MortgageWire Stories from 2009

The California housing market, which is still reeling from foreclosures and declining values, now has something new to worry about: what might happen to prices if an earthquake strikes. (Read More)

January 7, 2009

Investment funds affiliated with PennyMac -- a "scratch and dent" firm headed by a former top executive at Countrywide Financial Corp. -- have purchased a $558 million portfolio of 2,800 residential loans from the government using a cashflow sharing arrangement. (Read More)

Renewing Call for DPA Ban's End as Pending Sales Drop

January 8, 2009

One supporter of seller-funded downpayment assistance programs believes the recent decline in pending home sales to an all-time low is further evidence of housing market woes that reflect a need for federal officials to reauthorize the use of such programs in conjunction with government loans. (Read More)

Fannie Prices $6B Benchmark Note

January 8, 2009

Fannie Mae has priced a 2% $6 billion Benchmark Note due Jan. 9, 2012 at 99.983 to yield 2.006% at a spread of 83 basis points over the 1.125% Treasury due Jan. 15, 2012. (Read More)

Two Calif. Counties Embrace E-Recording

January 8, 2009

California's Nevada and Placer counties have selected Lender Processing Services Inc.'s Aptitude Solutions' division to provide a software solution that further automates and streamlines land recording and indexing for both counties. (Read More)

Bank of England Cuts Bank Rate

January 8, 2009

The Bank of England's Monetary Policy Committee has cut the Bank Rate paid on commercial bank reserves by 50 basis points to 1.5%, citing among other things a deterioration in the outlook for residential investment and tighter credit. (Read More)

Moody's: FHLBanks Face Steep MBS Write Downs

January 8, 2009

The Federal Home Loan Banks may see substantial impairment in the value of their $76.2 billion of private-label MBS, according to Moody's Investment Service. (Read More)

NJ Lawyer Pleads Guilty to Stealing $4M

January 8, 2009

Michael P. Rumore, who ran his law practice from his Lyndhurst, N.J., home, pleaded guilty to stealing approximately $4 million entrusted to him for real estate closings, which he used to gamble in Atlantic City. (Read More)

Missouri Man Pleads Guilty To Fraud

January 8, 2009

Craig A. Long of Kansas City, Missouri, has pleaded guilty to federal mortgage fraud charges. (Read More)

Rates Hit 10th Consecutive Low

January 8, 2009

The average rate for a 30-year fixed rate mortgage as tracked by Freddie Mac fell for the 10th consecutive week in a row to another survey-record low of 5.01%, down from 5.09% the week before. (Read More)

Moody's: FHLBanks Face Possible Accounting Problem

January 8, 2009

Under a "worst case scenario," the Federal Home Loan Banks may have to report substantial impairment in the value of their $76.2 billion of private-label MBS, but the true economic losses embedded in the portfolio are manageable, according to Moody's Investment Service. (Read More)

Citigroup Endorses Revised Bankruptcy Provisions

January 8, 2009

Key senators have reached a compromise with Citicorp that could speed passage of bankruptcy provisions that allow judges to modify mortgages and reduce or "cram down" the principal amount of the loan to the fair market value of the property. (Read More)

Warehouse Shortfall Could be $370 Billion

January 9, 2009

Because of a lack of warehouse financing available to non-bank primary funders, upwards of $370 billion in new residential originations could be at risk, according to an estimate made by The Warehouse Lending Project, a coalition of 50 lenders. (Read More)

Frank: Stimulus Bill Will Hike GSE Limits Again

January 9, 2009

The economic stimulus package, which is slated for a full House vote next month, will hike the Fannie Mae/Freddie Mac loan limit back up to $729,500, said Rep. Barney Frank, chairman of the House Financial Services Committee. (Read More)

TARP Amendments: $50 Billion for Foreclosure 'Mitigation'

January 9, 2009

The House Financial Services Committee released draft legislation on Friday that will revamp the TARP program, requiring that a minimum of $50 billion of the remaining $350 billion be used for foreclosure mitigation to help consumers. (Read More)

RESPA Suit Gets Airing in April

January 9, 2009

In early April a U.S district court judge will hear arguments in the National Association of Home Builders' case against the government, challenging newly issued Real Estate Settlement Procedures Act regulations that could hurt builders. (Read More)

Mortgage Jobs Slide in November

January 9, 2009

Mortgage companies laid off 4,300 full-time employees in November -- just before mortgage rates dipped and refinancing applications began to surge. (Read More)

Originations of Reverse Mortgages Rise

January 9, 2009

The number of Home Equity Conversion Mortgages originated in calendar year 2008 increased by 6.4% over the previous year, according to new figures released by the Department of Housing and Urban Development. (Read More)

MBA Opposes Citi Deal on Cramdowns

January 9, 2009

The Mortgage Bankers Association and the Financial Services Roundtable strongly oppose the bankruptcy "cramdown" deal Citigroup stuck Thursday with key Democratic senators. (Read More)

St. Louis Man Pleads Guilty to Supplying Downpayment Funds

January 9, 2009

A St. Louis man has pleaded guilty to mortgage fraud charges in connection with loans extended by Wells Fargo Home Mortgage and others. (Read More)

Missouri Insurance Agent Pleads Guilty to $12.6 Million Mortgage Fraud

January 9, 2009

Ronald E. Brown, Jr., of Gladstone, MO, pleaded guilty before U.S. chief district judge Fernando J. Gaitan to his role in a $12.6 million mortgage fraud scheme that involved 25 residential properties. (Read More)

Rates Hit 10th Consecutive Low

January 9, 2009

The average rate for a 30-year fixed-rate mortgage as tracked by Freddie Mac fell for the 10th consecutive week in a row to another survey-record low of 5.01%, down from 5.09% the week before. (Read More)

Moody's: FHLBanks Face Possible Accounting Problem

January 9, 2009

Under a "worst case scenario," the Federal Home Loan Banks may have to report substantial impairments on the value of their $76.2 billion of private-label MBS, but the true economic losses embedded in the portfolio are manageable, according to Moody's Investment Service. (Read More)

New Century Co-founder Gotschall Dead at 53

January 12, 2009

Edward Gotschall, co-founder of New Century Financial Corp. - once one of the largest subprime lenders in the nation - died late last week of natural causes, according to a report in The Orange County Register. (Read More)

Credit Suisse Predicts $1.75 Trillion in '09 Fundings

January 12, 2009

Credit Suisse thinks mortgage bankers will originate about $1.75 trillion in new home mortgages this year with refinancings accounting for 58% of the total. (Read More)

Incoming Obama Team Wants TARP Money

January 12, 2009

President-elect Barack Obama on Monday asked the Bush Administration to seek the final $350 billion of TARP funds from Congress. (Read More)

Bill Would Aid Low Interest Rates

January 12, 2009

A bill introduced by House Financial Services Committee chairman Barney Frank, D-Mass., would direct the Treasury secretary to create a new program that stimulates home purchases by ensuring the availability of low mortgage rates. (Read More)

HFF Reducing Workforce and Operating Costs

January 12, 2009

HFF Inc., a commercial mortgage banker based in Pittsburgh, has reduced its workforce by approximately 12%, equating to 57 positions nationwide. (Read More)

REIT to Take Fourth Quarter 2008 Impairment

January 12, 2009

Equity Residential, Chicago, is cutting back on the number of planned development projects it will undertake and, as a result, will incur a non-cash charge in the fourth quarter of 2008 of approximately $115 million ($0.39 per share). (Read More)

KDX Ventures to Sell $144 Million in HUD Loans

January 12, 2009

KDX Ventures, Boston, a partnership of DebtX and KEMA Advisors, will sell $144 million in multifamily and healthcare loans for the U.S. Department of Housing and Urban Development. (Read More)

Former MBA CEO Joins REIT Board

January 12, 2009

Jonathan L. Kempner, who was president and chief executive of the Mortgage Bankers Association until the end of last year, has accepted a position as an independent director of Behringer Harvard Multifamily REIT I Inc. (Read More)

Chandler Out at LandAmerica

January 12, 2009

Now that bankrupt LandAmerica Financial Group Inc., Richmond, Va., has disposed of its title underwriting units, its chairman and chief executive, Theodore L. Chandler Jr., will leave the company on Jan. 15. (Read More)

Foreign Investment in U.S. RE to Increase in 2009

January 12, 2009

Foreign real estate lenders may grow their activity by 58% in the United States this year, according to a trade group's survey of its investor members. (Read More)

First Industrial Has New CEO

January 12, 2009

First Industrial Realty Trust Inc., Chicago, has hired Bruce W. Duncan as president and chief executive. (Read More)

Brookfield Properties Announces Promotions

January 12, 2009

Brookfield Properties Corp., New York, has made a series of promotions and additions to its executive management team. (Read More)

Unusual Internet Auction Sets Simultaneous Sale

January 12, 2009

In what is being billed as "the largest-ever" simultaneous Internet auction of residential properties, 79 loft apartments in a downtown Los Angeles condominium are up for grabs to the highest bidders. (Read More)

Conference Board: Two Million More Jobs at Risk?

January 12, 2009

The Conference Board, a non-profit publisher of business economic forecasts and analysis, says the U.S. economy may lose another two million jobs this year after shedding more than 2.5 million jobs in 2008. (Read More)

Impac Reverse Stock Split Effective

January 12, 2009

Impac Mortgage Holdings Inc., Irvine, Calif., said that its common stock underwent the planned 1-for-10 reverse stock split and began to trade on a split-adjusted basis at the open of business on Jan. 12. (Read More)

Bernanke: TARP Guarantees, 'Bad Banks' Possible

January 13, 2009

If the Treasury supplements injections of capital by removing troubled assets such as mortgages from institutions' balance sheets, as was originally proposed for the U.S. financial rescue plan, Treasury may consider public purchases, as originally proposed, or two other options involving asset guarantees or "bad banks," Federal Reserve chairman Ben Bernanke suggested in a speech at the London School of Economics early Tuesday morning. (Read More)

MBA Seeks Hike In FHA Net Worth Requirements

January 13, 2009

The Mortgage Bankers Association wants to raise the net worth requirements for mortgage brokers originating Federal Housing Administration loans from $63,500 to $150,000. (Read More)

FHLB Seattle Hurt by Private Label MBS, Capital in Question

January 13, 2009

The Federal Home Loan Bank of Seattle told its members on Jan. 12 (depositories mostly) that it may not meet its risk-based capital requirement for the period ending Dec. 31, blaming accounting rules that affect the value of its investment in private label mortgage-backed securities. (Read More)

Mortgage Insurers Face More Challenges

January 13, 2009

The outlook for private mortgage insurers for 2009 remains negative as they will have to deal with loans they underwrote in 2007, a report from Fitch Ratings, New York, declares. (Read More)

Merrill: '09 Worst Year for CRE Since Early '90s

January 13, 2009

The commercial real estate market is facing its worst year since the S&L and banking crisis of the early 1990s, according to a new report by Merrill Lynch. (Read More)

Distressed Inventory Drops in the O.C.

