Although the volume of new home equity securitizations increased in the first quarter, the bulk of the mortgage-related securities market saw a decline in issuance, The Bond Market Association has reported.New-issue activity in the home equity sector increased to $88.9 billion, up 74.3% from that of a year earlier and up 56.4% from that of the fourth quarter of 2003. New issuance of other types of mortgage securities dropped to $404.4 billion between January and March of this year from $776.1 billion in the first quarter of 2003 and $552.2 billion in the fourth quarter, the association said. The trade group can be found on the Web at http://www.bondmarkets.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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.
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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