http://www.nationalmortgagenews.com/ The current headlines from National Mortgage News en Copyright 2010, SourceMedia, Inc. and National Mortgage News. All rights reserved. Mon, 15 Mar 2010 08:15:03 EDT andras.malatinszky@sourcemedia.com http://www.nationalmortgagenews.com/images/nmn_logo.jpg http://www.nationalmortgagenews.com/ 300 100 http://www.nationalmortgagenews.com/#1 The pace of permanent Home Affordable Mortgage Program loan modifications is now averaging roughly 50,000 a month with the cumbersome government program finally getting its legs. http://www.nationalmortgagenews.com/premium/archive/?ts=1268668800 2010-03-12 17:28:28 http://www.nationalmortgagenews.com/#2 Moody's Investors Service has placed 40 RMBS re-securitization tranches with a current outstanding balance of $500 million on watch for possible downgrade. http://www.nationalmortgagenews.com/premium/archive/?ts=1268668801 2010-03-12 17:28:28 http://www.nationalmortgagenews.com/#3 Stung by warehouse lines it made to the now-defunct Taylor, Bean & Whitaker, Ocala, Fla., Sovereign Bank of Pennsylvania has decided to exit the sector, according to warehouse lending officials and customers that received credit from the bank. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413200 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#4 The Federal Deposit Insurance Corp. has extended its "safe harbor" policy for six months while its board continues to work toward the adoption of new securitization standards. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413201 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#5 The Obama administration is working on a national program to address negative equity, but first it wants to test existing programs managed by state housing finance agencies. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413202 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#6 Mortgage bankers funded roughly $414 billion of new home loans in the fourth quarter, the industry's worst quarter of the year and an indication that production -- as anticipated -- will be weaker in 2010. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413203 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#7 GMAC Mortgage LLC's corrective actions related to an unusual servicing practice that could hurt ratings on nearly $6 billion of RMBS it services are scheduled for completion by April 1, according to a Moody's Investors Service report. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413204 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#8 GMAC Financial Services has hired Goldman Sachs to start the process of selling the company's money-losing mortgage unit Residential Capital Corp., according to a new published report. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413205 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#9 Mortgage vendor Lender Processing Services Inc. is requesting nearly $3 million in city and state incentives to add 350 full-time jobs in Jacksonville, Fla., according to a report in the <i>Jacksonville Business Journal</i>. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413206 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#10 Kevin Jackson, previously a director in convexity products at Bank of America Merrill Lynch, will be joining Wells Fargo Securities as part of the firm's efforts to bolster its residential financing, origination, and trading activities. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413207 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#11 The Federal Deposit Insurance Corp. sold $1.37 billion of structured guaranteed notes backed by residential and construction loan assets from Corus Bank. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413208 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#12 Fitch Ratings, Chicago, believes that the title industry's 2010 revenue decline could range between 10% and 15%, based on the projected fall-off in mortgage origination volume. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413209 2010-03-12 17:28:27 http://www.nationalmortgagenews.com/#13 Morgan Keegan & Co., Memphis, Tenn., will market Farmer Mac loan programs designed specifically for its bank clients which hold agricultural loans in their portfolios. http://www.nationalmortgagenews.com/premium/archive/?ts=1268413210 2010-03-12 17:28:27