January 13, 2009

The inventory of distressed homes in Orange County, Calif. - one of the hardest hit real estate markets in California - dropped slightly over the past few weeks. (Read More)

HUD to Announce Foreclosure Scam Campaign

January 13, 2009

The Department of Housing and Urban Development is launching a new advertising campaign on Jan. 14 to alert troubled homeowners about foreclosure rescue scams. (Read More)

D.C. Man Sentenced to 150 Months For Forging Deeds

January 13, 2009

After being found guilty in April 2008 of charges related to a scheme obtaining property via forged deeds, Duane McKinney of Washington, was sentenced in the U.S. District Court for the District of Columbia before the Honorable Judge Reggie B. Walton to 150 months in prison and ordered the defendant to pay $912,630 in restitution and to forfeit three luxury vehicles and two real properties. (Read More)

Florida Mortgage Fraud Defendants Sentenced

January 13, 2009

Yadira Garrido, Jorge Cordero and Maritza Salan were sentenced in connection with their participation in a mortgage fraud scheme. (Read More)

Phoenix Capital Using Compass Analytics

January 13, 2009

Phoenix Capital, a Denver-based provider of mortgage servicing analytics, consulting and brokerage services, will begin using Compass's CompassPoint technology in determining the value of mortgage servicing rights. (Read More)

Employment Firm Sees Mortgage Demand in Montana

January 13, 2009

Unemployed mortgage professionals should look into working in Billings, Mont., according to one workforce solutions provider. (Read More)

Chase Shutters Wholesale

January 13, 2009

JPMorgan Chase & Co. is closing down its remaining wholesale channel and will no longer offer prime mortgages through brokers, the New York banking company said Tuesday. Spokeswoman Christine Holevas said in an interview with American Banker Tuesday that JPMorgan Chase had made a "strategic decision" to "no longer purchase loans originated by brokers." The company will instead focus on direct-to-consumer originations, especially though its branches. The retail branch origination channel "has been a very, very successful channel for us," she said. "Customers like to work directly with their mortgage officers, and we have found that default rates are significantly lower." JPMorgan Chase's purchase of Washington Mutual Inc. last year, which bulked up its branch network to more than 5,000, also contributed to the decision to focus on direct originations through retail mortgage and branch locations, Ms. Holevas said. This is the final step away from wholesale originations for JPMorgan Chase, which spent last year unwinding itself from that channel. It stopped offering subprime and home equity loans through third-party brokers in May, and stopped offering nonagency jumbo mortgages in August. And in September, JPMorgan Chase announced plans to close four of its eight wholesale mortgage operations centers by the end of the year. Up to 800 employees may be eliminated along with the channel, although Ms. Holevas said, "We don't think it's going to be that" drastic because of a spike in refinance applications. Because JPMorgan Chase's refinanced mortgages have nearly tripled, "we need underwriters" and others, she said. "We're redeploying talent." She said the shutdown would take time to "wind its way through" the company and did not immediately know when it would be fully effective. She would not discuss facilities, including the fate of the four remaining wholesale mortgage operations centers, which JPMorgan Chase said in September would be enlarged "to absorb processing from" the closed ones. (Read More)

Chase Shutters Wholesale

January 13, 2009

JPMorgan Chase & Co. is closing down its remaining wholesale channel and will no longer offer prime mortgages through brokers, the New York banking company said Tuesday. (Read More)

NAMB Slams JPM Over Wholesale Exit

January 13, 2009

Taking umbrage at both JPMorgan Chase's decision to exit the wholesale channel and blaming brokers for poor loan quality, the current president of the National Association of Mortgage Brokers declared that the bank "will have a new competitor" on its hands. (Read More)

MERS Expanding Electronic Registrations

January 13, 2009

The electronic registry for tracking ownership of mortgage loans and servicing rights has been expanded to allow the registration of loans where MERS is not the mortgagee of record. (Read More)

Fannie Mae Creates National REO Rental Policy

January 13, 2009

In Washington, Fannie Mae is establishing a new national real estate owned rental policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. (Read More)

HUD Nominee: Obama Wants to Revamp H4H

January 14, 2009

The incoming administration of Barack Obama wants to revamp the Hope for Homeowners program to make the Federal Housing Administration refinancing initiative more "effective," according to Shaun Donovan, Obama's nominee to be the new Housing and Urban Development secretary. (Read More)

BoA: We're Committed to Wholesale

January 14, 2009

Bank of America says that it will remain in the wholesale channel and even sees some potential growth in the broker lending niche. (Read More)

Weekly MBA Index Shows Apps Rising 15.8%

January 14, 2009

The Market Composite Index, an overall measure of mortgage applications, increased 15.8% on a seasonally adjusted basis to 1324.8 from 1143.8 during the week ended Jan. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)

CA Notices of Default Almost Double in Month

January 14, 2009

ForeclosureRadar has issued its California Foreclosure Report for December 2008 and year-end summary, noting that notices of default have rebounded from the stall caused by California State Senate Bill 1137, which it said temporarily slowed foreclosures by imposing new requirements on lenders. (Read More)

Fed: Buy Bad Mortgages To Restructure Them

January 14, 2009

The vice chairman of the Federal Reserve said Tuesday that the Treasury Department should consider buying troubled mortgages from financial institutions as both a way to prevent foreclosures and help banks clean up their balance sheets. (Read More)

Apartment Lender Rejects TARP Funds

January 14, 2009

Citing the success of its current business model as a multifamily lender, New York Community Bancorp Inc., Westbury, N.Y., has turned down $596.0 million in Troubled Asset Relief Program funds. (Read More)

PMI Sees Broader Risk of Further Home Price Drops

January 14, 2009

A quarterly index that attempts to quantify the risk that housing prices will deteriorate over the next two years finds that the likelihood of further home value declines has broadened. (Read More)

DB Reduces CRE Loans, Expects $6.3B Loss

January 14, 2009

Deutsche Bank reduced its exposure to problematic commercial real estate loans to less than half its previous size in the fourth quarter of 2008, but it still estimates it will take a 4.8 billion euro ($6.3 billion) after-tax loss for the period from other writedowns. (Read More)

Massachusetts Mortgage Officer Receives Sentence

January 14, 2009

After pleading guilty in Suffolk Superior Court to multiple charges in connection with her fraudulent activity in securing subprime mortgages for several unqualified homebuyers, Nicole Lyder of Dorchester, Mass., has been sentenced by Suffolk Superior Court Judge Christine McEvoy to serve two years in prison. (Read More)

BoNY Mellon Named Fannie's Doc Custodian

January 14, 2009

Bank of New York Mellon, New York, is the new document custodian for mortgage loans that Fannie Mae holds in its portfolio. Until now, Fannie Mae had acted as its own document custodian. (Read More)

30-Year Fixed-Rate Drops Below 5%

January 15, 2009

The 30-year fixed-rate mortgage averaged 4.96% with an average 0.7 point for the week ending January 15, 2009, representing a decline from 5.01% last week and its first time below 5%, according to Freddie Mac. (Read More)

JPM Morgan Exits Bulk Servicing Market Too

January 15, 2009

JPMorgan Chase & Co. - which in years past has been one of the largest acquirers of residential servicing rights - said it will no longer be a buyer of "bulk" servicing packages from its correspondents. (Read More)

Chase Fourth Quarter Results "Disappointing"

January 15, 2009

Continued writedowns on mortgage trading positions and leveraged loans totaling $2.9 billion pretax contributed "largely" to "disappointing" fourth quarter 2008 results at JPMorgan Chase, but the company also noted that there also were some positive mortgage-related developments during the period. (Read More)

MBA Backs Federal Oversight of Industry Nondepositories

January 15, 2009

The Mortgage Bankers Association is now supporting the creation of a national mortgage regulator, the group's chief executive John Courson said in a meeting with the SourceMedia Mortgage Group editorial staff. (Read More)

BoA, More TARP Money May Be Needed

January 15, 2009

The Treasury Department is considering pumping billions more into the capital base of Bank of America, which recently solidified its position as the largest servicer of subprime loans in the nation thanks to its purchase of Merrill Lynch. (Read More)

Housing Group Proposal Tries to Jumpstart Multifamily

January 15, 2009

To jump start multifamily projects that depend on low-income housing tax credits, the Mortgage Bankers Association and other housing groups are recommending a program that would provide 4.5% financing. (Read More)

House Plan Makes Homebuyer Tax Credit More Enticing

January 15, 2009

House tax writers are proposing to make a first-time homebuyer tax credit more attractive to buyers and provide tax refunds for builders and certain financial institutions that have incurred large losses in 2008, but were profitable in past years. (Read More)

Foreclosure Activity Increases 81% in 2008

January 15, 2009

The 2008 U.S. Foreclosure Market Report, according to RealtyTrac, shows a total of 3,157,806 foreclosure filings were reported on 2,330,483 U.S. properties during the year, an 81% increase from 2007 and a 225% increase from 2006. (Read More)

Beige Book: Most Areas' CRE Deteriorating

January 15, 2009

Commercial real estate markets "deteriorated' in most areas of the country, according to the Federal Reserve's Beige Book, which also registered an increase in residential refinancings during December. (Read More)

Lack of Liquidity Stalls Commercial Market

January 15, 2009

An expert in real estate finance said a lack of liquidity remains the major obstacle to a recovery in the commercial real estate markets at least until the end of this year. (Read More)

Some HUD Officials to Stay on to Assist with Transition?

January 15, 2009

The Obama transition team has reportedly asked several officials at the Department of Housing and Urban Development, including FHA commissioner Brian Montgomery, to remain at their posts after Jan. 16 while the new administration gets its people in place. (Read More)

Lenders Charging Fees On Rate Locks?

January 16, 2009

As the refinancing boom gathers steam selected residential funders are beginning to charge "rate lock" fees to both consumers and loan brokers, according to industry participants. (Read More)

GSE Regulator Mandates Use of Loan 'Identifiers'

January 16, 2009

Fannie Mae and Freddie Mac have been directed by their regulator to record -- beginning in 2010 -- identification numbers for loan officers, appraisers and others involved in originating mortgages they purchase in the secondary market. (Read More)

Higher GSE Loan Limits A Go in Stimulus Bill

January 16, 2009

The $825 billion economic stimulus package drafted by House Democratic leaders will restore the $729,750 GSE loan limit in high cost areas until year-end 2009. (Read More)

Federal Reserve Keeps Buying GSE MBS

January 16, 2009

The Federal Reserve purchased $23.4 billion of GSE mortgage-backed securities for the week ending January 14 -- nearly double the previous week's amount. (Read More)

Obama Administration to Receive TARP Balance of $350B

January 16, 2009

The Senate late Thursday voted down a resolution, sponsored by Sen. David Vitter, R-La., that would have denied the new Obama administration access to the remaining $350 billion in Troubled Asset Relief Program funds. (Read More)

Low Rates as Far as the Eye Can See?

January 16, 2009

Mortgage rates will remain below 5% for the first half of this year which will help stabilize home sales and keep a refinancing wave going, according to a consensus forecast by banking economists. (Read More)

Citi Still Losing Billions on Mortgages

January 16, 2009

Steep losses on asset-backed securities and additional loan loss provisions contributed heavily to Citigroup's $8.29 billion fourth quarter loss. (Read More)

Thanks to Countrywide, BoA Losses Climb

January 16, 2009

Credit quality -- including mortgages -- continued to deteriorate at Bank of America, contributing to its fourth quarter net loss of $1.79 billion. (Read More)

Europeans Cut Key Rate

January 16, 2009

The European Central Bank's governing council lowered its key rate by 50 basis points to 2%. (Read More)

U.K. Lays Out Plan to Stem Foreclosures

January 16, 2009

The United Kingdom on Friday rolled out its 200 million pound ($298 million, U.S.) plan to help low-income borrowers who are elderly, disabled or caring for children avoid foreclosure, according to the U.K. government. (Read More)

Florida Man Gets 46 Months for Mortgage Fraud

January 16, 2009

After pleading guilty to charges related to his participation in a $3.6 million mortgage fraud scheme, Orlando M. Gonzalez of Wellington, Fla., was sentenced to 46 months in prison. (Read More)

Zacks Names Wilmington 'Bear of the Day'

January 16, 2009

Zacks Equity Research, Chicago, has picked Wilmington Trust Corp. as its "Bear of the Day" for Jan. 16, 2009. (Read More)

NAHB Wants Lenders to Share MBS Risk

January 19, 2009

A National Association of Home Builder task force on housing finance has recommended that the politically powerful organization adopt a policy blueprint that calls for a sharing of the interest rate and credit risk by the private sector institutions which benefit from the government's secondary market support. (Read More)

Builders Meet, Hear Little to Cheer

January 19, 2009

Speakers at the National Association of Home Builders' annual convention are not very optimistic about the sagging housing market turning around any time soon. (Read More)

Merrill Settles Ohio B&C Case for $450 Million

January 19, 2009

Merrill Lynch & Co. -- now the property of Bank of America -- has agreed to pay $450 million to settle a subprime collateralized debt obligation lawsuit brought by lead plaintiff the Ohio State Teachers Retirement System. (Read More)

