The rate of serious delinquencies on securitized home equity loans continued to decline in March, according to Moody's Investors Service.A high level of issuance, a robust housing market and low interest rates continued to support strong home equity performance, the rating agency said. In March, the proportion of home equity debt that was 60 or more days past due stood at 5.19%, down from 6.59% in March of 2004. The delinquency rate is at its lowest level in eight years, Moody's said. New issuance also remained strong, with the addition of $39.1 billion of new pools to Moody's home equity index composite. The volume of new pools being securitized in March was 20.8% higher than a year earlier.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
5h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
6h ago -
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.
April 17 -
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