Secondary

PHH Corp. reported higher third-quarter profits compared to last year, driven by gains from the sale of its fleet management business.

Private investors backing firms like RPM Mortgage are placing bets on lenders in the U.S. home loan business once dominated by Wall Street's largest banks.

Justices seem to struggle with what rescission actually means in practice and in the Truth-in-Lending Act.

Count Two Harbors Investment Corp. among investors looking for profits in riskier home loans — and expecting a market for bonds backed by them to re-emerge even with safer issuance showing limited signs of life.

First Commonwealth Financial had avoided making home loans for roughly a decade before determining that it needed to add the products to compete more effectively against smaller banks. It added the product at a time when a number of other banks are scaling back.

Until Congress gets around to GSE reform, the FHFA could at least make Fannie and Freddie less expensive to run. Combining the companies would reduce the threat that they will need more support from the Treasury and perhaps lower the cost of obtaining a mortgage.

The recent dip in mortgage rates isn't likely to spur a refi boom, but with the industry now into the fourth quarter of a tough year, many lenders are looking for ways to boost business.

JPMorgan began marketing another $402 million of securities backed by residential mortgages this week, adding to its robust pipeline of fourth-quarter deals.

In order to make homeownership more affordable, the FHFA should make sure that GSE guarantee fees fully recognize private mortgage insurance and restore the longstanding tax-deductible treatment of mortgage insurance premiums.

It's time for the Federal Housing Finance Agency to make good on Fannie Mae and Freddie Mac's funding obligations to two affordable housing programs.