Second Lien Underworld
A legion of second liens lurking among home loans threaten to undermine the secondary mortgage market, according to a new study.
Combined loan-to-values on outstanding residential mortgages are higher than many believe, the report from Equifax Capital Markets said.
The study examined non-agency securitized mortgages from the third-quarter 2005 to the third-quarter 2009.
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Freddie Announces 2010 Loan Limits
Freddie Mac announced conforming loan limits for next year and indicated that the high-cost limit has been extended.
Mortgage Banker Abuses Warehouse Line
Instead of funding his loan originations, a Louisiana mortgage banker had other plans for his warehouse line-of-credit.
Wholesalers Lead Mortgage Banking Profits Higher
As originations increased, refinances retreated and credit scores rose -- mortgage banking firms saw an increase in profitability. Improved earnings were most pronounced at wholesale lenders. But warehousing income dropped.
New Warehouse Line for LendingTree Origination Unit
The parent of mortgage lead provider LendingTree has scored a warehouse line for its origination unit.
Lenders Duped by Broker
A Florida mortgage broker has pleaded guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. Among his victims were Bank of America Corp.
Deterioration Continues at Freddie
Secondary activity declined, residential delinquency reached a new record and multifamily delinquency rose last month at Freddie Mac. But the government-controlled company's huge mortgage portfolio grew even more huge.
Chase Restricts Loans to Auditors, Examiners
JPMorgan Chase & Co. has advised its third-party customers that it is changing its policy on mortgage loans to external auditors and bank examiners.
BB&T Commits to Continue Warehouse Lending
Branch Banking and Trust Co. has committed to stay in the warehouse lending business that it inherited with its acquisition of failed Colonial Bank.
Mortgage Bankers Recruit CEOs, Managers
GMAC Financial Services has hired a new secondary executive, while a former subprime executive has re-emerged at another lender. The Mortgage Bankers Association has recently seen lots action among its ranks.
