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• Countrywide Remains Atop Mortgage Servicing Business, But Industry Fortunes Are Shifting
• The Mortgage Market at a Glance...
• FDIC Offers New Twist on Mortgage Bailout As House Panel Works on FHA-Supported Plan
• IRS Won’t Alter Status of Acquired Mortgages
• Wells Fargo Expands Electronic Documents Program, Boosting eMortgage Prospects

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Mortgage Banking Turns in Third Straight Loss, But Shows Signs of Improvement
A handful of the mortgage industry’s biggest players continued to drag down industry profitability during the first quarter of 2008, but most lenders...
from Inside Mortgage Profitability

Subprime Originations Plummet 89% to $10 Billion in 1Q08
Subprime loans are still being made, but not many. Even lenders anxious to make the loans have been forced to scale back production in this...
from Inside B&C Lending

Non-Agency MBS Players Continue to Struggle With Valuations in Current Dysfunctional Market
Despite massive writedowns on subprime and Alt A mortgage securities, no one appears to be in any hurry to unload much product in the current...
from Inside MBS & ABS

BofA Unveils CRA, Foreclosure Relief Plan
Bank of America has pledged a total of $1.542 trillion to fund long-term Community Reinvestment Act investments over 10 years, foreclosure...
from Inside Regulatory Strategies

Wells Fargo Expands Electronic Documents Program, Boosting eMortgage Prospects
Wells Fargo has accelerated its transition to eMortgage processing with the recent addition of four new vendors to its roster of eSignature providers, giving...
from Inside Mortgage Technology

Sales of 40-Year Mortgages to GSEs Decline in ’08
After steadily increasing in the first three quarters of 2007, sales of 40-year mortgages to the government-sponsored enterprises are falling. Such loans...
from Inside Alternative Mortgages

MBS Sector Could be Years from Rebound, but the Student Loan ABS Market is Poised for a Recovery
Experts gathered at this week’s lobbying event in Washington sponsored by the Securities Industry and Financial Markets Association offered little hope for...
from Inside MBS & ABS

IRS Won’t Alter Status of Acquired Mortgages
The Internal Revenue Service last week abandoned a controversial proposal that likely would have raised taxes for Fannie Mae and Freddie Mac. Coupled with...
from Inside The GSEs

Mortgage Banking Profits Begin to Recover; Some Bottom Lines Aided by Accounting Rule
Preliminary data suggest that mortgage bankers are seeing some recovery in profitability in early 2008, aided in some cases by newly adopted accounting...
from Inside Mortgage Profitability

Subprime Writedowns to Top $20 Billion in First Quarter of 2008
Investment banks continue to write down their subprime mortgage holdings, even after taking massive hits on the collateral in previous quarters...
from Inside B&C Lending

Non-Mortgage ABS Production Hit Hard by Credit Freeze; Cards Show Most Resilience
The global liquidity crunch that brought the non-agency MBS market to a standstill in early 2008 had a somewhat less severe impact on securitization of...
from Inside MBS & ABS

Fed Open to Adjusting ‘High Cost’ Triggers
The Federal Reserve Board may consider raising its recommended trigger for higher-cost loans but whether it will make the change in the final draft of...
from Inside Regulatory Strategies

Lenders Gain Confidence in e-Mortgage Technology, Spurred by Cost Benefits
Universal adoption of e-mortgages may still be years away, but lenders of all sizes are becoming increasingly confident in the use of paperless...
from Inside Mortgage Technology

     

Top Stories from IMF

Mortgage Industry Struggles to Put Positive Spin On Current Environment at Latest MBA Event
The theme of this week’s Mortgage Bankers Association’s National Secondary Market Conference in Boston was “Succeed in a Changing Market.” But it could just have well been titled “Survive in an Extremely Challenging Market.” About 1,000 mortgage industry...
from Inside Mortgage Finance

As the GSEs Post Massive Losses, Lenders Concerned About Increased Fees and Tighter Underwriting
There’s a battle brewing between lenders and the government-sponsored enterprises over how Fannie Mae and Freddie Mac – which have seen dramatic gains in market share along with steep losses – can best spur the recovery of the mortgage market. At the Mortgage...
from Inside Mortgage Finance

Private MIs Shared More Premiums With Lender Captives in 2007; Risk-Sharing Starts Paying Off
Private mortgage insurers ceded a record $928.2 million of MI premiums to captive reinsurance units sponsored by their mortgage lender customers in 2007, up nearly 20 percent from the level of premiums shared the year before... [Includes one chart]
from Inside Mortgage Finance

HUD Plans to Synchronize Issuance of Revised FHASecure Guidelines, Risk-based Pricing Rule
The Department of Housing and Urban Development is planning to issue a new risk-based pricing program as soon as the Office of Management and Budget completes its review of newly revised guidelines for the FHASecure refinancing program. The risk-based premium...
from Inside Mortgage Finance

More RESPA Time
The Department of Housing and Urban Development this week yielded to pressure from private industry and Congress and added an extra 30 days to the public comment period for its controversial proposed rule on mortgage disclosures. The agency originally...
from Inside Mortgage Finance

GSE Appraisal Deal Encounters Widespread Opposition From Industry, OTS; May be Dragged into Litigation
Mortgage lenders and at least one federal regulator are objecting strenuously to a pending appraisal policy recently struck by Fannie Mae and Freddie Mac to resolve issues raised by the New York Attorney General Andrew Cuomo. The agreement, which...
from Inside Mortgage Finance

Fannie Faces Higher Credit Losses, Loan Loss Reserves; Makes Key Business Changes, Including Jumbo Pricing
Fannie Mae reported some fairly mixed results for the first quarter this week, including higher credit losses and loan loss reserves, but experienced a smaller overall earnings hit compared to the fourth quarter. Credit-related expenses – credit losses plus...
from Inside Mortgage Finance

Proposal to Tap FTC as Subprime Regulator Lauded, CT’s AG Calls for Closer Federal, State Collaboration
The attorney general for Connecticut and fair lending advocates last week urged Congress to provide the Federal Trade Commission with authority to regulate subprime mortgage abuses and restore states’ power to enforce federal consumer protection laws, including...
from Inside Mortgage Finance

Triad, Investors Agree to Form New MI Company, Run-off Strategy Ensures Survival of Business
Triad Guaranty Inc. has placed its insurance operations in a voluntary run-off as it announced a plan to create a new, freshly capitalized monoline mortgage insurance company. Triad officials said they expect to complete negotiations with...
from Inside Mortgage Finance

The Mortgage Market at a Glance...
Weekly mortgage rates and application survey data as well as indexes for arms.
from Inside Mortgage Finance

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