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Bank and Thrift Mortgage Performance Continued to Deteriorate in Early 2009
The single-family mortgages that banks and thrifts chose to keep in their retained portfolios used to be a lucrative cache of low-worry assets, but that has changed dramatically over the past few years as the housing market has crumbled. As of the end of the first quarter of 2009, a whopping 9.42 percent of first-lien home mortgages held in bank and thrift... [Includes two charts]
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Accounting Changes May Curtail Mortgage Lending
Recently issued accounting guidance may put a severe crimp in mortgage lending activity, according to a newly formed industry coalition set up to lobby domestic and international accounting policymakers. On June 12, the Financial Accounting Standards Board published Financial Accounting Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB...
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Groups Still Press for GSE Role in Warehouse
Mortgage lending groups, with growing desperation, are continuing to press their case to have Fannie Mae and Freddie Mac somehow more involved in financing warehouse lending – charter compliance issues notwithstanding. Last week, the Mortgage Bankers Association and Warehouse Lending Project wrote to Treasury Secretary Timothy Geithner and Federal Housing Finance Agency Director...
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Aggressive Mentality Is Key in Foreclosure Suits
Mortgage servicers facing litigation from borrowers over foreclosure filings should be as forceful as possible in moving the case along, a role atypical for a defendant, said a industry lawyer who represents some of the industry’s major servicers and lenders.
Chris Thorsen, a partner at the Nashville office of Bradley Arant Cummings LLP, said borrowers are...
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Starting a Mortgage Business with Spare Parts
There are creative ways to cut costs when starting a mortgage business during a rough economy, and it’s vital to make money go farther for a start-up in the struggling industry, according to Steve Adams, a vice president at Ontario-based Protus, a provider of software-as-a-service communication tools. Adams gives advice about how to learn from the popular television show from the...
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Technology Briefs
DRI Management Systems and Unison Global Partners have formed an alliance under which loan servicers of all sizes can access a low... Closeline Settlements, a provider of an online title ordering and management system, announced it has streamlined its virtual... Closing.com has launched the beta version of its second-generation Web site, enabling consumers and real estate professionals to...
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