It seems as though disasters bring out the best in Americans. Down in Baton Rouge where the housing stock isin (mostly) decent shape, speculators are buying up available homes like they're going out of style. Unity Mortgageof Atlanta, which has an office in Baton Rouge, says its loan officers have been approached by Realtors that haveinvestors who are looking to buy multiple homes and need financing -- zero-down financing that is. Unity doesn'twant any part of it, company president Jack Quan told National Mortgage News. For the fullstory see Monday's edition of NMN Don't subscribe? Call: (800) 221-1809
Also, don't forget NMN has just released its new "Loan Origination Software" reportand "Loan Broker Database". For info on the LOS e-mail
So far, much of the national media coverage has focused on New Orleans, but the Mississippi Gulf Coast alsohas been devastated. The casino boat gambling industry has been wiped out there, which means it could be yearsbefore commercial and residential property values revive. According to NMN's Home Mortgage DisclosureAct Database, the top lenders in the Biloxi MSA are Wells Fargo Home Mortgage, Des Moines; RealtyMortgage Corp., Flowood; Bancorpsouth Bank, Tupelo; Countrywide of Calabasas, Calif.; and TrustmarkNational Bank, Jackson
This past week the Mortgage Bankers Association held its fall regulatory compliance conference in Washington.Rep. Paul Kanjorski, D-Pa., a senior member of the Financial Services Committee, hinted that GSEand predatory lending legislation likely won't pass the full House and Senate, in part, because elected officialswill be focusing on Hurricane Katrina related issues, and in the Senate, Supreme Court nominees
Don't forget: the MBA is holding its annual convention in Orlando this year. First the good news: former NewYork Knicks (and Miami Heat) coach Pat Riley is speaking. Now the bad news: KC & the SunshineBand is playing. It could be worse. MBA might've hired Celine Dion
Occupancy fraud -- misrepresentation about whether a borrower plans to live at a property -- was the most commontype of mortgage fraud reported during the first half of 2005 and was involved in nearly 53% of claims, accordingto The Prieston Group
According to Greenwich Capital, the ARM share has dropped to 26.5%, the lowest level of the year. "Thattrend is being reflected in ARM origination, with this week a very light $800 million in agency ARM origination.Compare this to the end of the second quarter, when originators sold huge volumes of ARMs before June settlement.Fixed-rate originations were over $3 billion this week, nothing to write home about, but much larger than ARMs"
Nonconforming lender MILA of Mountlake Terrace, Wash., has added a payment-option ARM to its productmenu. The company's maximum loan amount on the POA is $1.5 million
Meanwhile, Chase Home Finance co-CEO Tom Wind told NMN that he has major concerns aboutpayment option ARMs, noting that Chase is avoiding the product entirely
Advest has initiated coverage of New Jersey-based mortgage lender Hudson City Bancorp,labeling it a "strong buy"
The stock of publicly traded subprime lender Saxon Capital reached a new 52-week low this past week,$12.52. Its high is $29.15
Subprime lender DeltaFinancial Corp., has obtained a $350million warehouse line of credit from Bankof America Delta now has $1.25 billionin committed warehouse lines
NMNis in the process of updating its "Mergersand Acquisitions Database." Formore information on this product e-mail
CORRECTION:In last week's column we mistakenly referred to GretaVan Susteren as being a news personalitywho works for CNN.Ms. Van Susteren works for Fox News. (That's what happens when you read too many newspapersat the expense of watching television and listening to the radio.)
WASHINGTON NEWS:This past week the House Judiciary Committee scuttled its review of the GSE bill so members couldattend the funeral of Chief Justice WilliamRehnquist. The committee has not seta new date for debate on GSE legislation offered up by Republican Reps. RichardBaker of Louisiana and Michael Oxleyof Ohio.
UPCOMING CONFERENCE: Worried about next year already? Check out the LoanToolbox and SourceMedia conference on “Business Plan 2006.” (Source Media publishes NMN.) The meeting will be heldDec. 6-9 in Las Vegas. For more information
DATA NOTICE: The brand-new " eMID " is now ready. The online, Web-friendly product featuresthree modules -- one each for lenders, servicers and commercial mortgage bankers. Key features include rankingsand profiles on the top 400 firms plus an exclusive ranking of the nation's top loan brokers. For more informationcontact
