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Mortgage Industry News
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Net Branch Failed Without FHA
A 100-branch company is closing down, leaving many managers scrambling to find new homes. One manager speculated that the firm's demise was its inability to quickly establish government lending in each state.

Liberty One Lending has shut down.

"Effective immediately, Liberty One is ceasing all operations," Matthew D. Goddard, chief executive officer and owner of Liberty One, said in an e-mail to employees Monday.
www.MortgageDaily.com/ClosureLibertyOne010709.asp


Modification Statistics and Programs
As mortgage companies commit to an increasing number of loan modifications, more modification firms are popping up. Two groups testified before Congress last week that funds from the Troubled Asset Relief Program she be used to modify loans -- with one of the groups calling for cramdowns on as many as 5 million mortgages that are not even in bankruptcy.

Fannie Mae and Freddie Mac servicers modified 13,450 loans during the third-quarter 2008, according to a foreclosure prevention report released last week from their regulator -- the Federal Housing Finance Agency. Modification activity fell from 15,372 in the second quarter.

The latest quarter included 4,767 modifications on prime loans and 8,683 nonprime modifications. From January through September, servicers for the two government sponsored housing enterprises have modified 44,458 agency loans.
www.MortgageDaily.com/Modifications011909.asp


Mortgage Market Outlook Improves
Freddie Mac has lowered its projection for 30-year mortgage rates and increased its forecast for residential originations this year. The second quarter is looking especially good.

U.S. residential originations are projected to reach $2 trillion this year, Freddie reported in its January 2009 Economic and Housing Market Outlook.
www.MortgageDaily.com/EconomicOutlook012209.asp


Wells Halts Wholesale Jumbo
Wells Fargo Home Mortgage has halted wholesale originations of jumbo loans.

The lender temporarily suspended non-conforming program offerings through its wholesale channel as of Monday, a spokesman told MortgageDaily.com in a statement today.
www.MortgageDaily.com/WellsJumbo010709.asp

The Modification President
A stimulus plan proposed to Congress by President-elect Barack Obama calls for his cabinet to use its existing authority to step up loan modifications. It also proposes that servicers not be held liable for modifications and that bankruptcy judges be empowered to modify loan balances.

The Obama-Biden economic stimulus plan was presented to lawmakers yesterday, according to an outline of the plan provided by Canfield & Associates Inc.
www.MortgageDaily.com/ObamaMortgagePlan010609.asp

Obama submits stimulus plan to Congress

Chase Closing Wholesale Business
With a hefty retail lending force in place now that it has acquired Washington Mutual Bank, Chase has decided to abandon business from mortgage brokers. Correspondent business will still be accepted as long as brokers weren't involved in the origination..
www.mortgagedaily.com/ClosureChaseWholesale011309.asp

Lender Collapses Amid Litigation
A New York-based mortgage company -- accused in separate lawsuits filed by a warehouse lender and a reverse mortgage lender of stealing more than $5 million -- has gone out of business.
www.MortgageDaily.com/Closure1stRepublic012309.asp

Countrywide Sued Over Denied Modification
Attorneys for a couple who became delinquent on their mortgage and were subsequently foreclosed on are accusing Countrywide Home Loans of claiming in public to be pursuing a diligent loan modification strategy while denying legitimate modification requests.
www.MortgageDaily.com/LawsuitCountrywideModification011509.asp

Wells Adding Hundreds of Mortgage Temps
Wells Fargo Home Mortgage is hiring hundreds of temporary employees to help it meet increased mortgage demand.
www.MortgageDaily.com/JobAdditionsWells012109.asp

Bad Underwriting at Heart of Mortgage Meltdown
A new survey of bankers indicated poor underwriting standards were the single biggest factor in the credit crisis. Mortgage fraud, however, had little impact.
www.MortgageDaily.com/BankerSurvey010809.asp

Read the full text of these articles and many more at: www.MortgageDaily.com

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Thanks,
Sam Garcia
Publisher
www.MortgageDaily.com
Mortgage Industry News


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