President Bush intends to nominate former Mortgage Bankers Association chairman Rob Couch to be the new president of Ginnie Mae, according to the White House.Mr. Couch, who is the president of New South Federal Savings Bank, Birmingham, Ala., has a legal and accounting background. The Ginnie Mae post has been vacant since Ronald Rosenfeld left in December 2004 to become the director of the Federal Housing Finance Board. Michael Frenz, Ginnie Mae's executive vice president, has been in charge of the secondary-market agency since then. Ginnie Mae guarantees pools of government-insured residential and multifamily mortgages that are securitized by private issuers. It can be found online at http://www.ginniemae.gov.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18