesterday by a congressional committee would provide up to $300 billion in loans for delinquent borrowers. Under the proposal, existing lenders would have to accept substantial write-downs, while the government would acquire an equity interest in the properties.
Nontraditional Credit on FHA Borrowers
The U.S. Department of Housing and Urban Development has spelled out guidelines for qualifying borrowers using nontraditional credit.
Loan Prospecting Saves Life
Persistent phone prospecting for reverse mortgages by a Michigan originator paid off in a big way for an elderly Texas woman. While he didn't make a sale -- he did help save her life.
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Builders Struggling With Credit
Residential home builders, who have seen the pool of new homebuyers diminish with the contraction in available credit, are now finding it more difficult to obtain or extend financing for new developments. The sector is looking to banking regulators, FHA and government-sponsored enterprises for help.
Reverse Warehouse Investors Wanted
Investors are being sought for a Florida company that is launching a warehouse line for small reverse mortgage lenders.
Reverse Lender Adding Branches, Originators
A Colorado company is looking to hire as many as 70 new originators in a national expansion as it opens new branches and heads toward a top-10 reverse mortgage lender ranking this year.
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Execs Move, Earnings Hurt
Billions more in mortgage-related losses were reported, and a survey of bankers doesn't offer much hope for a positive change anytime soon. Meanwhile, senior executives were shuffled at a reverse lender and a Connecticut-based bank. |
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Political Mortgage News
Mortgage people in politics. Political contributions by
mortgage companies. Coverage of political support
by lenders and executives. GSE lobbying and issues.
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Government Mortgage News
Federal Housing Administration, Department of Housing and Urban
Development and Ginnie Mae news. FHA and HUD programs, VA
programs and HECM reverse home equity conversions mortgages.
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