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  • Mon, Jan 25 2010
  • 10:59 AM » Stakes are high as government plans exit from mortgage markets
    Published Mon, Jan 25 2010 10:59 AM by Washington Post
    For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates.Now, whether the housing market is ready or not, the government is pulling out.
    Click Here to Read the Full Article

    Source: Washington Post
  • Thu, Jan 21 2010
  • 6:51 PM » New Mortgagee Letter: Approval for Single Family Programs. Extended Procedures for Terminating Underwriting Authority
    Published Thu, Jan 21 2010 6:51 PM by
    This Mortgagee Letter is being issued to advise that the Department of Housing and Urban Development (HUD) will be using its regulatory authority to terminate a mortgagee’s authorization to underwrite single family loans in geographic areas where the lender has a high rate of early defaults and claims.
  • 6:49 PM » New Mortgagee Letter: Increase in Upfront Premiums for FHA Mortgage Insurance
    Published Thu, Jan 21 2010 6:49 PM by
    Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit qualifying and non-credit qualifying streamlined refinance transactions.
  • 12:50 PM » Revival in 'Private-Label' Mortgage Securities?
    Published Thu, Jan 21 2010 12:50 PM by WSJ
    The market for "private-label" mortgage-backed securities screeched to a halt two years ago when surging defaults ruined investors' appetite for the bonds. But is sentiment starting to shift?
  • 12:49 PM » No Plans for Mortgage Principal Reductions
    Published Thu, Jan 21 2010 12:49 PM by WSJ
    Despite increasing pressure to take more aggressive steps to keep troubled borrowers in their homes, the Obama administration said Wednesday that it had no immediate plans to alter its foreclosure-prevention program by increasing its reliance on reducing loan balances.
  • 12:46 PM » Goldman Subprime Fallout Hits Home in South Carolina
    Published Thu, Jan 21 2010 12:46 PM by WSJ
    Tony Redman used to earn $100,000 a year from his sales and technology job at a Goldman Sachs Group Inc. subprime-loan unit called Senderra Funding LLC. But he hasn't had a steady paycheck since being laid off in June, and a shrinking savings account will force him to swallow his pride if he doesn't land a new job soon
  • 8:32 AM » Why Mortgage Modification Isn't Working
    Published Thu, Jan 21 2010 8:32 AM by WSJ
    The Treasury Department is aiming for three million to four million permanent mortgage modifications by 2012. To get anywhere close to that number—and to prevent this country from sliding even deeper into a recession—regulators need to modify the modification process.
  • Wed, Jan 20 2010
  • 7:51 AM » Survey: Investors are the most bullish since before credit crisis
    Published Wed, Jan 20 2010 7:51 AM by
    Investors are at their most bullish since before the onset of the credit crisis, taking on above-average levels of risk for the first time since 2006, according to this month’s Bank of America Merrill Lynch fund manager survey
  • Fri, Jan 15 2010
  • 5:40 PM » FHA Guidance: RESPA, HVCC Delay, Lender Investigations, Short Sales
    Published Fri, Jan 15 2010 5:40 PM by HUD
    As I mentioned in the last edition, there continues to be change coming from FHA, and I want to reiterate how much we appreciate your partnership as you work to implement these changes. Recently, we provided guidance on short sales, delayed implementation of some of our new appraisal policies, and clarified HUD’s new Real Estate Settlement Procedures Act (RESPA) procedures as they relate to FHA originations. I would like to address those topics and recent news with you today, to give you a better understanding of these changes and answer questions we have received. We are here to support you as we work together to serve the nation’s home buyers and renters.
  • Tue, Jan 12 2010
  • 3:14 PM » Mortgage Bankers Association’s 2010 Agenda
    Published Tue, Jan 12 2010 3:14 PM by
    By investing in communities the real estate finance industry has played a critical role in the American economy. The turmoil of the last couple of years in the industry has, however, threatened this critical responsibility. As the voice of the residential and commercial real estate finance industry, the Mortgage Bankers Association (MBA) will continue to work closely with the 111th Congress, the Obama administration and financial regulators to help restore confidence in our industry and restore stability to our nation’s mortgage markets, allowing them to emerge from this time stronger, more resilient and better positioned to serve America’s housing and commercial real estate needs for the future. While the policy issues before our industry are many and we will work on them all, our focus in 2010 will be on the following issues.
  • 2:24 PM » LPS: One in Every 7.5 Properties Behind on Payments or in Foreclosure
    Published Tue, Jan 12 2010 2:24 PM by
    The December Mortgage Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, showed that one in every 7.5 homeowners in the United States is either behind on mortgage payments or in foreclosure. The December 2009 Mortgage Monitor report is an in-depth summary of mortgage industry performance indicators based on data collected as of November 30, 2009.
    Click Here to Read the Full Article

