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Dubbed a "groundbreaking agreement" by Shaun Donovan, national institutions representing 75% of the REO marketplace say they will give NSP grantees the first crack at bank-owned properties.


MBA: Commercial Delinquency Levels Vary By Investor Groups
Sep. 2, 2010
Delinquency rates for commercial/multifamily mortgage investor groups in the second quarter were mixed, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report. The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest since the [read more]

GSEs Sound Off On Responsible REO Sales
by John Clapp, Sep. 2, 2010
Selling real estate owned (REO) properties to owner-occupants and buyers who qualify for publicly funded housing programs remains an overarching goal of the government-sponsored enterprises (GSEs), according to two articles written by GSE executives and published this week. Despite [read more]

News

FHA Endorsed More Refis Than Purchase Mortgages In July
Sep. 2, 2010
The Federal Housing Administration (FHA) received 173,068 applications in July - a 2.5% increase from June, the FHA reports. For the first time since [read more]

House Dems Push To Suspend FNMA's Strategic-Default Policy
by John Clapp, Sep. 2, 2010
Calling Fannie Mae's decision to go after strategic defaulters an "opaque, overbroad and punitive policy," Rep. John Conyers Jr., D-Mich., has asked Treasury Secretary [read more]

NYC Comptroller, Servicers Engage In FC Prevention Talks
Sep. 2, 2010
New York City Comptroller John C. Liu says that talks have officially begun between his office and five of the city's largest banks regarding [read more]

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From The Orb

How to Effectively Handle Your Repurchase Demands
by Scot D. Baker, Sep. 1, 2010
REQUIRED READING: If your firm originated loans prior to 2009, you have buybacks and need to know how to defend yourself. Loan buyback demands are a dirty little secret [read more]

Dan Thoms: The More Things Change...
by Phil Hall, Aug. 31, 2010
PERSON THE WEEK: As the mortgage banking industry continues to keep up with the acute changes in regulation and policy - the Dodd-Frank Act, government-sponsored enterprise (GSE) reform and the [read more]

Is Elizabeth Warren Ready For Her Close-Up?
by Phil Hall, Aug. 30, 2010
BLOG VIEW: Does the U.S. really need a Consumer Financial Protection Bureau? Probably not, but the Dodd-Frank Act gave us this new bureaucracy, and we seem to be stuck [read more]

Putting An End To Too-Big-To-Fail
by Richard W. Fisher , Aug. 27, 2010
WORD ON THE STREET: The new Financial Stability Oversight Council is directed to make recommendations to the Federal Reserve's Board of Governors "concerning the establishment of heightened prudential standards [read more]

What Can Cloud Computing Offer Mortgage Bankers?
by Rob Katz, Aug. 25, 2010
REQUIRED READING: Today's mortgage lenders fall into one of three categories: those that are growing faster than ever, those that are getting ready to shut their doors and those [read more]

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News

Late-Stage Delinquencies Lead Rise In FC Starts
Sep. 2, 2010
The July Mortgage Monitor report released by Lender Processing Services Inc. (LPS) shows that foreclosure starts are on the rise, with seriously delinquent loans - those six or more [read more]

Polk County FC Sales Move Online
Sep. 2, 2010
Richard Weiss, Clerk of the Circuit Court in Polk County, Fla., has launched a new foreclosure sale site that he says will increase the number of potential buyers for [read more]

MBA: Refinance Index Hits New High
Sep. 1, 2010
The Mortgage Bankers Association's (MBA) Market Composite Index for the week ending Aug. 27 increased 2.7% on a seasonally adjusted basis from one week earlier and 2.3% on an [read more]

FDIC-Insured Institutions Post Improved Earnings
Sep. 1, 2010
Federal Deposit Insurance Corp. (FDIC)-insured institutions reported a $21.6 billion aggregate profit in the second quarter - the highest quarterly earnings total since the third quarter of 2007. The [read more]

S&P/Case-Shiller: Modest Improvement In Q2
Sep. 1, 2010
Data through June show that the national home price index rose 4.4% in the second quarter, after having fallen 2.8% in the first quarter, according to the S&P/Case-Shiller Home [read more]

GSEs: Borrowers Must Pay Off PACE Loans Before Refinancing
Sep. 1, 2010
Borrowers must pay off their Property Assessed Clean Energy (PACE) obligations prior to refinancing, provided the borrowers have sufficient equity, the government-sponsored enterprises (GSEs) instructed lenders this week. PACE [read more]

S&P Lowers CDO Ratings, Impacting $5.6B Of Issuance
Sep. 1, 2010
Standard & Poor's Ratings Services (S&P) has lowered ratings on 15 tranches from nine collateralized debt obligation (CDO) transactions and removed them from CreditWatch with negative implications. The downgrades [read more]

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