Finance

Let it be said as Labor Day approaches: Without Uncle Sam there would be NO mortgage market. None. Zippo

Springleaf Financial said it has “adequate liquidity” to survive over the next 12 months, and is seeing smaller losses on its business.

Fannie Mae acquired $77.1 billion of product from its seller/servicers in July, almost double what it took in a year ago.

Almost 30% of all refinances are shorter amortization products, up from just 5% in 2007.

The new platform of the Republican Party calls for downsizing the Federal Housing Administration mortgage insurance program and winding down the “size and scope” of Fannie Mae and Freddie Mac’s secondary market activities.

Insurers investing in nonagency mortgage securitizations could face new rules requiring them to hold more capital against such investments.

The bankruptcy court is still trying to sell $30.8 billion of Freddie Mac mortgage servicing rights once owned by the now-defunct Taylor, Bean & Whitaker.

Citigroup will pay $590 million to settle a class action civil suit brought by investors seeking damages from the bank’s exposure to subprime MBS.

Following a series of regulatory and legal challenges to force-placed insurance, the Securities and Exchange Commission asked Assurant, the leading specialty insurance carrier, to quantify the potential financial impact.

Mark Adelson, a veteran mortgage-backed securities researcher and former chief credit officer at Standard & Poor’s, has left his research post at S&P

Any quarter now Fannie Mae will crank up its nonperforming loan auction machine, giving bottom fishers across America a chance to bid on billions of dollars in nonperforming mortgages guaranteed by Uncle Sam.

The Mortgage Industry Advisory Corp. is set to auction off $59.2 million of subprime residential mortgages—much of it performing.

Mortgage bankers issued $32 billion of Ginnie Mae mortgage-backed securities in July down almost 8% from June. Still, the market remains strong.

The Securities and Exchange Commission is investigating the government-owned Residential Capital Corp. for possible misconduct in its loan origination and underwriting practices.

Market interest in launching REO-to-rental securitizations has increased over the past several months, driven partly by the sizable inventory of real estate owned properties.

Bank of Oklahoma hired former Fannie Mae executive Elliot Salzman as vice president in charge of correspondent lending.

Hudson City Bancorp could no longer defy the odds of interest rate risk, agreeing Monday to sell itself to M&T Bank for $3.7 billion.

Buried in the fine print of the Treasury Department’s revised bailout deal with the government-sponsored enterprises is a clause that allows Fannie Mae and Freddie Mac to sell up to $250 million of assets in one fell swoop without prior approval from the agency.

The Federal Reserve Bank of New York has finished selling the mortgage-related Maiden Lane III assets from its bailout of American International Group, generating a net gain of about $6.6 billion

Almost 30% of all refinances are shorter amortization products, up from just 5% in 2007.