Sell-side debt market participants expect mortgage-backed securities issuance to decline 48%, to $1.6 trillion, in 2004, according to a new survey by The Bond Market Association.The median survey response indicates that members of the association are anticipating a 47.8% dropoff in agency MBS issuance and a 51.3% reduction in private-label MBS activity. This would bring total agency MBS issuance to $1.06 trillion this year and reduce private-label MBS issuance to $256 billion. TBMA can be found on the Web at http://www.bondmarkets.com.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24