Average LTVs Could Top 109%

January 19, 2009

Home prices have fallen 18% since 2006 and could drop another 10% in 2009, which means the average mortgage could be "underwater" soon, according to a former Fannie Mae executive who served as the GSE's chief credit officer in the 1980s. (Read More)

Supreme Court to Decide AGs' Power over Banks

January 19, 2009

The Supreme Court has decided to review a decision by the Second Circuit Court of Appeals that essentially frees national banks from all state scrutiny and pits 50 state attorneys general against the Comptroller of the Currency. (Read More)

Another FHLB Hurt by Private Label MBS

January 19, 2009

The Federal Home Loan Bank of Pittsburgh expects to take additional writedowns on its $2.73 billion portfolio of private label mortgage-backed securities in the fourth quarter, a move that could make the GSE under capitalized and endanger its shareholders -- banks and thrifts primarily. (Read More)

Industry Stocks Slump Broadly

January 20, 2009

The nation's biggest lenders and servicers of home loans all saw their stock prices fall to new 52-week lows amid a broad market sell-off fueled by more worries about the health of the financial sector. (Read More)

Slump Has Broad Economic Impact, NAHB Claims

January 20, 2009

The home building slump has resulted in a loss of more than three million jobs, according to an analysis by economists at the National Association of Home Builders. (Read More)

New Home Market in Full Retreat

January 20, 2009

A January poll of builders across the land shows the market for new homes is continuing to deteriorate. (Read More)

Bill Would Revive Downpayment Assistance Option

January 20, 2009

Congressman Al Green has introduced H.R. 600, a bill that would reinstate the controversial seller-funded down payment assistance banned last October despite being credited with helping over one million families become homeowners. (Read More)

'Fix' Could Bring 1 Million Sales, 200,000 Starts

January 20, 2009

A pair of short-term, targeted incentives aimed at enticing would-be home buyers back into the market could result in as many as a million more sales this year, the new chief economist of the National Association of Home Builders said at the group's convention in Las Vegas. (Read More)

January 20, 2009

January 21, 2009

Builders have seen the light, according to the latest NAHB's Builders' Economic Council survey. (Read More)

The Mortgage Bankers Association is trying to get the Obama administration interested in a bifurcated refinancing program that the Treasury Department could implement using funds for the Troubled Asset Relief Program. (Read More)

January 30, 2009

It's official: Total housing production in California in 2008 slammed to the lowest level on record, according to the California Building Industry Association. (Read More)

Fannie Strikes Accord with NACA on Loan Mods

January 30, 2009

Fannie Mae has agreed to work with one of its fieriest critics -- the Neighborhood Assistance Corporation of America -- in restructuring mortgages for struggling homeowners. (Read More)

Minnesota Man Sentenced For Mortgage Fraud

January 30, 2009

Former loan broker John M. Rubischko of Eagan, Minnesota, was sentenced in federal court on counts of wire fraud and aggravated identity theft in connection with a mortgage fraud scheme resulting in losses of more than $1 million. (Read More)

Genworth Expands Wholesale Operations

January 30, 2009

Genworth Financial Home Equity Access Inc., Richmond, Va., a reverse mortgage lender once known as Liberty Reverse Mortgage Inc., is expanding its wholesale lending operations. (Read More)

February 3, 2009

Fed: Banks Tighten Commercial, Residential Underwriting

February 3, 2009

Banks have significantly tightened their underwriting standards on commercial real estate loans since the shutdown of the commercial mortgage-backed securities market last year, but the shutdown has not hurt loan volume, according to a Federal Reserve Board survey of senior loan officers. (Read More)

AllRegs to Offer Government Underwriter Certification

February 3, 2009

AllRegs, Eagan, Minn., has created a new certification program for residential mortgage underwriters of government loans. (Read More)

February 9, 2009

The benchmark 10-year Treasury yield had risen above 3% as of midday on Monday, Feb. 9. (Read More)

Bill Calls for TARP Money for Loan Mods

February 9, 2009

As the Senate moved closer to passing an $827 billion economic stimulus bill, lawmakers added language that directs the Treasury Department to use at least $50 billion of the Troubled Asset Relief Program funds for loan modifications. (Read More)

Obama Plan to be Released on Feb. 10

February 9, 2009

Treasury secretary Timothy Geithner is slated to present the Obama administration's plan to stabilize the financial section and address the foreclosure crisis on Feb. 10. (Read More)

Real Estate Left Out of TALF For Now

February 9, 2009

The Federal Reserve on Friday released details on how it will jump-start the asset-backed securities market but for now is excluding real estate-backed receivables from the program. (Read More)

Wachovia Exceeds $400 Billion in CRE Servicing

February 9, 2009

Wachovia Securities, which services $413 billion of commercial mortgages as either a master or primary servicer, tops the commercial real estate servicing list just released by the Mortgage Bankers Association. (Read More)

U.S. Mortgages Sink British Bank

February 9, 2009

Barclays PLC, London, took charges that included 1.76 billion pounds sterling ($2.63 billion) of impairments arising from U.S. subprime mortgages and other credit market exposures in 2008, a period in which it saw its pre-tax profit decline 14% year-to-year to about 6.07 billion pounds ($9.07 billion). (Read More)

Housing Starts Down in Canada

February 9, 2009

The seasonally adjusted annual rate of Canadian housing starts has fallen to 153,500 units in January from 172,200 in December, according to Canada Mortgage and Housing Corp., Ottawa. (Read More)

Motivity Adds Minton as Chief Strategy Officer

February 9, 2009

Gabe Minton, the former Mortgage Bankers Association vice president of industry technology and most recently chief operating officer at LOS vendor Mortgage Cadence, has joined Motivity Solutions Inc., a provider of optimization and risk mitigation software for the mortgage industry, as its chief strategy officer. (Read More)

REOMAC Creates Commercial Real Estate Committee

February 9, 2009

REOMAC, a trade association serving the mortgage default industry, has created a commercial real estate committee. (Read More)

Loan Modification Firm Hires New President

February 9, 2009

Echo Loans, Foothill Ranch, Calif., announced today that Paul Rodriguez has been promoted to president of the company. (Read More)

Man Pleads Guilty To Construction Escrow Fraud

February 9, 2009

Howard A. Sperling of San Diego pleaded guilty in federal district court to conspiracy to commit wire fraud for his part in a scheme to defraud a California construction firm of nearly $13 million. (Read More)

Lockhart Wants TARP to Prop Up MI Firms

February 10, 2009

The government sponsored enterprises' regulator wants the Obama administration to use some of the second installment of the Troubled Asset Relief Program funds to shore up the capital bases of the private mortgage insurance companies so that Fannie Mae and Freddie Mac can finance more homebuyers. (Read More)

Treasury Promises 'Comprehensive' Housing Program

February 10, 2009

Treasury Secretary Timothy Geithner Tuesday morning promised that a "comprehensive" government program to revive the housing market and help consumers avoid foreclosure is in the works but offered no details on what the effort might entail. (Read More)

Fitch: More than 60% of Mods Likely to Re-Default

February 10, 2009

Despite an increasing willingness among lenders to forgive a portion of the principal balance on loan modifications, Fitch Ratings predicts that 60% to 70% will still re-default within one year. (Read More)

Fannie Eases Investor Financing Rules

February 10, 2009

Fannie Mae is loosening a restriction to encourage lending to real estate investors, a group that has been widely blamed for contributing to the housing meltdown but is also seen by many as critical to a recovery. (Read More)

Genworth's Loss Widens

February 10, 2009

The U.S. Mortgage Insurance operations at Genworth Financial Inc., Richmond, Va., had a fourth quarter 2008 net operating loss of $114 million; one-year prior, it had an operating loss of just $3 million. (Read More)

MBA: Short-term Commercial Loans More Likely to Mature in 2009

February 10, 2009

There are $171 billion of commercial and multifamily mortgage loans held by non-bank lenders and investors that are set to mature this year, a survey from the Mortgage Bankers Association said. (Read More)

Freddie Has Record Year for Multifamily Purchases

February 10, 2009

Freddie Mac's multifamily whole loan and bond guarantee business set a record of $24 billion in mortgage settlements in 2008, according to the government-sponsored enterprise. (Read More)

ASF Proposes New Investor Reporting Standards

February 10, 2009

The American Securitization Forum has begun its next phase of a project aimed at restoring investor confidence in the moribund market for mortgage- and asset-backed securities that includes a proposal for monthly servicer reporting on deals through maturity. (Read More)

UBS Expands Retreat from Fixed-Income Exposure

February 10, 2009

UBS's ongoing government-assisted repositioning of problem assets - including mortgages - contributed to a net charge of 4.2 billion Swiss francs ($3.6 billion) in the fourth quarter, when the company as a whole took a net loss of 8.1 billion Swiss francs ($7 billion). (Read More)

Aimco Promotes Two Top Executives

February 10, 2009

Apartment Investment and Management Co., Denver has promoted Tim Beaudin to president and chief operating officer and David Robertson to president and chief investment officer. (Read More)

REO Executive Joins Outsourcing Solutions Unit

February 10, 2009

First American Information and Outsourcing Solutions segment, a member of The First American Corp, in Dallas, has hired Sandy Hildreth as vice president of REO Westlake Operations for the segment's Outsourcing and Technology Solutions business line. (Read More)

Former Wachovia Exec Joins Long & Foster

February 10, 2009

Tim Wilson is the new president of affiliated businesses for The Long & Foster Cos., Chantilly, Va. (Read More)

FHA Lender Appoints New CFO

February 10, 2009

Residential Finance Corp., Columbus, Ohio, a nationwide lender specializing in Federal Housing Administration-insured mortgage refinancing, has hired Darren S. Fleishman to fill the newly created position of chief financial officer. (Read More)

Auction Sells 62 Units - Simultaneously

February 10, 2009

Sixty-two of 79 newly renovated lofts in the historic Rowan building in downtown Los Angeles sold for a total $21.8 million on Feb. 8 in the largest-ever simultaneous electronic auction of residential properties. (Read More)

Florida Attorney Pleads Guilty to $82.8 Million Mortgage Fraud Scheme

February 10, 2009

John A. Yanchek of Sarasota, Florida, has pleaded guilty to three counts of a 47-count indictment charging him and three other individuals with conspiracy, making false statements in connection with bank loans, scheming to defraud several FDIC-insured banks and money laundering. (Read More)

Brooklyn Attorney Convicted in Mortgage Fraud Scheme

February 10, 2009

Alexander Kaplan of Brooklyn, New York, was found guilty in Manhattan federal court of participating in a multimillion-dollar mortgage fraud scheme. (Read More)

Stocks Dive after Treasury Unveils Plan

February 11, 2009

Investors punished banking sector stocks Tuesday, apparently spooked by a lack of details in the Treasury Department's plan to revive the financial system. (Read More)

Dems Seek Thursday House Vote on Stimulus Bill

February 11, 2009

Democratic leaders are rushing to pass the massive economic stimulus bill and they are urging the House and Senate conferees to agree on a final bill quickly so the House can vote on the bill this Thursday. (Read More)

Investors Eye Plan's Bad Assets

February 11, 2009

Private investors are interested in purchasing highly illiquid mortgage assets from banks and other financial institutions with the aid of long-term government financing, according to Treasury Department officials. (Read More)

Dramatic Reduction in Foreclosures

February 11, 2009

Foreclosures across the U.S. plummeted by more than 25% in January, with many of the hardest-hit states seeing dramatic drops in the number of homes repossessed by lenders, according to the latest U.S. Foreclosure Index released by the Sacramento-based ForeclosureS.com. (Read More)

OTS Urges Suspension of Owner-Occupied Foreclosures

February 11, 2009

The Office of Thrift Supervision is urging federally chartered thrifts to suspend all foreclosures of owner-occupied homes until the Treasury Department finalizes a comprehensive housing plan to prevent foreclosures. (Read More)