  • 11:31 AM » MBA to Present 2010 State of the Industry Today
    Published Tue, Jan 12 2010 11:31 AM by
    The Mortgage Bankers Association will present its annual State of the Real Estate Finance Industry this morning, Tuesday, Jan. 12. The presentation will take place as a media conference call. MBA NewsLink will provide coverage. MBA representatives will discuss the state of the industry; efforts to help delinquent borrowers; MBA's new three-year macro-economic and mortgage finance/housing forecasts; legislative and regulatory accomplishments in 2009; and the legislative and regulatory landscape for 2010, including GSE/secondary market reform, FHA reform and financial services regulatory legislation. MBA will also present its 2010 Legislative/Regulatory Agenda. Presenters include MBA President and CEO John Courson; MBA Chairman Robert Story, CMB; MBA Senior Vice President of Public Policy and Industry Relations Steve O' Connor; and MBA Chief Economist and Senior Vice President for Research and Economics Jay Brinkmann.
    Click Here to Read the Full Article

  • Mon, Jan 11 2010
  • 3:04 PM » Hoenig Says Fed’s Mortgage Debt Purchases Should End in March
    Published Mon, Jan 11 2010 3:04 PM by Business Week
    Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, said the central bank should end its purchases of mortgage debt as planned in March because the private market for the securities is “healing.”
    Click Here to Read the Full Article

    Source: Business Week
  • 11:17 AM » Bernanke Bond Spread Most Since 2007 Shows Decoupling
    Published Mon, Jan 11 2010 11:17 AM by Bloomberg
    The correlation between Treasuries and German bunds that has prevailed since credit markets started freezing in 2007 is breaking down as U.S. economic growth leaves Europe behind.
  • Fri, Jan 8 2010
    Published Fri, Jan 08 2010 1:58 PM by American Bankers Assoc.
    The American Bankers Association will offer its member banks a reverse mortgage program through MetLife Home Loans, a division of MetLife Bank, N.A. Under the program, MetLife Home Loans will provide ABA member banks a streamlined broker/correspondent approval and on-boarding process, access to proprietary MetLife research and educational materials about and for the mature market, complete product education, and dedicated account management.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 12:40 PM » Retiree Annuities May Be Promoted by Obama Aides
    Published Fri, Jan 08 2010 12:40 PM by Bloomberg
    The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged. The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
  • 9:49 AM » The American Economy will Recover Even if the Housing Market Doesn't
    Published Fri, Jan 08 2010 9:49 AM by
    On Tuesday, the National Association of Realtors reported that pending home sales—an indicator of future sales activity—fell 16 percent in November, which was much worse than expected. That pitched the stock market lower and led analysts to express concerns that a new housing bust would snuff out the recovery. After all, housing—a massive asset class, a huge provider of employment and cash for spending—led us into the ditch in 2008. Without a housing recovery, sustainable growth seems difficult to imagine.
    Click Here to Read the Full Article

  • Thu, Jan 7 2010
  • 4:42 PM » U.S. Warns Banks to Guard Against Rate-Rise Risks
    Published Thu, Jan 07 2010 4:42 PM by Bloomberg
    U.S. regulators including the Federal Reserve warned banks to guard against possible losses from an end to low interest rates and reduce exposure or raise capital if needed.
  • 1:52 PM » Fannie Mae Update: Special Approval Designation for Established Florida Condominium Projects
    Published Thu, Jan 07 2010 1:52 PM by Fannie Mae
    The Special Approval designation applies to certain established projects located in Florida. Lenders must use Special Feature Code 156 for delivery of loans secured by units in condo projects with a Special Approval designation. In addition, lenders must deliver project review code Type T – Fannie Mae Review. For details, refer to Lender Letter LL-2010-01 and the FAQs.
  • 9:49 AM » Principal Cuts on More Lender Menus as U.S. Foreclosures Rise
    Published Thu, Jan 07 2010 9:49 AM by Bloomberg
    Efforts by U.S. banks to help distressed homeowners have focused mainly on temporary fixes such as interest-rate reductions that may only put off the day of reckoning, despite policy makers wanting them to do more. Banks may be forced to resort to a remedy they’ve been trying to avoid -- principal reductions -- as another wave of foreclosures looms and payments on risky loans rise, Bloomberg BusinessWeek magazine reports in the Jan. 18 issue.
  • Wed, Jan 6 2010
  • 10:56 AM » If the Fed Missed This Bubble, Will It See a New One?
    Published Wed, Jan 06 2010 10:56 AM by
    The fact that Mr. Bernanke and other regulators still have not explained why they failed to recognize the last bubble is the weakest link in the Fed’s push for more power. It raises the question: Why should Congress, or anyone else, have faith that future Fed officials will recognize the next bubble?
    Click Here to Read the Full Article

