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LATEST U.S. MORTGAGE NEWS
Last Updated Friday, May 25, 2012 12:36 PM Central

MOST READ (Past 7 Days)


New Business Tumbles at Freddie May 25 New business sank to the lowest level since last summer at the Federal Home Loan Mortgage Corp., and the book of business has fallen by more than $100 billion during the past year. While there was no change in the rate of residential delinquency, performance on apartment loans deteriorated. The McLean, Va.-based company reported $25.851 billion in purchases and issuances for April. Volume plummeted from March, when secondary activity totaled $41.999 billion.
NovaStar Distances Itself from Subprime Era May 25 With a new name in hand, NovaStar Financial Inc. is closing the book on its subprime mortgage past.
Huge Win in Quicken RESPA Case May 24 Fixed mortgage rates were little changed from their record-low levels, though the long-term mortgage did set a new record. Interest rates are poised to maintain their current lows, but a looming European sovereign debt crisis remains a lingering threat to global financial markets.
30-Year Establishes New Record as Volatility Lurks May 24 Fixed mortgage rates were little changed from their record-low levels, though the long-term mortgage did set a new record. Interest rates are poised to maintain their current lows, but a looming European sovereign debt crisis remains a lingering threat to global financial markets.
Serious Delinquency Improves 4 Consecutive Months May 24 Residential loans that are considered to be seriously past due have fallen each of the past four months. A similar trend is developing for real estate loans that are written off. The outlook for the current quarter is more of the same.
Bank Sector Strengthens May 24 The nation's banks saw earnings increase, failures fall and troubled institutions ease. While the sector cut its residential loan assets, mortgage-backed securities investments have been on the rise. Bank earnings were concentrated at only three bank-holding companies, while staffing was concentrated at just four firms.
2012 Originations Now Expected to Exceed 2011 May 24 A nearly $0.2 trillion increase in mortgage bankers' forecast of residential originations this year now has volume exceeding production during 2011. All of the 2012 improvement is with expected refinance volume -- as the forecast for home purchase financing has been cut. But a real estate market recovery is expected next year with home purchase financing projected to surge by nearly three quarters.
Mortgage Lien Wiped Out in IL Bankruptcy May 23 A recent decision in a bankruptcy case could have serious implications for mortgage holders in Illinois.
Fannie Back Peddles on Force-Placed Insurance Requirements May 23 A decision by Fannie Mae to implement new guidelines on forced-placed insurance is now being put on hold.
Fannie Extends Repurchase Policy May 23 A policy that allows seller-servicers more time to meet a repurchase demands has been extended by the Federal National Mortgage Association.

Another Correspondent Lender Emerges
April 25, 2012
Several new players have recently entered the correspondent lending space, and now a Texas firm has thrown its hat into the ring.

Gateway Mortgage Group announced last month that it was opening a correspondent lending division. Prior to that, American Home Mortgage Servicing Inc. disclosed the October launch of correspondent and warehouse lending operations. Impac Mortgage Holdings Inc. said in February that it created a new correspondent lending division.
<read full story>

Tragic Week for Banks
April 28, 2012
It's been a while since this many banks were closed down in a single week. Federal losses forecasted for the latest round of failures exceed $270 million.

The first bank to go down was Bank of the Eastern Shore, which was closed by the Maryland Commissioner of Financial Regulation. The bank had entered a formal agreement in August 2010 with the state regulator and the Federal Reserve Bank of Richmond.
<read full story>

Freddie Releasing HARP 3.0 AU
April 16, 2012
Freddie Mac has fined tuned its automated underwriting process for the Home Affordable Refinance Program in a move that is expected to generate approvals for borrowers who were previously denied for the program.
<read full story>

HARP 2.0 Holdups
April 30, 2012
Loan officers at U.S. financial institutions were surveyed about obstacles to originating home loans. While some banks are participating in the government's refinance program for negative-equity borrowers, many see too many impediments to utilize the program.
<read full story>

GMAC Servicer Rating Hurt By ResCap Standing
May 2, 2012
The possibility of bankruptcy at its parent has GMAC Mortgage's servicing ratings on watch for a possible downgrade. Prime and nonprime ratings are affected.
<read full story>

MORTGAGE VIDEO NEWS

Brokers Call for Support on QRM Legislation
The head of the trade group that represents mortgage brokers is calling on the sector to support legislation that would leave more income available for loan originators.
<watch video>

Video of Shaun Donovan interviewing with reporters

HUD Chief Grilled on Housing Market
The head of the Housing and Urban Development talked with reporters about a range of issues including additional funding for the Federal Housing Administration, investors complaints about the mortgage servicer settlement and writing down principal on loans owned or guaranteed by Fannie Mae and Freddie Mac.
<watch video>

Television interview with Warren Buffett

Billionaire Says Now is Time for Residential Investments
The Oracle of Omaha says that now is the time to invest in residential real estate.
<watch video>

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