Fed Governor Suggests FHA Could Offer Problem Loan Aid

February 11, 2009

The government could purchase delinquent or underwater mortgages in bulk and restructure the loans using existing Federal Housing Administration programs, according to a Federal Reserve governor. (Read More)

MBA: Refi Decline Contributes to App Volume Drop

February 11, 2009

The Market Composite Index, an overall measure of mortgage applications, decreased 24.5% on a seasonally adjusted basis to 600.6 from 795.4, as there was a significant drop-off in refinancing applications during the week ended Jan. 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)

FHA Originations Continue to Soar

February 11, 2009

Federal Housing Administration single-family endorsements totaled $71.7 billion in the first quarter of fiscal year 2009, up 235% from the same period a year ago. (Read More)

Commercial, Apartment Lending Falls Sharply

February 11, 2009

Lenders scaled back new apartment and commercial real estate lending during the fourth quarter of last year, according to the Mortgage Bankers Association. (Read More)

Moody's Expects Flat Housing Market in 2010

February 11, 2009

Moody's/Economy.com is forecasting the housing market will hit bottom by the end of this year and house prices will remain flat in 2010. (Read More)

BlackRock Ups Stake in PHH

February 11, 2009

Subsidiaries controlled by BlackRock Financial have increased their stake in PHH Corp., Mt. Laurel, N.J. -- a top 10 ranked residential servicer -- to 9.67%, according to a new filing with the Securities and Exchange Commission. (Read More)

MBS Broker-Dealer Expands, Adds Execs

February 11, 2009

The Austin, Texas-based Amherst Securities Group L.P., a broker-dealer specializing in residential mortgage-backed securities, said it has hired executives to expand its reach in securitized products. (Read More)

RMS Touts Market Share Growth

February 11, 2009

Reverse Mortgage Solutions, Spring, Texas, said it has grown notably over the last 18 months since it was founded to the point where it has become the largest privately-held subservicer of reverse mortgages. (Read More)

Music Celebs Tour to Raise Foreclosure Awareness

February 11, 2009

Golden Globe and Grammy Award winner and Oscar nominee Queen Latifah joined multi-platinum recording artist and actor Wyclef Jean and New York and New Jersey radio personality and actress Angie Martinez to help raise awareness about foreclosure and homeownership issues through a bus tour sponsored by the Hope Now Alliance that started Tuesday in Newark, N.J. (Read More)

PMI Cuts Brokers Loose

February 12, 2009

In what could be another nail in the coffin of the loan brokerage industry, The PMI Group of San Francisco confirmed it will no longer insure any mortgages brought to them by third-party originators unless these firms have a warehouse line of credit. (Read More)

Stimulus Compromise Impacts Mortgage Perks

February 12, 2009

House and Senate conferences have cut the $15,000 homebuyer tax credit in half, according to sources, and limited the benefit to first-time homebuyers in hammering out the final version of the economic stimulus package. (Read More)

30-Year Fixed Rate Slides Slightly

February 12, 2009

The average rate for a 30-year fixed-rate mortgage slid to 5.16% during the week ending Feb. 12 from 5.25% the previous week and 5.72% a year ago, according to Freddie Mac. (Read More)

Ginnie Mae January Issuance Remains Heavy

February 12, 2009

Ginnie Mae guaranteed the issuance of $26.5 billion in single-family mortgage-backed securities in January, just as issuance has leveled off over the past few months after a major upswing last year. (Read More)

Foreclosure Activity Decreases 10%

February 12, 2009

The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January foreclosure numbers with REOs, which represent completed foreclosure sales, down 15% nationwide from December, according to RealtyTrac. (Read More)

FHA Temporarily Relaxes Multifamily Insurance Rule

February 12, 2009

To make it easier for owners of apartment properties to secure financing, the Federal Housing Administration has temporarily relaxed one of its rules for insuring multifamily mortgages. (Read More)

Net Branch Firm Having Warehouse Capacity Issues

February 12, 2009

Gateway Mortgage Group, Tulsa, Okla., a mortgage banking and net branch operator, is having warehouse capacity problems. (Read More)

NMLS Jurisdictions Increase to 33

February 12, 2009

Eleven more jurisdictions are expected to join the Nationwide Mortgage Licensing System by this summer, bringing the total to 33. (Read More)

Virgin Renews Commitment to Wholesale

February 12, 2009

While others continue to drop out of the wholesale mortgage lending business, the U.S. outsourcer that made an innovative move into that space when British mogul Sir Richard Branson's Virgin Group acquired it last year has been expanding and has renewed its commitment to it, saying it plans to continue to grow it with an "elite" group of brokers. (Read More)

Credit Suisse Takes $2.3B in Writedowns

February 12, 2009

Credit Suisse Group's saw 2.3 billion Swiss francs ($2 billion) in U.S. residential and commercial mortgage-related writedowns during the fourth quarter, a period when it took a net loss of 6 billion Swiss francs ($5 billion). (Read More)

S&P Upgrades Celink Reverse Servicing to Above Average

February 12, 2009

Standard & Poor's Corp. has upgraded its reverse mortgage servicing ranking for Celink - a company it said is the largest independent servicer of private label HECMs - based on improvements to its staff and operations. (Read More)

2008 U.K. Purchases Down by 49%

February 12, 2009

The number of annual purchase mortgages in the United Kingdom during 2008 declined by 49% from the preceding year to the lowest level seen since 1974, according to the Council of Mortgage Lenders, London. (Read More)

Chandra Jones Pleads Guilty in Fraud Scheme

February 12, 2009

Chandra Jones of Lanham, Maryland, pleaded guilty to charges related to a mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit. (Read More)

RE Agent Gets 12+ Years for Fraud

February 12, 2009

After admitting to leading a scheme to fraudulently obtain more than $12 million in home loans, David Kostelec of Leawood, Kansas, has been sentenced to 154 months in federal prison and ordered to pay more than $1.3 million in restitution. (Read More)

Rockford LO Sentenced For Mortgage Fraud

February 12, 2009

After being convicted in November 2008 for charges related to organizing a mortgage fraud scheme, Mitchel A. Fuchs, a.k.a. "Mike Fox," of Rockford, Illinois, was sentenced by U.S. District Judge Frederick J. Kapala to 144 months in prison. (Read More)

Oregon Man Pleads Guilty to $3.7M Fraud Scheme

February 12, 2009

Lee Howlett of Portland, Oregon, pleaded guilty before U.S. District Court Judge Robert E. Jones to charges related to his participation in a mortgage fraud scheme. (Read More)

NetMore Gets New VP of Operations

February 12, 2009

NetMore America Inc., a retail and wholesale mortgage banker based in Walla Walla, Wash., has hired Michele Sophia Newsham as its executive vice president, operations. (Read More)

Banco Santander Named "Bear of the Day"

February 12, 2009

Zacks.com named Banco Santander Central Hispano, S.A., Madrid, its Bear of the Day for Feb. 11 based on the Spanish company's exposure to nonperforming loans and recent below-estimate full year results, saying this concern outweighs the fact that those results were up on a year-to-year basis and that the company believes it has been more effective in mitigating these concerns than its peers. (Read More)

Stimulus Bill: Home Buyer Tax Credit at $8,000

February 13, 2009

House and Senate conferees raised the first-time homebuyer tax credit to $8,000 (a $500 increase) during last-minute negotiations on the pending economic stimulus bill. (Read More)

MGIC Will Insure Broker Loans But Cuts Cash-out Refis, More

February 13, 2009

MGIC Investment Corp., the nation's largest mortgage insurer, said it will still cover broker-sourced loans but come March 9 will eliminate other products from its menu, including cash-out refinancings. (Read More)

BK Bill Could Force Losses on 'Good' MBS

February 13, 2009

Obscure clauses in securitization documents could spell big losses for depositories if Congress passes mortgage bankruptcy legislation, according to a report in American Banker. (Read More)

First Tennessee Sells $14B in Mortgage Servicing Rights

February 13, 2009

First Tennessee Bank said it has sold $14 billion in Fannie Mae/Freddie Mac residential servicing rights to an undisclosed third-party. (Read More)

No. 3 Servicer Chase Declares Foreclosure Moratorium

February 13, 2009

Chase Home Mortgage, the nation's third largest residential servicer, today declared a three-week moratorium on home foreclosures. (Read More)

Regulators Want More Info on Loan Mods

February 13, 2009

National banks and federally chartered thrifts will have to provide more information about loan modifications to their regulators and indicate whether they reduced the borrower's monthly payment, left it the same or actually increased the burden. (Read More)

Thrift Regulator Reich Leaving OTS

February 13, 2009

Office of Thrift Supervision director John Reich said he is leaving his post as the chief supervisor of 800 federally chartered thrift institutions at the end of this month. (Read More)

IndyMac, Financial Freedom Are Off Fitch's Watch List

February 13, 2009

Fitch Ratings has removed IndyMac and reverse mortgage lender Financial Freedom from its "rating watch evolving" list and upgraded its servicer ratings on IndyMac. (Read More)

Maryland Man Pleads Guilty in 'Straw Buyer' Case

February 13, 2009

An Oxon Hill, Maryland, man pleaded guilty to mail fraud in connection with the fraudulent purchase of 25 properties in Maryland, the District of Columbia and Virginia. (Read More)

Top Five Servicers See Market Share Soar

February 17, 2009

The nation's top five residential servicing firms, as a group, now control almost 67% of all housing debt in the U.S., another sign that consolidation in the struggling industry is rampant, according to exclusive survey figures collected by National Mortgage News. (Read More)

Trade Groups Push for RESPA 'Coordination'

February 17, 2009

Once again industry trade groups are trying to get HUD to backpedal on a Real Estate Settlement Procedures Act rule, claiming the department should work with the Federal Reserve Board on making mortgage disclosures complementary with the Fed's so consumers will not get confused. (Read More)

New Home Sales Continue Slide in California

February 17, 2009

The pace of new home sales continued to slow in California - the nation's largest housing market - in December, according to new figures released by the California Building Industry Association. (Read More)

GSEs Join Foreclosure Moratorium

February 17, 2009

Fannie Mae and Freddie Mac have joined several major banks in declaring a foreclosure moratorium, a move designed to give the Obama administration a few weeks to roll out its homeowner retention plan. (Read More)

Tax Credit Could Generate 300,000 in New Home Sales

February 17, 2009

The National Association of Realtors estimates the $8,000 first-time homebuyer tax credit in the economic stimulus bill could generate 300,000 additional home sales this year. (Read More)

PHH Says Borrowing OK, Despite S&P Downgrade

February 17, 2009

PHH Corp., which owns the nation's ninth largest residential servicer, said its ability to borrow money under existing lines of credit will not be impacted by a ratings downgrade on its debt taken by Standard & Poor's. (Read More)

Freddie Maintains Business with MIs, Despite Downgrades

February 17, 2009

Freddie Mac said there will be no change to its business relationship with three mortgage insurance firms recently downgraded by Moody's Investor Service. (Read More)

Fitch Commercial RE Delinquency Index Rises

February 17, 2009

The Fitch Commercial Real Estate CDO Delinquency Index increased by 111 basis points in January as 20 newly delinquent loans pushed the index to 3.83% for January 2009, compared to 2.72% in December 2008. (Read More)

Commercial RE REIT Posts Loss

February 17, 2009

Colonial Properties Trust, a commercial REIT, reported a net loss of $107.2 million for the fourth quarter, compared to income of $3.2 million, for the same period in 2007. (Read More)

Analysts: Don't Expect Much Help on Commercial

February 17, 2009

Commercial loan losses are mounting on balance sheets around the nation, but analysts said banks should not expect any dedicated government help on that front, according to a report in American Banker. (Read More)

Leader of Multi-State Fraud Scheme Gets 44 Months

February 17, 2009

The leader of a multi-state fraud scheme that cost lenders at least $2.5 million was sentenced to 45 months in prison. (Read More)

Barclays Shuts Subprime Unit EquiFirst

February 17, 2009

Barclays on Tuesday shuttered EquiFirst Corp. of Charlotte, its subprime lending arm. (Read More)

