Uptick In Commercial Mortgage Values
Despite weaker commercial real estate markets, commercial mortgage prices in the secondary market recently improved.
Loans included in commercial mortgage-backed securities were priced at 76.7 percent at the end of January, DebtX reported today.
The findings were based on 59,759 CMBS loans for $700.2 billion from 627 securitizations priced by DebtX as of Jan. 29.
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Fannie Performance Sinks
Monthly purchases sank, delinquency delved further into record territory and losses skyrocketed at the Federal National Mortgage Association.
Changes to GMAC Correspondent Program Insignificant
Prospective changes to GMAC's correspondent lending program aren't expected to amount to a hill of beans, according to the company.
PHH Expanding Correspondent Channel
PHH Mortgage plans to increase its market share through third-party originators -- who it sees as underserved.
Initiative Tackles Rising Repurchases
The Federal National Mortgage Association has undertaken a new initiative that it hopes will reduce repurchases by lenders. The initiative includes "substantially" rewritten quality-control policies.
Freddie to Dump Interest Only Loans
Severely higher delinquency on interest-only mortgages has prompted Freddie Mac to eliminate such loans from its purchases.
15-Year Loans Far Outperform 30-Year at Freddie
New business activity slid and delinquency worsened at the Federal Home Loan Mortgage Corp. The secondary lender is seeing the biggest problems on mortgages originated in 2006 and 2007 -- with the level of late payments on those two vintages riding around twice as high as other vintages. But less than 2 percent of borrowers with 15-year loans -- regardless of vintage -- are delinquent.
Fannie Follows Freddie's Lead on Repurchases
Not long after government-controlled rival Freddie Mac announced plans to increase its repurchases, Fannie Mae made a similar announcement.
Freddie to Step Up Repurchases
New accounting rules have made it more cost-effective for Freddie Mac to re-purchase seriously delinquent loans from its securitizations than to wait until final disposition.
Mortgage Crimes Lead to Convictions, Prison
Several criminal cases against mortgage insiders involve the theft of loan files, the fraudulent use of a warehouse line-of-credit and embezzlement. One defendant plead guilty, while two others have been sentenced to prison.
