Origination

The new-issue private label commercial mortgage-backed securities market has been taking a breather, and how long it will last depends on what happens as far as international financial concerns and other events that have roiled U.S. and world markets.

Fannie Mae acquired $55.3 billion of mortgages from its seller/servicers in September, its best purchase month since March, and a sign that loan production is gaining traction in the primary market.

Radian Group, which controls the nation's third largest mortgage insurance company, posted strong third quarter earnings of $183.6 million, but attributed those gains to changes in the "fair value" of "derivatives and other financial instruments" —- to the tune of almost $207 million.

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Hudson City Bancorp Inc., Paramus, N.J., earned $84 million in the third quarter, in what its top executive called a “difficult environment facing portfolio lenders."

The bankruptcy of MF Global Holdings Ltd. and its ensuing suspension as a primary dealer shook the larger market Monday morning, putting downward pressure on rate-indicative bond yields.

With most banks still flush with deposits and reluctant to lend, the need for advances from the Federal Home Loan Banks continued to drop sharply during the third quarter, according to a report released Friday by the Office of Finance.

Life insurers had a 107 basis point improvement in the returns on their commercial mortgage loan investments in the second quarter over the first quarter, according to the LifeComps Commercial Mortgage Performance Index.

It could well be that the new government refinancing program announced last week will turn out to be the turning point in the recovery of the home loan industry.

The mortgage insurance industry wrote $4.9 billion of new coverage in September, down $700 million from August, according to new figures compiled by the Mortgage Insurance Cos. of America. However, two private MIs—Republic Mortgage Insurance Co. and PMI Mortgage Insurance Co.—were ordered by their respective regulators to stop writing new business during August.