Servicers Could Make $2,000 a Loan Per Year Under Obama Plan

February 18, 2009

Residential servicing firms could reap rewards of up to $2,000 per year (per loan) under the White House's new initiative to help struggling homeowners. (Read More)

President Backs Some Judicial Mods of Conforming Loans

February 18, 2009

President Barack Obama is endorsing changes to the bankruptcy code that will allow judges to modify mortgages that were made in the "past few years" and don't exceed the $417,000 conforming loan limit, according to the president's foreclosure prevention plan. (Read More)

Obama Administration Creates FanFred Refi Program

February 18, 2009

The Obama administration is creating a Fannie Mae and Freddie Mac refinancing program to give 4 million to 5 million homeowners a chance of obtaining lower interest rate loans even though the value of their homes has eroded and they are having difficulty refinancing under existing standards. (Read More)

Treasury Doubles Funding Commitment to Fannie/Freddie

February 18, 2009

The Treasury Department has doubled its funding commitment to keep Fannie Mae and Freddie Mac afloat in an effort to reassure market participants that the government will continue to "stand firmly behind" the two federally chartered mortgage giants. (Read More)

MBA Likes Obama Plan but Thinks More Money May Be Needed

February 18, 2009

The Mortgage Bankers Association generally likes President Barack Obama's foreclosure plan but questions if $75 billion over three years will be enough to solve the problem. (Read More)

Vendor: Servicers Using Income Validation in Mods

February 18, 2009

Loan servicers are incorporating more borrower verifications, such as those validating income and employment, into the evaluation process when considering borrowers for loan modifications according to Rapid Reporting. (Read More)

Specialty Servicer's Tech Emphasizes Speed's Importance in Mods

February 18, 2009

Wingspan Portfolio Advisors, a Carrollton, Texas, firm specializing in saving seriously delinquent loans from foreclosure, has selected SigniaDocs' e-vaulting and e-signing capabilities to provide faster service for its loan modification efforts. (Read More)

LenStar Update Increases Automation's Flexibility

February 18, 2009

Bensalem, Pa.-based ISGN Corp. said it has increased the flexibility of its LenStar technology, a Web-based attorney and referral communication system for the default management market. (Read More)

Barclays Shuts Subprime Unit EquiFirst

February 18, 2009

Barclays on Tuesday shuttered EquiFirst Corp. of Charlotte, its subprime lending arm. (Read More)

Single-Family Starts Drop 12.2% to Another Low

February 18, 2009

Single-family housing starts fell 12.2% in January from December to another all-time low as demand for new homes and construction activity appears to be falling off a cliff. (Read More)

MBA: Apps Rise 45.7% in Week

February 18, 2009

The Market Composite Index, an overall measure of mortgage applications, increased 45.7% on a seasonally adjusted basis to 875.3 from 600.6 for the week ended Feb. 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)

Trust Title Appoints Seale as Vice Chair

February 18, 2009

Trust Title Co., Maitland, Fla., has appointed Chaz Seale as vice chairman, formalizing the role he has held with the firm for the past several months. (Read More)

St. Louis Developer Pleads Guilty to Fraud Charges

February 18, 2009

Joseph A. Baumeister of St. Louis pleaded guilty to one felony count of bank fraud in a mortgage scheme involving 16 area properties. (Read More)

LTV Limit Paves Way for Securitization of Obama Refis

February 19, 2009

Obama administration officials have decided to limit refinancings of "underwater" Fannie Mae and Freddie Mac mortgages to a loan-to-value ratio of 105% so the new mortgages can be securitized, according to Federal Housing Finance Agency director James Lockhart. (Read More)

Sources: CU National Mortgage Closes

February 19, 2009

CU National Mortgage, a private label funder that served the nation's smaller credit unions, closed its doors recently, according to industry sources. (Read More)

Right to Rescind/TILA Moves to Block Foreclosures Increase

February 19, 2009

Servicers are seeing increased cases where borrowers are trying to stall or stop foreclosures by filing "right to rescind" notices as violations of the Truth in Lending Act, according to speakers at the MBA's National Mortgage Servicing Conference in Tampa. (Read More)

Municipalities Get Aggressive on REO

February 19, 2009

Local municipalities across the country are increasing penalties and fining lenders as much as $100 a day for code violations such as each broken window on an REO home, according to speakers on the vacant property registration panel at the Mortgage Bankers Association's National Mortgage Servicing Conference in Tampa. (Read More)

Agent Rip-offs Contribute to Stewart Loss

February 19, 2009

For the second consecutive year, Stewart Information Services Corp., Houston, has posted a full year loss, but a fair amount of the loss is due to agent fraud. (Read More)

MBIA Splits Structured Finance/Mortgage Exposures from Munis

February 19, 2009

Bond insurer MBIA has split its non-municipal exposures - including its problematic mortgage-related exposures in the structured finance sector - into a separately capitalized company. (Read More)

Freddie Prices New $10 Billion Three-Year Ref Note

February 19, 2009

Freddie Mac has priced a new 2.125% $10 billion three-year Reference Note that a spokeswoman said was the largest syndicated deal of its type Freddie has ever done. (Read More)

CRE Issues Force Chicago Bank to Sign Regulatory Agreement

February 19, 2009

Corus Bankshares Inc. and its subsidiary Corus Bank NA, both of Chicago, have entered into a written agreement with the Federal Reserve Bank of Chicago and a consent order with the Office of the Comptroller of the Currency. (Read More)

Company Seeks MF Properties

February 19, 2009

Spectrum Properties Multifamily Acquisitions, Inc., a newly-formed subsidiary of Charlotte-based Spectrum Properties, wants to purchase multifamily assets in markets located in the Southeast, Mid-Atlantic and Midwest regions of the U.S. (Read More)

Arbor Realty Trust Takes $103.2 Million Net Loss

February 19, 2009

Arbor Realty Trust Inc. posted a net loss of $108.2 million for the fourth quarter of 2008, compared to net income of $15.3 million for the year-earlier period. (Read More)

Convicted Ohio Mortgage Broker Gets Jail Time

February 19, 2009

After admitting various frauds involving his own personal real estate transactions, James Mahoney of Mason, Ohio, was sentenced in United States District Court to 51 months imprisonment. (Read More)

MD RE Agent Pleads Guilty To Defrauding Lenders

February 19, 2009

Oladipo Olafunmiloye, a real estate agent from Gambrills, Md., has pled guilty to charges related to a scheme to defraud mortgage lenders. (Read More)

Average 30-Year FRM Rate Slips Back Near 5.00%

February 19, 2009

The average rate for a 30-year fixed-rate mortgage fell to 5.04% during the week ended Feb. 19 from 5.16% the previous week and from 6.04% a year ago, according to Freddie Mac. (Read More)

Mission Hires New Managing Director

February 19, 2009

Mission Capital Advisors, LLC, a commercial, residential and consumer loan sale advisor with offices in New York, Florida and Texas, has hired Jason Cohen as a managing director in the firm's New York office. (Read More)

FHFA: BK Should be Last Resort for Homeowner

February 20, 2009

A troubled homeowner should be given every chance to modify his mortgage before filing for bankruptcy, according to the nation's GSE regulator who is concerned that changes in the bankruptcy code could actually hurt families and their bankers. (Read More)

Loan Modifications a Boon for FHA Lenders

February 20, 2009

The Obama administration's plan to modify 3 million nonprime loans will be a boon for Federal Housing Administration lenders, according to the chief executive of Lenders One, an alliance of 135 mortgage bankers. (Read More)

Industry Veteran Naqvi Back at PNC Mortgage

February 20, 2009

Sy Naqvi, who ran PNC Mortgage for 11 years until it was sold to Washington Mutual earlier this decade, has returned to the bank-owned lender. (Read More)

Three of Four Top Servicers Hit 52-Week Lows

February 20, 2009

Three of the nation's top four residential servicing companies -- which together control almost half of all U.S. home loans -- saw their share prices fall to new 52-week lows on Friday. (Read More)

Pick Up in New Home Traffic?

February 20, 2009

New home sales, traffic and expectations picked up a tick in January, especially in Texas, according to John Burns, an Irvine, Calif.-based real estate consultant. (Read More)

Sales Slide in Houston Area

February 20, 2009

January sales of single-family homes in the Houston area dropped 22.7% from a year earlier, according to data compiled by the local Realtors' association. (Read More)

Gross Monthly U.K. Lending Drops to 2001 Low

February 20, 2009

Gross mortgage lending in the United Kingdom fell to a monthly low not seen since April 2001 during January and there is little hope for an immediate end to the downturn in this area, according to the Council of Mortgage Lenders, London. (Read More)

Canadian Housing Starts Seen Rebounding in 2010

February 20, 2009

The downward trend in Canada's housing starts is expected to persist through 2009, ending with a slight rebound in 2010, according to a first quarter outlook by the Canada Mortgage and Housing Corp., Ottawa. (Read More)

LPS Tackles Loan Mod Volume Issue

February 20, 2009

In response to the need for mass loan modifications, Lender Processing Services has created RediMod, an application designed to streamline the loan modification process. (Read More)

Fiserv Servicing Platform to Manage More Loan Types

February 20, 2009

Fiserv Inc. said it has enhanced its loan servicing platform product so that it can now manage indirect and other third-party loans. (Read More)

A.M. Best Downgrades Genworth Financial

February 20, 2009

Genworth Financial Inc., Richmond, Va., has been downgraded by A.M. Best Inc., Oldwick, N.J., which cited concern over exposure to mortgages on the company's balance sheet -- both at its life insurance side (as an originator and investor in commercial mortgages and securities, as well as residential mortgage-backed securities) and on the mortgage insurance side. (Read More)

Wingspan Takes Foreclosure Recovery Direct to the Borrower

February 20, 2009

Wingspan Portfolio Advisors, which specializes in highly delinquent loans, has launched a new consumer division focused on helping borrowers whose loans are in default. (Read More)

MIs Ok with GSE High LTV Refis

February 20, 2009

The mortgage insurance industry -- after receiving certain assurances from the nation's GSE regulator -- has signaled its support for a new Fannie Mae and Freddie Mac program to refinance certain high LTV loans without using MI coverage. (Read More)

U.S. Mortgage of N.J. Goes Bust

February 20, 2009

U.S. Mortgage Corp. of Pinebrook, N.J., whose credit union lending affiliate went bust last week, has closed its doors according to industry sources and a posting on its website. (Read More)

NAMB Sues FHFA Over New Appraisal Rule

February 23, 2009

The National Association of Mortgage Brokers has filed suit against the Federal Housing Finance Agency to block implementation of a new GSE appraisal rule, claiming it could put brokers out of business and allow appraisal management firms to profit at the expense of independent appraisers and consumers. (Read More)

White House Stands Behind New RESPA Rule

February 23, 2009

The Obama administration is still standing behind a Real Estate Settlement Procedures Act rule and urged a U.S. district court to dismiss a legal challenge to the rule with "prejudice." (Read More)

MIs Ok with GSE High LTV Refis

February 23, 2009

The mortgage insurance industry - after receiving certain assurances from the nation's GSE regulator - has signaled its support for a new Fannie Mae and Freddie Mac program to refinance certain high LTV loans without using MI coverage. (Read More)

REIT Merges with External Manager

February 23, 2009

Alesco Financial Inc., a Philadelphia-based specialty finance real estate investment trust, is merging with its external manager Cohen & Co., a privately held investment firm specializing in credit related fixed income investments. (Read More)

U.S. Mortgage of NJ Goes Bust

February 23, 2009

U.S. Mortgage Corp. of Pinebrook, N.J., whose credit union lending affiliate went bust last week, has closed its doors according to industry sources and a posting on its website. (Read More)

NetMore America Impacted By Credit Crunch

February 23, 2009

NetMore America Inc., Walla Walla, Wash., is the latest mortgage lender to be affected by the lack of funds available to originate loans, although the company is still bullish on its growth prospects for 2009. (Read More)

