Mortgages

As you know, FHA has provided a critically important source of mortgage credit during this economic recovery particularly for underserved communities—and I will build upon the strong foundation of reforms initiated by the administration and continue the three fundamental priorities we have focused on since President Obama took office.

Even though GSE and FHA loan limits will decline to $625,500 at midnight Friday, borrowers with high balance FHA-insured loans can still refinance these products as long as they don't engage in a cash-out refi.

It appears that rock bottom mortgage rates are starting to pay off for Fannie Mae.

Carrington Mortgage Services, Irvine, Calif., a fast growing retail/wholesale lender, this week hired Rick Sharga of RealtyTrac as executive vice president in charge of branding and marketing.

The business of originating and servicing second liens continues to struggle with lenders cutting back on production and allowing their receivables to run off, according to new figures compiled by National Mortgage News and the Quarterly Data Report.

The Consumer Financial Protection Bureau is applauding the Treasury Department for guidance it issued Thursday that would help members of the military avoid foreclosure.

With official Washington bogged down in politics, the outgoing chairman of the Mortgage Bankers Association holds out little hope that the all-important high-end loan limits will be extended beyond Sept. 30 and he is concerned that, with a fragile economy, lowering limits may not be the best move.

It appears that rock bottom mortgage rates have yet to cure the housing industry's woes.

Nine major servicers regulated by the Office of the Comptroller of the Currency completed 180,000 foreclosure actions in the second quarter, but these firms are still managing roughly 1.3 million borrowers who are going through the foreclosure process.

Home Federal Bancorp, Nampa, Idaho, as part of a major restructuring, will outsource its residential origination function to a third-party vendor.

Banks in Europe will try to unload roughly 15 billion euros ($20 billion) of loans secured by commercial real estate in Europe through 2012 as they comply with tighter capital regulations, according to Situs Companies, a debt advisor.

Bank of America ranked first among all warehouse providers in the second quarter with $12 billion of funding commitments, a 20% decline from a year ago, according to new figures compiled by National Mortgage News.

Did you know that Veterans Affairs loan assumptions are not restricted to veterans who have VA eligibility? Anyone can assume a VA loan if they meet the occupancy, credit and income requirements set forth by the VA.

The executive who helped build one of the world's leading real estate investment platforms at Morgan Stanley has landed in Miami, where he will oversee one of the country's largest home builder's workout business.

A new report issued by the National Credit Union Administration blames the agency's Office of Corporate Credit Unions for failing to identify a high concentration of risky MBS at the now defunct Southwest Corporate Credit Union of Texas, a $12 billion institution.

Cascade Bancorp in Bend, Ore., has agreed to sell about $108 million of problem loans, generating $58 million in proceeds in an effort to remain well capitalized.

Boston Federal Reserve Bank president Eric Rosengren wants Fannie Mae and Freddie Mac to do more to refinance homeowners and address housing market problems.

With housing prices falling and the number of vacant properties on the rise, banks are under pressure from regulators to improve their loss mitigation success rates.

After the Obama administration recently requested lenders and servicers to propose alternative rental approaches for their REO properties, Green River Capital has made enhancements to its rental and property management program.

The Federal Trade Commission is investigating several residential servicing shops for abusive practices – including inaccurate payment records and charging excessive fees -- according to FTC associate director Joel Winston.