Secondary

The concern seems not to be the concept itself so much as its inclusion among larger structural weaknesses in jumbo mortgage-backed securities.

One reason mortgage credit remains tight is because Fannie Mae and Freddie Mac have not spelled out their policies on loan buybacks, according to the chief executive of Wells Fargo Home Mortgage.

DBRS provided its take on recent representation and warranties trends in residential mortgage-backed securities it finds have “the potential to considerably weaken investors’ ability to demand a repurchase.”

Quicken Loans head William Emerson said higher interest rates won’t damp housing’s recovery and his industry will benefit from refinancings if the economy cools.

Stocks in the mortgage industry equity composite came in mixed again, but some did a little better than the Dow, which ended the day down 0.44%.

Most commercial mortgage-backed securities delinquencies peaked at 10.34% in the middle of 2012 and fallen since then, but the 2007 vintage's remain high with an average delinquency rate of 14.6% over the past 12 months, according to Trepp.

VA Loan Captain is providing lender support for Re/Max's Veterans First Program.

Moody’s Investors Service said it would not give any classes of JPMorgan’s new jumbo securitization its top rating due to weaknesses in its structure.

The Senate has passed a budget resolution along with an amendment that requires a 60-vote minimum before Congress can tap Fannie Mae and Freddie Mac for additional guarantee fees to pay for other government programs.

The downgrades indicate that the bonds have incurred a principal write-down or are interest-only classes that have a notional balance off of a class that incurred a principal write-down, according to the company.