U.K. Lender to Increase Mortgage Funding

February 23, 2009

Government-supported United Kingdom lender Northern Rock has made plans to increase mortgage funding by up to 14 billion pounds ($20 billion), possibly within the next two years. (Read More)

Four Indicted in $10M NY Subprime Scheme

February 23, 2009

Four New Yorkers have been indicted for allegedly orchestrating a fraud scheme involving more than $10 million in subprime mortgage loans. (Read More)

Florida Man Found Guilty of Downpayment Scheme

February 23, 2009

Larry P. Nardelli of Tampa, Florida, was found guilty of six of the eight counts in which he was named as a defendant in a 47-count indictment. (Read More)

Property Flipper Sentenced to 27 Months

February 23, 2009

After pleading guilty in December 2008 to participating in the fraudulent sale of residential property located in Coral Gables and Miami, Florida, Samuel Morejon was sentenced to 27 months in federal prison, followed by three years of supervised release. (Read More)

FBRG Changes Name to Arlington Asset Investment

February 23, 2009

Friedman, Billings, Ramsey Group Inc., a real estate investment trust headquartered in Arlington, Va., is changing its name to Arlington Asset Investment Corp. (Read More)

BoA Combines CFC's Wholesale and Correspondent Divisions

February 23, 2009

Bank of America has decided to combine the wholesale and correspondent lending divisions of Countrywide Home Loans into one unit, placing executive Doug Jones in charge of both. (Read More)

House Will Raise FHA Commitment Authority

February 24, 2009

Expecting another big year for the FHA single-family insurance program, House appropriators are increasing the agency's commitment level to $315 billion, a 70% improvement from last year. (Read More)

Amendment Allows for Lender Reimbursements on FHA Cramdowns

February 24, 2009

FHA lenders would be reimbursed for losses on any cramdowns under a housing bill pending in Congress. (Read More)

Broker Market Share Continues to Fall

February 24, 2009

Table funding using mortgage brokers accounted for just 16.6% of all new residential loans originated in the fourth quarter, the lowest on record since National Mortgage News began tracking originations 15 years ago. (Read More)

BoA Combines CFC's Wholesale & Correspondent Units

February 24, 2009

Bank of America has decided to combine the wholesale and correspondent lending divisions of Countrywide Home Loans into one unit, placing executive Doug Jones in charge of both. (Read More)

Home Prices Fell 18.2% in 4Q

February 24, 2009

Home prices fell 18.2% in the fourth quarter, retreating to their 2003 levels, according to the newly released Standard & Poor's/Case-Shiller housing price index. (Read More)

GSE Refis May Exceed an LTV of 105%

February 24, 2009

The loan-to-value limit on mortgages that Fannie Mae and Freddie Mac can refinance under the President's foreclosure rescue plan could go higher than 105%, according to an industry veteran who has been advising the Obama Administration on the issue. (Read More)

Radian Posts 4Q Loss, MI Volumes Down

February 24, 2009

After earning a profit in the third quarter, Radian Guaranty Inc., Philadelphia, lost $250.4 million in the fourth quarter, an improvement over last year's 4Q loss of $721 million. (Read More)

CUNA Split on Congress Cramdown Proposals

February 24, 2009

Credit Union National Association officials are saying they support a possible Senate compromise on bankruptcy cramdown legislation, but they continue to oppose a bankruptcy bill that the House of Representatives is slated to vote on this Thursday (Feb. 26). (Read More)

Stocks Rebound After Record Lows

February 24, 2009

Several mortgage-related stocks experienced gains Tuesday, a day after the Dow Jones Industrial Average and S&P 500 Index hit their lowest levels since 1997. (Read More)

St. Louis Man Pleads Guilty to Loan Misreps

February 24, 2009

A St. Louis man pleaded guilty in U.S. District Court for the Southern District of Illinois to making a false statement to a financial institution in connection with a mortgage fraud scheme. (Read More)

JER REIT May Face Delisting

February 24, 2009

JER Investors Trust Inc., a real estate investment trust headquartered in McLean, Va., has received written notice from the New York Stock Exchange that it is not in compliance with continued listing standards. (Read More)

MCS Makes New Hires

February 24, 2009

Mortgage Contracting Services, a provider of property preservation and inspection services based in Tampa, Fla., has named Michele Struckman as assistant vice president of Tampa operations and Tracy Hager vice president of the company's Dallas operations (Read More)

Some GOP Members Open to Cramdowns

February 24, 2009

Key Republican congressmen say they are willing to work with the Obama administration on bankruptcy cramdown legislation that exempts Fannie Mae, Freddie Mae, the Federal Housing Administration and government-related loan programs. (Read More)

Lend America Adopts 100% Paperless Processes

February 24, 2009

Direct-to-consumer FHA lender Lend America, Melville, N.Y., has built and implemented an automated paperless platform for loan originations and processing. (Read More)

JPMorgan Chase Closing Warehouse Unit

February 24, 2009

JPMorgan Chase has decided to close its warehouse lending division and is giving its eight current customers a few months to secure new lines. (Read More)

JPMorgan Chase Closing Warehouse Unit

February 25, 2009

JPMorgan Chase has decided to close its warehouse lending division and is giving its non-bank customers just a few months to secure new lines. (Read More)

Builder, Realtors Sidelined on Cramdown Issue

February 25, 2009

In their fight to stop bankruptcy cramdowns, financial services groups can no longer count on the support of the Realtors and homebuilders as the House prepares to vote on a housing bill that would allow bankruptcy judges to reduce or cram down the principal amount of residential mortgages. (Read More)

Some GOP Members Open to Cramdowns

Freddie Mac's Conventional Mortgage Home Price Index's purchase-only series, which excludes refinancing data, registered the largest annual decrease in its 39-year history during 2008. (Read More)

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March

Freddie's Conservatorship CEO Moffett Stepping Down

March 2, 2009

Freddie Mac said chief executive David Moffett — who took the helm of the GSE when it was placed into conservatorship in early September — has resigned from the company effective March 13. (Read More)

Mortgage Stocks Nosedive

March 2, 2009

Mortgage stocks took a nosedive as the Dow Jones Industrial Average plummeted 242 points in Monday morning trading. (Read More)

HSBC Ceasing HFC/Beneficial Loan Originations

March 2, 2009

HSBC said it plans to cease all new real estate secured originations through the HFC and Beneficial brands only, but will continue its prime bank and HSBC Mortgage Corp. business. (Read More)

March 4, 2009

The members of the Mortgage Insurance Cos. of America started off 2009 the way 2008 ended, at the low end of the spectrum in terms of new business written and in the cure/default ratio. (Read More)

MBIA: Second Lien Losses May Be Recovered

March 4, 2009

MBIA Inc., Armonk, New York, said it paid a total of $1.4 billion in claims associated with its second lien residential mortgage exposures in 2008 but noted it could see some reimbursement for these claims if pending legal challenges against two unnamed seller-servicers go its way. (Read More)

March 5, 2009

The national mortgage delinquency rate — which includes both prime and subprime mortgages — climbed to a record 7.88% in the fourth quarter with subprime late payments reaching a staggering 21.88%, according to new figures released Thursday morning by the Mortgage Bankers Association. (Read More)

March 5, 2009

March 10, 2009

Zacks Says Freddie Loss Will be $39.50 a Share for 2008

March 10, 2009

Zacks Equity Research predicts that when Freddie Mac releases full-year results shortly the GSE will have lost $39.50 a share. (Read More)

Bank of America Top Reverse Lender in 4Q

March 10, 2009

Bank of America funded $1.47 billion in reverse mortgages in the fourth quarter, ranking first nationwide, according to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report. (Read More)

State Data Shows Progress in Preventing Foreclosures

March 10, 2009

The California Department of Corporations says residential servicers modified 136,785 mortgages last year, which means the state met its goal of preventing 100,000 foreclosures in 2008. (Read More)

March 12, 2009

Nation's Largest MI Defers Interest Payments, Stock Tanks

March 12, 2009

MGIC Investment Corp., the nation's largest mortgage insurer, said it would defer by 10 years an interest payment on $390 million worth of subordinated debentures, igniting a steep selloff in its stock during the morning of March 12. (Read More)

Guaranty Telling Customers: No More Warehouse Credit

March 12, 2009

Guaranty Bank, Dallas, one of the nation's largest warehouse lenders to non-banks, is reportedly telling customers that it will not renew their lines at the termination date, National Mortgage News has learned. (Read More)

March 12, 2009

Kara McIntosh of Bethesda, Maryland, pleaded guilty to mail fraud related to the fraudulent purchase of properties in Maryland and Washington, D.C. using false mortgage documents. (Read More)

March 16, 2009

The payment option ARM market — once a $300 billion a year business — appears to be nearly dead. (Read More)

Bankruptcy Bill Goes to Senate Banking Panel

March 16, 2009

Private-Label MBS Lead to 12 FHLBs' Combined $672MM Loss

March 16, 2009

The fourth-quarter 2008 results for all 12 Federal Home Loan Banks are now in and they show a combined net loss of $672 million, compared to $846 million in earnings a year ago, mainly due to impairment charges on private-label mortgage-backed securities. (Read More)

PMI Group Takes $178.9MM Net Loss in Quarter

March 16, 2009

The PMI Group, Walnut Creek, Calif., took a net loss for the fourth quarter of $178.9 million ($2.19 per share), which included a loss from continuing operations of $181.0 million ($2.22 per share). (Read More)

March 18, 2009

March 24, 2009

Market reaction to the government's public-private programs for troubled MBS and commercial loans has put upward pressure on the benchmark 10-year Treasury yield as of midday Tuesday, partially reversing the steep drop it saw less than a week ago. (Read More)

March 30, 2009

Acknowledging that non-depository mortgage bankers are facing a warehouse funding crisis, the Federal Housing Finance Agency said it has met with industry leaders and is seeking proposals on how Fannie Mae and Freddie Mac can play a role in solving the problem. (Read More)

House Committee Postpones Reform Bill Markup

Interstate Hotels & Resorts, Arlington, Va., has received a waiver from the lenders of its senior credit facility through June 30. (Read More)

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April

Warehouser Colonial Gets $300M Infusion from TBW, Others

April 1, 2009

Colonial BancGroup, the nation's largest warehouse provider, has received a $300 million capital commitment from mortgage banker Taylor, Bean & Whitaker and other investors, an infusion that will aid in the bank's near-term survival. (Read More)

April 3, 2009

Gramercy Settles Loan Obligations

April 3, 2009

Utah Executive Indicted in Mortgage Scam

April 3, 2009

Tyler Cassity, the chief executive of Utah Financial Inc., and his wife, Olivia Cassity, have been charged with 18 felony counts for allegedly running a mortgage fraud scheme. (Read More)

Feds and States Team Up for Crackdown on Rescue Scams

April 6, 2009

Federal and state authorities announced a new joint effort to stop scam artists who target troubled owners struggling to hold onto their homes. (Read More)

Treasury: Still Want Banks to Sell Bad Assets

April 6, 2009

The Treasury Department will continue to encourage banks to sell problem loans and securities to government-sponsored investment funds despite recent changes to the mark-to-market accounting rules, according to secretary Timothy Geithner. (Read More)

Freddie Mac: REO Inventory Affected by Moratoriums

April 6, 2009

The size of Freddie Mac's real estate-owned inventory is being driven by various foreclosure moratoriums which have led to a 32% vacancy rate, said Ingrid Beckles, senior vice president of default asset management. (Read More)

Huge Consumer Debt Loads Obstacle to Loan Mods

April 6, 2009

Consumers that are trying to modify their mortgages are carrying, on average, about $19,000 in additional unsecured debt, and this poses a major obstacle to rewriting such loans, according to the Consumer Credit Counseling Service. (Read More)

Regulators: Redefault Rate Unacceptably High

April 6, 2009

Federal bank and thrift regulators are warning servicers the redefault rate on loan modifications where the homeowner's monthly payment is unchanged or increased is "unacceptably high." (Read More)

