A task force for the Mortgage Bankers Association has taken the forceful position of opposing arbitrarycaps or forced reductions on Fannie Mae and Freddie Mac's retained portfolios. Then how come thetrade group hasn't? That's something Countrywide Home Loans -- MBA's largest dues-paying member -- wouldlike to know. In a recent letter to MBA chief Jonathan Kempner, Countrywide CEO Angelo Mozilo, madehis displeasure known, saying the trade group is making a "significant omission" by not taking a publicposition on the issue (even though its task force has). A Washington source provided the letter to NationalMortgage News. For the full story, see the Monday edition of NMN. Don't subscribe? Call: (800)221-1809
It seems as though more and more investment banking firms are demanding "buybacks" on nonconformingloans they purchased. Industry executives tell us the trend started in the fourth quarter and is accelerating.The biggest problem with the loans is early defaults
Nonconforming lender MILA Inc. of Washington state has received approval to become a Freddie Mac seller/servicer.The privately held lender is launching a new alt-A product, which it will be selling to Freddie
By now you may've seen the articles in the financial press about Donald Trump starting a mortgage brokeragefirm. Apparently he's looking to turn Trump Mortgage into a mortgage banker. The company is less than ayear old, but the question begs: Why is "The Donald" getting in at the top of the market?...
Orders are streaming in for NMN's new "20 (Mostly) Private Mortgage Firms to Keep an Eye On."The new report for 2006 -- featuring some firms that may be new to you -- is now available. To order a copy e-mail
Remember when mortgage bankers used to dismiss the notion of a housing bubble? Well, a new report says two-thirdsof lenders nationwide believe a real estate bubble exists, and half believe it will burst within six months. Thereport is courtesy of Phoenix Management Services of Pennsylvania
Meanwhile, sales of vacation and investment homes hit record highs last year and together accounted for nearly40% of all residential transactions, according to the National Association of Realtors
WASHINGTON NEWS: A Bush administration reform proposal that would allow the Federal Housing Administrationto charge risk-based mortgage insurance premiums is not going down well with Democrats and consumers groups. Rep.Barney Frank, D-Mass., said he is in "overwhelming agreement" with the administration’s FHA reformpackage, except for charging lower-income subprime borrowers higher mortgage insurance premiums. The ranking Democraton the House Financial Services Committee recommended that the premiums be cross-subsidized with other funds.Over the past few years FHA has been jokingly referred to as "the government's subprime program."
SURVEY NOTICE: Mortgage bankers and brokers -- NMN is still conducting its annual survey of lenders,servicers, and brokers. If your firm wants to be ranked send an e-mail to
DATA AVAILABLE: Want to know who the top alt-A, payment-option ARM, interest-only and jumbo lenders are?Try the "Alternative Products Quarterly Data Report." E-mail
