Ginnie Mae is securitizing nearly $1 billion in hybrid adjustable-rate mortgages a month, according to Deutsche Bank, and most of the production is coming from the Department of Veterans Affairs loan guarantee program.Since the VA started its hybrid program in October 2003, lenders had originated 59,700 hybrid ARMs totaling $7.2 billion as of Sept. 30. This constituted 18% of VA loan production in fiscal year 2004, which totaled $44.1 billion. Most of the hybrids (55,000 loans) were refinancings. The average interest rate on VA hybrid loans is 4.49%, compared with 5.76% for a fixed-rate mortgage. The Federal Housing Administration started its hybrid program in April. As of Sept. 30, FHA lenders have originated 4,550 hybrids totaling $626.1 million.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11