Benchmark Yield Returns to Mid-March Level

April 6, 2009

The benchmark 10-year Treasury yield was near 2.9% as of midday morning on April 6, a higher level it has not been at since mid-March. (Read More)

Southeast Broker Show Started

April 6, 2009

A new Southeast Mortgage Conference will take place on Oct. 7 to 9 in Destin, Fla. (Read More)

Sales Up 40% in Vegas, Most Are Distressed

April 6, 2009

Sales were up 40% in the Las Vegas and Henderson housing markets in March, according to the latest Las Vegas Real Estate Market Report, but 86% of the 2,842 units that were sold were distressed sales. (Read More)

Fannie Refinancings up 88% in March

April 6, 2009

Fannie Mae said its refinancing volume totaled $77 billion in March, up from $41 billion in the previous month, as borrowers took advantage of lower mortgage rates and a new flexible refinancing program. (Read More)

Outsourcer Provides Modification Assistance

April 6, 2009

LenderLive Network Inc., a Denver-based company that provides business process outsourcing and technology, said it has launched the first large-scale Home Affordable Modification Program campaign with one of the nation's top four servicers. (Read More)

Eighth Defendant in MMS Scheme Pleads Guilty

April 6, 2009

There now have been eight convictions in a Maryland case involving a fraud that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit. (Read More)

Treasury Extends PPIP Application Deadline

April 6, 2009

Fund managers seeking to run and raise capital for the Public-Private Investment Program will have an extra two weeks to file their applications with the Treasury Department. (Read More)

Flagstar Reconfigures Wholesale Sales Operations

April 6, 2009

Flagstar Bank, Troy, Mich., will reconfigure its wholesale mortgage sales operations, going from 12 sales regions down to eight. (Read More)

Flagstar Reconfigures Wholesale Sales Operations

April 7, 2009

Flagstar Bank of Troy, Mich., will reconfigure its wholesale mortgage sales operations, going from 12 sales regions down to eight. (Read More)

Fed Governor: Some GSE Investor Concerns Persist

April 7, 2009

The government's ongoing purchases of Fannie Mae and Freddie Mac debt and mortgage securities have "not completely" overcome investor concerns about the financial condition and future of the mortgage giants, according to a Federal Reserve governor. (Read More)

Troubled Maryland Bank Finds Buyer

April 7, 2009

The owner of a company that provides mortgage financing to the health care industry is purchasing a troubled state-chartered commercial bank in Maryland. (Read More)

Cement Makers Not Looking for Quick Recovery

April 7, 2009

A housing recovery isn't likely to begin until the middle of next year at the earliest, according to the chief economist for the trade group representing U.S. and Canadian cement makers. (Read More)

Treasury Extends PPIP Application Deadline

April 7, 2009

Fund managers seeking to run and raise capital for the Public-Private Investment Program will have an extra two weeks to file their applications with the Treasury Department. (Read More)

Foreclosure Legislation May Have Unintended Consequences

April 7, 2009

Tension is evident in the mortgage servicing industry as federal regulators along with state lawmakers and consumer protection groups are coming after servicers, according to speakers on the legislative roundup panel at the SourceMedia Mortgage Servicing Conference in Dallas. (Read More)

Counselors, Servicers Partner to Offer Loan Mod Feedback

April 7, 2009

The key to successful loan modifications is a more robust data exchange and feedback between all parties involved before and after the modification, the president of Consumer Credit Counseling Service of Atlanta said during a foreclosure panel at the SourceMedia Mortgage Servicing Conference in Dallas. (Read More)

Zacks Likes UDR and Other Multifamily REITs

April 7, 2009

Zacks Equity Research has named UDR Inc., a multifamily REIT, as its "Bull of the Day" for April 7. (Read More)

National Task Force on Mortgage Fraud Could Happen

April 8, 2009

The Department of Justice is moving closer to forming a national mortgage fraud task force to investigate and prosecute real estate and mortgage related crimes, according to government officials familiar with the matter. (Read More)

Servicers: Those Who Don't Need Help Clog Up Loan Mods

April 8, 2009

Some consumers who do not need help with their mortgages are clogging up the loan modification efforts of servicing companies, according to participants at SourceMedia's annual servicing show. (Read More)

Industry Urges More Capital Support for Private MIs

April 8, 2009

Housing industry groups are urging the Treasury Department to provide capital support for the private mortgage insurers so more financing will be available for homebuyers that can't muster a 20% downpayment. (Read More)

Lenders 'Waiting' on RESPA Changes

April 8, 2009

When it comes to complying with the new Real Estate Settlement Procedures Act regulations, many lenders appear to be sticking their heads in the sand, according to a pair of Washington regulatory lawyers. (Read More)

Hearing May Be Held for Bill with Subprime Restriction

April 8, 2009

The House Financial Services Committee might hold a hearing before it moves to mark up and vote on a major regulatory bill that would restrict subprime mortgage lending and lender compensation. (Read More)

Affiliated Mortgage/Title Entities 'Saving' Realty Firms

April 8, 2009

The ability to generate income from affiliated mortgage and title entities has been "the difference between life and death" for many real estate brokerages, members of the Real Estate Services Providers Council were told at their annual conference in Washington. (Read More)

Pulte/Centex Merger to Create 23rd Largest Lender

April 8, 2009

Once homebuilders Pulte Homes and Centex Corp. complete their just announced merger, their combined mortgage units will rank 23rd nationwide in residential originations, according to figures compiled by National Mortgage News. (Read More)

Builders See More Buyer Interest

April 8, 2009

Builders are seeing increased foot traffic at model homes and say potential buyers are drawn by low mortgage rates, affordable prices as well as a first-time homebuyer tax credit, according to the National Association of Home Builders. (Read More)

SoCal Apartment Exodus Outpaces Inflows

April 8, 2009

More renters moved out of apartments last year in Los Angeles County than moved in over the previous five years, according to a new report that finds the recession forcing Southern California landlords to lower rents and offer more valuable concessions. (Read More)

Twenty-Four Face Charges in Alleged San Diego-Based Fraud

April 8, 2009

Twenty-four individuals have been charged with allegedly using a corrupt enterprise to conduct a massive San Diego-based mortgage fraud scheme involving 220 properties with a total sales price of more than $100 million dollars. (Read More)

Wells Sees Residential Fundings Soar in 1Q

April 9, 2009

Wells Fargo & Co. hit a residential home run in the first quarter with originations soaring by 51% to $100 billion, and mortgage-related commitments topping $175 billion. (Read More)

Ex-Servicing/Loss Mit Chief at ResCap Joins Fannie

April 9, 2009

Javid Jaberi, a former senior vice president of servicing in charge of loss mitigation for Residential Capital Corp., has joined Fannie Mae, industry sources told National Mortgage News. (Read More)

S&P Downgrades MIs on Higher Claims and Loss Estimates

April 9, 2009

Standard & Poor's on Thursday downgraded the entire mortgage insurance industry, saying it will continue to post operating losses through 2010. (Read More)

BoA Trims Its Broker Rolls

April 9, 2009

Bank of America has trimmed certain loan brokers from its active list, according to loan representatives who still use the wholesaler for table funding. (Read More)

Ginnie Mae MBS Issuance Hits Monthly High

April 9, 2009

Ginnie Mae's growing mortgage-backed securities issuance has hit a record monthly high of $34.5 billion. (Read More)

Fed Minutes: GSE MBS Buy Expansion Aimed at Sustaining Refis

April 9, 2009

The Federal Reserve expanded its purchases of GSE mortgage-backed securities by $750 billion in March to sustain the refinancing boom and keep mortgage rates low, according to the minutes of the last Federal Open Market Committee meeting. (Read More)

Senate Committee Staffer: MBS Woes Call for Credit Risk Retention

April 9, 2009

The securitization process that led to the subprime meltdown has been "absolutely discredited" and retention of a portion of the credit risk is one way to reform the mortgage market, according to a Senate Banking Committee staffer. (Read More)

Fannie Prices $6B, Two-Year BenchNotes

April 9, 2009

Fannie Mae has priced a 1.375% $6 billion, two-year issue of Benchmark Notes 99.759 to yield 1.495% at a spread of 60 basis points over the Treasury market. (Read More)

Look Out for Scams When Considering a Loan Mod

April 9, 2009

The Pennsylvania Department of Banking is seeing growth in advertising for companies offering to help people modify their mortgages for a fee. (Read More)

Pennsylvania Man Pleads Guilty to Two Mortgage Fraud Schemes

April 9, 2009

Terence Mayfield of Phoenixille, Pa., pleaded guilty before U.S. District Judge Joseph H. Rodriguez to charges stemming from his role in operating two ponzi schemes upon members of a Toms River church. (Read More)

Real Estate Companies Solutions Group Is Formed

April 9, 2009

The global law firm Morrison & Foerster LLP has created an interdisciplinary team of attorneys to represent clients in the accelerating wave of dealmaking, as real estate companies worldwide seek to deleverage, recapitalize, restructure and otherwise seek liquidity. (Read More)

Chris Meyer Joins Mortgage Search & Acquisition

April 9, 2009

Dallas based Mortgage Search & Acquisition said today that Chris Meyer will be joining the company as managing director of the company's new Phoenix office. (Read More)

Stocks, Dow Rises End of Trading Day

April 9, 2009

Mortgage stocks went up across the board at the end of trading on Thursday as the Dow closed up 246 points. In particular, Bank of America Corporation's stock went up 35.27%. (Read More)

Loan Production Cratered in 2008, Top Five Suffered

April 13, 2009

Even though it appears that loan applications and fundings swelled in the first quarter of this year, 2008 was one of the bleakest ones on record with all of the nation's top ranked firms suffering, according to a new annual tally by National Mortgage News. (Read More)

Genworth Weighing Options After TARP Turndown

April 13, 2009

Genworth Financial, which controls the nation's fourth largest mortgage insurance company, said it failed to meet requirements to receive a large capital infusion under the Treasury Department's Troubled Asset Relief Program. (Read More)

NCUA Study Details Risky Mortgage Investments

April 13, 2009

An analysis by federal regulators of investments held by two large corporate credit unions prior to their March 20 takeover shows that they had a vast exposure to risky subprime, Alt-A and payment option ARM mortgage securities. (Read More)

First Quarter Profits Looking Up for Residential

April 13, 2009

Lenders say first-quarter profit margins are the widest they have seen in years, despite concerns that the refi wave could result in higher prepayment costs for servicers, according to a report in American Banker (Read More)

Boston FHLB Sees $115M Loss in 2008

April 13, 2009

The Federal Home Loan Bank of Boston is reporting a huge impairment charge on its investments in private-label mortgage-backed securities and a net loss of $115.8 million for 2008, but the bank expects recent changes to accounting rules will mitigate the impact on its retained earnings. (Read More)

Wingspan Creates Servicing Preferred Attorney Listing

April 13, 2009

Wingspan Portfolio Advisors LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has formed a professional network of attorneys to assist in efforts to help borrowers avoid foreclosure and stay in their homes. (Read More)

ISGN Launches Self-Service Customer Portal

April 13, 2009

At a time when loan servicers are being inundated with questions on borrower loan status, loan modifications and other customer service issues, ISGN Corp., a global mortgage solutions company, has released its Customer Service Portal System that provides borrowers, lenders, investors and attorneys with self-service 24/7 access to active and inactive loan data. (Read More)

Vendor Develops New Risk Analytics Tool

April 13, 2009

To improve visibility into the hidden risk of many of the mortgage assets currently plaguing the financial system and capital markets, TransUnion has developed a new solution called TransUnion Consumer Risk Indicators. (Read More)

Former Georgia Loan Officer Sentenced for Fraud

April 13, 2009

U.S. District Judge William C. O'Kelley sentenced Andrew John Smith of Cleveland, Ga., to serve three and a half years in prison, followed by five years of supervised release on charges arising from a mortgage fraud scheme. (Read More)

Fannie CEO Allison May Leave to Run Bailout

April 14, 2009

The White House is contemplating naming Fannie Mae CEO Herb Allison to head the government's $700 billion Troubled Asset Relief Program, according to breaking press reports and sources familiar with the situation. (Read More)

