Finance

The American Bankers Association has renewed its secondary market relationship with Freddie Mac.

Just eight months ago Southwest Bank had no warehouse lending commitments on its books, but today that figure stands at $80 million and growing.

The American Securitization Forum suggests a regulatory directive for Freddie Mac to outsource its loan delivery mechanism to Fannie Mae.

Now we’re told (but unconfirmed) that many large buyers of closed mortgages (correspondent purchasers, that is) have similar exclusionary lists, though they may call it something else.

Armour Residential REIT hopes to sell 40 million additional shares of stock in a deal that could raise an additional $305 million, at least.

CYS Investments Inc. priced a public offering of 40 millions shares of its common stock at $13.70 per share to generate proceeds for investment in agency residential mortgage-backed securities.

In a request for a protective order filed with the U.S. District Court for the Central District of California NCUA claims the depositions of the three senior NCUA officials should be barred.

Even though there were continued declines in mortgage interest rates to new record-low levels, total loan application volume continued to fall, this time by 2.1% on a seasonally adjusted basis for the week ended July 6.

If there is anything all players in the reverse mortgage lending arena agree upon—trade group, regulator and consumer advocate—is the need for more education about this product, especially if it starts getting the market share that has been long predicted.

CitiMortgage, a top 10 ranked correspondent buyer of mortgages, has an “exclusionary” list of lenders that it will no longer conduct business with.

If you’re wondering why there haven’t been more jumbo MBS deals this year just look at the math. Wells Fargo, for instance, has an average cost of funds of 50 basis points.

First Tennessee Bank, Memphis, ended June with $2.7 billion of warehouse lending commitments on its books, an all-time high for the bank.

Recent delays in key secondary market regulations are among hurdles holding back the long-awaited return of the jumbo market, which some say is making some progress, but others think is too constricted by the current limits of secondary market outlets to reach a large scale.

Even before the government-controlled Ally Financial threw its mortgage division into Chapter 11 bankruptcy protection, rumors were circulating this spring that the “bank” end of the company would exit the warehouse lending arena.

Radian is benefiting from the changing competitive environment in private mortgage insurance as two of its competitors went into run-off in the third quarter last year.

Freddie Mac expects to price this week its ninth so-called K multifamily securities offering for the year.

Investment banks’ researchers generally indicated that agency mortgage-backed securities prepayments overall increased modestly in the latest month.

The European Central Bank's (ECB) governing council has announced how the mandatory provision of loan-by-loan ABS data will be introduced into the securitization single loan-level data repository known as the European DataWarehouse.

Regional and midtier banks are seeing rising repurchase demands from government-controlled secondary market giants.

The Consumer Financial Protection Bureau is planning stronger disclosure requirements for reverse mortgages as more evidence emerges that senior citizens are using the product without fully understanding its main features and risks.