Quote of the Week

"The Texas mortgage banking market is holding up pretty well. Profit margins are still good for lenders. And we're starting to see some M&A activity."
Chuck Klein, managing partner, Mortgage Banking Solutions, Woodway, Texas

Reprints

If you would like professionally prepared reprints of articles ... please contact Denise Petratos at 212-803-6557

Advertisements

Subscribe to RSS Feed

Subscribe to RSS Feed

Today in Mortgages

  • Rep. Kanjorski Looking for Way to Recoup GSE Bailouts

    National Mortgage News | July 29

    A high ranking Democrat on the House Financial Services Committee wants to explore ways of recouping the cost of placing the government-sponsored enterprises into conservatorships.

  • Record Low for 30-Year

    National Mortgage News | July 29

    The average rate for a 30-year fixed-rate mortgage inched downward to a new low for the sixth consecutive week, according to Freddie Mac.

  • Genworth Pares Losses at MI Unit

    National Mortgage News | July 29

    The mortgage insurance unit of Genworth Financial lost $40 million in the second quarter, a marked improvement from the same period last year when it spilled $134 million of red ink.

  • State Regulators Support CMBS Bill

    National Mortgage News | July 29

    The Conference of State Bank Supervisors is endorsing legislation that could help restart the securitization market for small commercial mortgages held by community banks. State regulators are "beginning to see some signs of stability in loan performance and collateral values," Iowa banking superintendent Thomas Gronstal told the House Financial Services Committee. …

  • PMI's Loss Drops, but Still Disappoints

    National Mortgage News | July 29

    The PMI Group's second quarter loss of $150.6 million, while improved over the same period in 2009, was still a surprise as analysts predicted the company should be able to pare those losses further. The company had a $222 million loss one year ago.

  • Good Quarter for Stewart

    National Mortgage News | July 29

    Stewart Information Services Corp. returned to profitability in the second quarter as it earned $9.4 million, versus a loss of $20.6 million for the same period one year ago.

  • Capstead Cites GSE 'Buyouts' in Weaker Earnings

    National Mortgage News | July 29

    Capstead Mortgage Corp., an MBS-investing REIT, saw its second quarter earnings fall 59% in the second quarter to $29.8 million, citing "sharply higher portfolio runoff" caused by Fannie Mae and Freddie Mac buyouts.

Your Thoughts

Will the Dodd-Frank regulatory reform legislation be good for the mortgage industry?
Yes
No
View Past Surveys >>

Editor's Choice

Loan Closings Drag On and On at the Megabanks

National Mortgage News | July 29

Top-flight loan officers in search of job security have been fleeing the confines of nonbank lenders for the megabanks, in search of job security and a future. But it now appears some of these LOs are headed back to the nonbanks because the big boys take much too long to close a loan. What's at stake here, quite simply, is loan commissions. Not only are there reports of firms like Bank of America and Wells Fargo tightening the hatch on how much they pay in commissions, but because these lenders take so long to close a mortgage, some Realtors won't give certain branches referrals anymore.

Clash Over Blueprint for Covered Bond Sales

National Mortgage News | July 27 | Free with Registration

A fight is brewing between regulators and Congress over how to develop a covered bond market, with the latest salvo expected to be fired as soon as Tuesday, when the House Financial Services Committee could begin voting on a bill tackling the issue.

MortgageStats

Advertisements

Subscribe to RSS Feed

Subscribe to RSS Feed

More News

Subscribe to RSS Feed

Subscribe to RSS Feed

Other Voices

  • Breadth of Bubble Stunned the Pros

    National Mortgage News | July 26 | Free with Registration

    Even asset managers who were predicting a decline in housing were stunned by the downturn that eventually ensnared corporate credit unions' balance sheets.

Subscribe to RSS Feed

Subscribe to RSS Feed

Blog of the Week

  • Will ResCap go Public This Year?

    What We're Hearing | July 23

    THIS JUST IN: It's no secret that GMAC inked a deal with Freddie Mac a few months back to settle a large chunk of its mortgage buyback problems. No details were disclosed (of course) but one number we heard was $600 million. I'm not sure if that's how much GMAC/Residential Capital Corp. paid or bought back. No one is talking at these companies (because loose lips sink ships, I guess). But we do know this: Uncle Sam doesn't want to hold onto its 50%-plus stake in the firm forever. Even though many mortgage bankers keep telling me that President Obama is a dyed-in-the-wool socialist, he really doesn't want the government in this business. And we all know that selling ResCap this year as a standalone is not going to happen. A few investment bankers I've been talking to think the plan is this: Take the FDIC-backed bank (Ally), mush it together with ResCap and whatever financial service bank-like assets there are at GMAC, and take the thing public—this year. I mean, if General Motors can go public again (it's in the works), why not GMAC/ResCap/Ally? If you have any insight, drop me a line at Paul.Muolo@SourceMedia.com...

Video

Stopping Appraisal Fraud

Watch this Video >>

More Videos >>