GSE NPV Test Coming Soon

April 14, 2009

Servicer guidance along with the net present value (NPV) test for the Obama administration's new loan modification program will be issued "very soon," according to Federal Housing Finance Agency director James Lockhart. (Read More)

Chase Exiting Construction-to-Perm Biz

April 14, 2009

Chase Home Finance said it will no longer fund construction-to-permanent loans for consumers who want to build their own homes. (Read More)

CS: BoA Facing More Hits on CFC

April 14, 2009

Bank of America, which releases first quarter earnings shortly, is facing more writedowns on its Countrywide-related mortgage holdings, according to a new report from Credit Suisse. (Read More)

Fannie CEO Allison May Leave to Run Bailout

April 14, 2009

The White House is contemplating naming Fannie Mae CEO Herb Allison to head the government's $700 billion Troubled Asset Relief Program, according to press reports and sources familiar with the situation. (Read More)

Missouri AG Sues CA-based 'Foreclosure Relief' Firm

April 14, 2009

Missouri Attorney General Chris Koster has filed a lawsuit against US Foreclosure Relief of California for allegedly taking money from consumers to help them modify their loans, but not performing the work. (Read More)

House Prices Remain in Critical Condition

April 14, 2009

The latest IAS360 House Price Index showed house prices falling another 3% in February 2009, giving no indication of any positive turn in the housing markets the company tracks. (Read More)

Vendor May 'Shrink-Wrap' Unfinished Homes

April 14, 2009

Fast Wrap USA LLC of Nevada, a shrink-wrap specialist, is considering offering its services to owners of unfinished homes that could wind up on the foreclosure circuit. (Read More)

Wholesaler/Retailer Picks Appraisal Firm

April 14, 2009

Flagstar Bancorp, one of the nation's largest residential wholesalers, has picked StreetLinks National Appraisal Services as one of its preferred vendors. (Read More)

SARs Spike May Not be 'Defensive'

April 14, 2009

After claiming for years that bankers were filing ever more suspicious activity reports in response to regulatory pressure, experts are attributing the latest spike to a dramatic rise in actual financial crime. (Read More)

Ohio Broker Sentenced to Four Years for Flipping Scheme

April 14, 2009

After pleading guilty to charges related to his involvement in a multi-million dollar mortgage fraud scheme, Scott McCann, a real estate agent and former mortgage broker from Columbus, Ohio, was sentenced to four years in prison, followed by 150 hours of community service and a $15,000 fine. (Read More)

Mortgage Fraud Bill Ready for Senate Action

April 15, 2009

The Senate is expected to vote on a bill next week to expand bank fraud statutes to cover independent mortgage companies and mortgage brokers for the first time. (Read More)

Servicing Costs Are Up. Reason: Loan Mods

April 15, 2009

The cost to service residential mortgages is rising significantly, according to preliminary research conducted by the Mortgage Bankers Association. (Read More)

UBS Expects First Quarter Loss of $1.75 Billion

April 15, 2009

UBS AG said Wednesday that it expects to report a first quarter net loss of nearly $1.75 billion and that it plans to reduce its workforce by more than 11%. (Read More)

Title Insurance Giant Fidelity Increases Offering Size

April 15, 2009

Title insurance giant Fidelity National Financial, Jacksonville, Fla., has increased the size of its planned public offering to 15.8 million shares, pricing the stock at $19. (Read More)

Foreclosures Soared 44% in March

April 15, 2009

The number of completed foreclosures soared by 44% in March to a record 175,199, according to the U.S. Foreclosure Index. (Read More)

Cash Now or Tax Credit Later

April 15, 2009

First-time home buyers in 11 states don't have to wait until they file their tax returns next year to reap the benefit of the $8,000 federal tax credit approved by Congress in the American Recovery and Reinvestment Act. (Read More)

Ohio LO Pleads Guilty to Fraud Scheme on 210 Properties

April 15, 2009

Kamal J. Gregory of Centerville, Ohio, pleaded guilty in U.S. District Court to charges on an extensive mortgage fraud scheme affecting 210 residential properties, of which 205 are located in Montgomery County, Ohio. (Read More)

RCM Partners With Ellie Mae on Loan Mods

April 15, 2009

Retreat Capital Management, Inc., a third-party arbitration services company in Lake Forest, Calif., is collaborating with Ellie Mae to make its mortgage loan modification services available to more than 120,000 mortgage professionals using the Encompass Mortgage Management Solution. (Read More)

Veteran Calls on Realtors to Get Certified, Help Turn Market Around

April 15, 2009

Can Realtors become catalysts for change in the downtrodden market? The answer, according to one industry veteran, founder of The Distressed Property Institute in Austin, Texas, Alex Charfen is: Yes, if they acquire the knowledge to help homeowners avoid foreclosure. (Read More)

California Builders See Better Days Ahead

April 15, 2009

Builders in California are still waiting for the impact of the state's landmark tax credit for new home buyers. For now, though, sales are just bouncing along at a historically low pace, the California Building Industry Association reported. (Read More)

Treasury Provides Funds for Loan Modification Incentives

April 16, 2009

The Treasury Department is providing $9.9 billion to six major mortgage servicers for successful loan modification incentives that will be paid not only to them but to borrowers and investors. (Read More)

Building Permits Hit a Fresh Low

April 16, 2009

Home building permits hit another all-time low in March with the seasonally adjusted rate weighing in at 513,000 applications, another sign that the housing crisis is far from over. (Read More)

JPM 1Q: A $389 Million Loss on Consumer & Mortgages

April 16, 2009

Even though JPMorgan Chase earned $2.1 billion in the first quarter, its consumer and mortgage lending group lost $389 million during the same period due to loan servicing and credit charges and higher mortgage costs tied to loan modifications. (Read More)

GSE 90-Day Past Due Rate Exploded in Q4

April 16, 2009

Fannie Mae and Freddie Mac experienced a stunning 152% increase in loan delinquencies in the 90-days or more past due category, according to a new report by their regulator, the Federal Housing Finance Board. (Read More)

Foreclosure Activity Increases 24% in Q1 2008

April 16, 2009

Foreclosure filings were reported on 803,489 properties in the first quarter of 2009, a 9% increase from the fourth quarter of 2008 and an increase of nearly 24% from Q1 2008. (Read More)

Fed's Beige Book: Homebuyer Traffic Up in Some Districts

April 16, 2009

Homebuyer traffic is beginning to pick up in certain parts of the country, a sign that lower interest rates and tax credits are working, according to the Federal Reserve's new 'Beige Book.' (Read More)

Residential Lending at 'TARP Banks' Rising

April 16, 2009

Residential mortgage originations at Wells Fargo and other banks receiving TARP assistance rose at a "healthy" clip in February from January, according to a monthly lending survey compiled by the Treasury Department. (Read More)

FICO Launches Mortgage Recovery Initiative

April 16, 2009

Fair Isaac Corp. is offering Mortgage Recovery Initiative, a foreclosure prevention and management tool based on consumer credit behavior feedback. (Read More)

Generation Mortgage Sees 233% Growth in Reverses

April 16, 2009

Generation Mortgage Company, Atlanta, closed 1,405 government backed 'Home Equity Conversion Mortgages' (HECMs) in the first quarter of 2009, a 233% increase from the first quarter of 2008. (Read More)

Fourth Guilty Plea in TV Ad Scheme

April 16, 2009

The fourth and final defendant involved with a scheme targeting Maryland homeowners facing foreclosure via local television ads has pleaded guilty to related charges. (Read More)

Citi Reports Run Up in Mortgage Defaults and Credit Losses

April 17, 2009

Citigroup reported $1.9 billion in net credit losses on its residential mortgage portfolio in the first quarter, up from $887 million a year ago, due to a "continued rise" in delinquencies, the company said. (Read More)

North Carolina Bank Reports Jump in Mortgage Earnings

April 17, 2009

BB&T Corp., Winston-Salem, N.C., saw its mortgage-related revenues in the first quarter of this year increase by 218.6% when compared with the same period in 2008. (Read More)

GMAC Mortgage Says It's Hiring

April 17, 2009

GMAC Mortgage said it is hiring new staffers at its nationwide lending and servicing centers. (Read More)

Rep. Frank Schedules Hearing on Mortgage Reform Bill

April 17, 2009

The House Financial Services Committee is holding a hearing April 23 on a regulatory reform bill that would restrict nonprime mortgage lending and lender compensation. (Read More)

Five Floridians Arrested for Mortgage Fraud Operation

April 17, 2009

Five Florida residents have been arrested for their alleged involvement in a criminal mortgage fraud operation that defrauded several financial institutions of $4.5 million. (Read More)

Houston REIT Readies $400 MM Stock Offering

April 17, 2009

Weingarten Realty Investors has priced a public offering of 28 million shares of its common stock at $14.25 per share. (Read More)

Mortgage Brokers Lobby Congress to Block GSE Appraisal Code

April 17, 2009

Mortgage brokers are staging a last-ditch lobbying effort to get Congress to block the implementation of a new appraisal code that applies to all loans sold to Fannie Mae and Freddie Mac. (Read More)

Land Title Industry Posts $710 MM Loss for 08

April 17, 2009

The land title industry is hoping the first quarter surge in refinancings is going to turn 2009 into a good year after they posted operating losses of $710 million in 2008, following an $87.8 million loss the previous year. (Read More)

BoA Hiring Thousands, Reports Q1 Loss

April 20, 2009

Bank of America is hiring thousands of new employees to keep up with surging residential originations even though its mortgage business posted a $500 million loss for the first quarter due to deteriorating loan performance. (Read More)

Across the Board Mortgage Stocks Drop With Dow

April 20, 2009

Mortgage stocks took a hit Monday as the Dow dropped more than 222 points by noon. (Read More)

GMAC Bank Expanding Warehouse Operations

April 20, 2009

The GMAC Bank unit of Residential Capital LLC is expanding its mortgage warehouse lending operations, a spokeswoman for the company confirmed. (Read More)

FHFA to Propose Lower GSE Affordable Housing Goals

April 20, 2009

The Federal Housing Finance Agency "very shortly" will offer a proposed rule to lower the affordable housing goals imposed on Fannie Mae and Freddie Mac, a key agency official said at the Mortgage Bankers Association's National Secondary Market Conference in Chicago. (Read More)

GSEs Don't Intend to Lower G-Fees

April 20, 2009

Despite the pleas of mortgage bankers, the government sponsored agencies have no intention of lowering their guarantee fees, their representatives said at the Mortgage Bankers Association's National Secondary Market Conference in Chicago. (Read More)

Williams to Head Fannie, Allison to Manage TARP

April 20, 2009

Fannie Mae on Monday appointed its loss mitigation chief, Michael Williams, to be its new president and CEO, replacing Herb Allison who departed to run the government's Troubled Asset Relief Program. (Read More)

Mortgage Brokers Lobby Congress to Block GSE Appraisal Code

April 20, 2009

Mortgage brokers are staging a last-ditch lobbying effort to get Congress to block the implementation of a new appraisal code that applies to all loans sold to Fannie Mae and Freddie Mac. (Read More)

New Report: Non-prime MBS Showing Improvement?

April 20, 2009

In March the credit performance of securitized subprime and alt-A loans improved for the first time since December 2007, but the bonds are far from being out of the woods, according to a new research report by Five Bridges Advisors. (Read More)

Land Title Industry Posts $710 MM Loss for '08

A House-passed mortgage reform bill makes it tough for borrowers to get traditional adjustable-rate mortgages that are considered safe enough so lenders don't have to retain 5% of the credit risk when they sell or securitize the ARM. (Read More)

Massachusetts Settles with Goldman Over Subprime

May 11, 2009

Massachusetts has reached a multimillion dollar settlement with Goldman Sachs & Co. concerning its role in securitizing risky subprime mortgages that are now at the center of the nation's economic crisis. (Read More)

May 11, 2009

A man responsible for digging up Social Security numbers and other personal data that was used to siphon millions of phony home equity lines of credi