Ginnie Mae has finally decided that the new Federal Housing Administration Secure mortgages should be placed into new multiple-issuer pools under the Ginnie Mae II mortgage-backed securities program.These special Ginnie II pools will consist of mortgages that are available to delinquent homeowners who want to refinance into a fixed-rate FHA loan. It will also include FHASecure loans in which a conventional borrower refinances into an FHA mortgage and the lender takes out a "silent" second mortgage to cover closing costs or reduce the principal amount to meet FHA requirements. Ginnie Mae officials have been wrestling with the issue of how to deal with new mortgages since President Bush announced the FHASecure program just before Labor Day. Bond traders opposed placing FHASecure mortgages in Ginnie I MBS or even putting them into a standard Ginnie Mae II pool and limiting them to 5% or 10% of the pool. Ginnie Mae said in a notice to MBS issuers that it would start guaranteeing FHASecure pools Dec. 1.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
8h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24