The Federal Housing Administration insured a record number of one- to four-family loans in the 2003 fiscal year that ended Sept. 30, according to preliminary FHA data."We have endorsed a record dollar volume of $177 million," topping the 2002 fiscal year record by 8%, John Weicher said in an interview. He noted that refinancings made up 48% of the FHA's business, which is unusually high. "A high proportion of people are refinancing on a streamlined basis with FHA," he said. At the same time, a lot of FHA borrowers refinanced into conventional loans. The FHA's portfolio shrank by 14% from 6.32 million loans in fiscal 2002 to 5.41 million loans as of Aug. 31. Meanwhile, the FHA default rate (loans 90 days or more past due) hit 5.76% in August, up a full percentage point from Sept. 30, 2002. Mr. Weicher said the economy has finally turned around, and he expects defaults will peak before the end of the year and start to come down. "I have seen the default pattern in a number of economic cycles and defaults tend to be a lagging economic indicator," the FHA commissioner said. "I think that is happening again." (To read more about the Weicher interview, see the Oct. 20 issue of National Mortgage News.)
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16