Origination

Small mortgage banking firms believe they've been given the regulatory shaft by the federal government and are none too happy about the HAMP program as well, according to the just released MORTECH 2010 Report.

Former Countrywide Financial Corp. co-founder and CEO Angelo Mozilo and two of his top lieutenants at the once highflying lender/servicer have agreed to settle a massive civil fraud complaint filed against them by the Securities and Exchange Commission.

The 30-day plus delinquency rate on commercial mortgage-backed securities edged up in September to a new record of 9.05%, according to Trepp LLC.

Federal Reserve chairman Ben Bernanke’s speech Friday strengthens the case that the Fed could take action on more asset purchases and strengthen “extended period” language at its November meeting, putting more downward pressure on mortgage rates.

Multifamily lenders closed $52.5 billion in loans in 2009, down 40% from the prior year, according to the Mortgage Bankers Association.

As a result of increases in criticized and classified assets along with increases in other real estate balances that raise the risk profile, A.M. Best Co., Oldwich, N.J., has downgraded the financial strength rating to “bbb” from “bbb+” and issuer credit rating to “bbb” from “bbb+” of First National Bank.

The Pennsylvania Department of Banking's Bureau of Compliance, Investigation, and Licensing has launched an initiative to identify unlicensed mortgage activity in Pennsylvania. The department will target all mortgage licensees and is expected to continue into 2011.

Over the years, I’ve given out reams of advice to people on how to do great press interviews, but sometimes it’s difficult to cover all the bases. After all, the way I got smart about the media was to make mistakes and learn from them.

As we begin the last quarter of 2010, our housing finance system (as well as those of some other countries) is still struggling in the wake of the great housing bubble of 2000-06 and its collapse into the panic and serial crises of 2007-09.

The nation's foreclosure crisis has resulted in loan closings being scuttled in some regions of the nation and fears are mounting that if the situation isn't rectified soon it will damage the one area where lenders are posting stellar profits: new originations.