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Volume 7 - Number 9 | April 25, 2008
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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 rules. An Inside Mortgage Profitability analysis of first quarter earnings filed by 17 lenders indicates...


Wall Street Supports Bond Insurers Despite Ambac’s Loss on Mortgage Obligations
The stock prices of most major bond insurers rebounded late in the week after falling sharply in the wake of Ambac Financial Group’s announcement that it lost $1.66 billion after setting aside $1 billion to cover future payouts on mortgage bonds...


Countrywide’s Mortgage Insurance Captive Garnered a Third of Premiums in 2007
Countrywide Financial raked in $308.1 million in private mortgage insurance premiums ceded by the industry’s seven private MIs during 2007, according to a new analysis of MI regulatory filings by Inside Mortgage Profitability... [Includes one chart and one graph]


Wachovia Raises Capital, Adjusts Underwriting and Modeling in Wake of Losses on Option ARMs
After posting a $350 million loss for the first quarter of 2008, Wachovia last week sold $8.05 billion in stock options to boost investor confidence in the company, and pledged to tighten underwriting on the option adjustable-rate mortgages that were...


Bank Executives Predict Increased Delinquencies, Indicate Greater Interest in Reverse Mortgages
A majority of bank executives expect that loan delinquencies will continue increasing in 2008 and consumer demand for mortgages will continue decreasing, while executives at larger banks are more concerned about the impact of the ongoing credit...


Post-Merger Countrywide Will Abandon Subprime, Option ARMs and Most Low-Doc Lending
Once Bank of America completes its acquisition of Countrywide Financial, it will bar all subprime lending, most low-documentation loans and all option adjustable-rate mortgages from the product line of the new mortgage giant. BofA, which is expected to...

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