http://www.nationalmortgagenews.com/ The current headlines from National Mortgage News en Copyright 2009, SourceMedia, Inc. and National Mortgage News. All rights reserved. Fri, 6 Nov 2009 20:45:03 EST andras.malatinszky@sourcemedia.com http://www.nationalmortgagenews.com/images/nmn_logo.jpg http://www.nationalmortgagenews.com/ 300 100 http://www.nationalmortgagenews.com/#1 Even though residential originations swelled in the third quarter, the mortgage banking and brokerage sectors continued to shed jobs in September, according to new government figures. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526808 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#2 Residential servicers, a sector that is grappling with a potential tidal wave of loan modifications, are beginning to hire "like crazy" according to Mary Coffin, a senior servicing executive with Wells Fargo Home Mortgage. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526809 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#3 With the nation's unemployment rate busting through the 10% mark in October, President Obama on Friday signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners trading up. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526810 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#4 PennyMac Mortgage Investment Trust, a mortgage vulture fund created by a former Countrywide executive to profit from the mortgage crisis, posted a $730,000 loss for the period ending Sept. 30. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526811 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#5 Driven by charges and adjustment expenses in its domestic mortgage insurance business, The PMI Group Inc., Walnut Creek, Calif., posted a net loss of $93 million for the third quarter, a marked improvement over the same period last year when it lost $229 million. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526812 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#6 Freddie Mac had credit-related expenses of $7.5 billion for the third quarter, which was the leading driver of its $6.3 billion net loss to common stockholders. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526820 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#7 Fannie Mae posted yet another stunning loss in the third quarter, $18.8 billion, noting that it now owns or guarantees close to $200 billion in nonperforming assets. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526813 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#8 The Federal Housing Finance Agency has cleared Fannie Mae to sell roughly $2.6 billion in low-income housing tax credits to unidentified third-party investors believed to include Goldman Sachs & Co. and Berkshire Hathaway. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526814 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#9 Ohio's attorney general is suing American Home Mortgage Servicing — a business controlled by vulture fund investor Wilbur Ross — accusing the company of what the state calls "incompetent and inadequate customer service." http://www.nationalmortgagenews.com/premium/archive/?ts=1257526815 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#10 The Department of Housing and Urban Development's Mortgagee Review Board is imposing civil money penalties totaling $27,000 on two Federal Housing Administration-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526816 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#11 Fannie Mae has rolled out a new program under which it will offer market-rate leases for terms of up to a year to troubled borrowers who turn over the deeds to their homes. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526817 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#12 Apartment Investment & Management Co. has decided to focus on reducing refunding risk by accelerating refinancing of property loans maturing prior to 2012, based on the results of its recently released third-quarter activity. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526818 2009-11-06 17:43:40 http://www.nationalmortgagenews.com/#13 Edward William Farley, a former mortgage broker from Georgia, pleaded guilty in federal district court to charges stemming from a mortgage fraud scheme and a related real estate investment Ponzi scam involving more than 150 victims. http://www.nationalmortgagenews.com/premium/archive/?ts=1257526819 2009-11-06 17:43:40