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Federal Reserve vice chairman Donald Kohn speaking on the economic outlook at the Hutchinson Lecture in Newark, Del.
Daily Mortgage News Briefing
Last updated: May 13, 2009
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Staff at the Securities and Exchange Commission have recommended filing civil fraud charges against Angelo Mozilo, the co-founder of Countrywide Financial Corp., The Wall Street Journal reported Wednesday afternoon.
Click here for more...Freddie Mac's guaranteed loan portfolio is becoming more vulnerable to defaults due to a growing number of single-family mortgages with high loan-to-value ratios.
Click here for more...Freddie Mac — whose customer base traditionally has been more aligned with depositories — posted a $9.8 billion loss in the first quarter, a far better performance in the period than its sister company, Fannie Mae.
Click here for more...House leaders are preparing to vote on a housing bill next week that will fix a Federal Housing Administration refinancing program for underwater borrowers and likely make the $250,000 deposit insurance coverage permanent.
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The Treasury Department is reopening its Capital Purchase Program for six months so small banks can get another shot of capital and increase their lending capacity.
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Former Federal Deposit Insurance Corp. chairman L. William Seidman, who also headed the thrift bailout agency during that industry's darkest days, died Wednesday. He was 88.
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Foreclosure filings were seen on 342,038 U.S. properties during April, an increase of less than 1% from March and an increase of 32% from April 2008, according to the latest data from RealtyTrac.
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Mortgage stocks slumped across the board at the end of trading on Wednesday as the Dow dropped more than 184 points.
Click here for more...There has been a modest increase in demand for home purchase loans, but the drop-off in demand for refinances had more of an effect on the Market Composite Index, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
Click here for more...Commercial and multifamily mortgage loan originations continued to drop in the first quarter of 2009, according to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Click here for more...ICBA Mortgage, a subsidiary of the Independent Community Bankers of America, originated $7.2 billion of residential loans during the first quarter, nearly triple its production volume of a year ago.
Click here for more...Mortgage Warehouse Network, Houston, is rolling out turnkey operations aimed at helping depositories enter the underserved warehouse-lending arena.
Click here for more...Roughly 1,650 former employees of Mortgage Lenders Network will divide a $2.7 million settlement from the bankrupt subprime lender under a settlement approved by a Delaware judge.
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A 2.50% new issue five-year Benchmark Notes transaction that Fannie Mae priced recently sold primarily to fund managers and U.S. investors.
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The Minnesota Department of Commerce has revoked Michael Prieskorn's mortgage originator license and fined him $2.2 million for his involvement in the allegedly fraudulent sale of homes in high-growth areas including Eagan, Buffalo, Rochester and St. Cloud.
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TransUnion has launched a generic credit score it said is a first for Honduras that can help home lenders and others predict the likelihood of a certain type of delinquency.
Click here for more...Video of the Day
| Sales of existing homes in northeast Wisconsin are lagging behind the rest of the state and way behind the rest of country. A new realtors association report indicates the median sales price dropped another thousand dollars. |
Mortgage Video Library
National Mortgage News presents Mortgage Focus, a video library of hot topics addressed by mortgage industry experts. Topics include servicing, government mortgage plans, refis, loan mods, technology, REO and more.
Click here for more...Editor's Choice
Stay Home!
From the Broker pages of Origination News, our sister publication, Brad Finkelstein writes about how, despite tough times in the mortgage industry, workers should stay home when they're sick, since the short-term gain in productivity for working while sick could have a lasting negative impact on the office.
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Other Voices
This story is from our sister publication, American Banker
PennyMac: Work Is Slow, But Mods Are Productive
CalabAsas, Calif. - Rows upon rows of desks sit empty at the offices of Private National Mortgage Acceptance Co. LLC.
At this stage in the cycle, the buyer and servicer of distressed home loans, known as PennyMac, had expected its call center to be filled with 250 chattering voices. But during a visit last week, there were only 10 people manning the phones, and the cavernous room was quiet.
Read more...Blog of the Week
Join the Discussion!
Each week we will feature a mortgage blog from one of our writers on various topics of interest. To add your two cents, click on the link below, scroll down to the bottom of the blog, type into the comments box, and click submit.
In his Loan Officer Formula for Success blog, Brian Sacks of loanofficerformula.com offers his weekly review of winning origination strategies.
