Origination

The Federal Housing Finance Agency late Friday filed a massive multi-billion civil suit against 17 firms that played a role in selling faulty subprime MBS to Fannie Mae and Freddie Mac – including the government owned Ally Financial and Fannie's biggest customer at one time, Countrywide Financial Corp.

Concerns that revenue from loss mitigation and portfolio recovery could deteriorate going forward were among the reasons Impac Mortgage Holdings Inc., Irvine, Calif., said it has invested in origination operations that contributed to a relative loss of income in the second quarter.

The delinquency rate on securitized multifamily mortgages fell 50 basis points in August, but the loans continue to be the worst performing property type in the commercial MBS market.

Mortgage companies cut 1,500 full-time employees from their payrolls in July, according to new government figures released Friday morning.

Ever have that prospect who doesn't follow through with what they promised to do by the next call?

Although Bank of America – for now – is committed to staying in warehouse finance, it may exit that business as well.

Missing for nearly three years and thought to be possibly extinct in South Florida, the official bird of the housing boom – the construction crane – has been spotted again in downtown Miami.

Home sales are still lackluster, but FirstBank in Lakewood, Colo., is ramping up its mortgage lending as if immune to the weak demand.

There is more than enough capacity in the system for the remaining private mortgage insurers to handle the current volume of low-downpayment loans originated as PMI and Republic Mortgage Insurance Co. stop writing new business, industry executives feel.

Nonprime lender/servicer Springleaf Financial late Wednesday priced a $242 million nonprime residential MBS, at a yield of 4%, according to market reports.