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Volume 25 - Number 19 | May 9, 2008
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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...


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...


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]


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...


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...


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...


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...


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...


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...


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

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