  • Tue, Jan 5 2010
  • 3:22 PM » Fitch Downgrades 'Scratch and Dent' RMBS Deals
    Published Tue, Jan 05 2010 3:22 PM by
    Here’s something that might have escaped your radar during Christmas week — a mass downgrade of so-called `Scratch and Dent’ RMBS deals by ratings agency Fitch.
    Click Here to Read the Full Article

  • Mon, Jan 4 2010
  • 2:11 PM » Behind the Christmas Eve Taxpayer Massacre at Fannie and Freddie.
    Published Mon, Jan 04 2010 2:11 PM by WSJ
    Happy New Year, readers, but before we get on with the debates of 2010, there's still some ugly 2009 business to report: To wit, the Treasury's Christmas Eve taxpayer massacre lifting the $400 billion cap on potential losses for Fannie Mae and Freddie Mac as well as the limits on what the failed companies can borrow. The Treasury is hoping no one notices, and no wonder. Taxpayers are continuing to buy senior preferred stock in the two firms to cover their growing losses—a combined $111 billion so far. When Treasury first bailed them out in September 2008, Congress put a $200 billion limit ($100 billion each) on federal assistance. Last year, the Treasury raised the potential commitment to $400 billion. Now the limit on taxpayer exposure is, well, who knows?
  • 8:32 AM » Fed economist calls for US government MBS guarantees
    Published Mon, Jan 04 2010 8:32 AM by Reuters
    Fed economist wants asset-backed securities guaranteed. Would avert Fannie Mae, Freddie Mac collapse, he argues. Suggests guarantees similar to FDIC's structure. Comments come as fate of Fannie Mae/Freddie Mac debated
  • Wed, Dec 30 2009
  • 8:38 PM » Fannie Mae Updates: FHA-Approved Condo Projects, Credit Score Versions, DU Refi Plus and Refi Plus
    Published Wed, Dec 30 2009 8:38 PM by Fannie Mae
    This Announcement contains the following updated policies:Discontinuance of accepting FHA-approved condo projects for conventional mortgage loans, Acceptable credit score versions for manual underwriting, Acceptable subordinate financing for DU Refi Plus™ and Refi Plus, Changes to existing mortgage loan eligibility for Refi Plus mortgage loans
  • 4:32 PM » Morgan Stanley Sees 5.5% 10 Year Yield as U.S. Faces Deficits
    Published Wed, Dec 30 2009 4:32 PM by Bloomberg
    If Morgan Stanley is right, the best sale of U.S. Treasuries for 2010 may be the short sale. Yields on benchmark 10-year notes will climb about 40 percent to 5.5 percent, the biggest annual increase since 1999, according to David Greenlaw, chief fixed-income economist at Morgan Stanley in New York. The surge will push interest rates on 30-year fixed mortgages to 7.5 percent to 8 percent, almost the highest in a decade, Greenlaw said.
  • 9:18 AM » Questions Surround Fannie, Freddie
    Published Wed, Dec 30 2009 9:18 AM by WSJ
    The government's move to ease the limits on the securities holdings of Fannie Mae and Freddie Mac has ignited a debate among analysts about what the companies will do with their longer leash. When the Treasury Department took over Fannie and Freddie last year, one of the requirements they set for the companies required them to begin shrinking their portfolios of mortgages and related investments, which total a combined $1.5 trillion. The idea was to rein in the companies' size and growth.
  • Wed, Dec 23 2009
  • 12:17 PM » MBA Files 2 Comment Letters with Federal Reserve on Proposed TILA Changes
    Published Wed, Dec 23 2009 12:17 PM by
    On Tuesday, December 22, 2009, the Mortgage Bankers Association (MBA) filed 2 comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth in Lending Act (TILA).
  • Tue, Dec 22 2009
  • 11:17 AM » Housing Is Shaky With U.S. Aid. Without It?
    Published Tue, Dec 22 2009 11:17 AM by WSJ
    One question nagging investors is how housing will hold up absent government intervention next year. But housing's recovery is shaky even with government props, as data this week will likely show. Tuesday is expected to kick off with strong numbers, when the National Association of Realtors reports home resales for November. Economists estimate that existing homes sold at an annualized rate of 6.3 million units, the fastest since February 2007 and up 39% from last November. The rebound in existing-home sales has been driven mainly by the government's tax credit for first-time home buyers. The credit was extended in November, but the bulk of credit-driven sales may have jammed into the September-to-November stretch, when the extension was in doubt. The NAR and many economists expect a drop in sales in the next month or two.
  • Mon, Dec 21 2009
  • 2:23 PM » Rates May Rise Sooner Than You Think
    Published Mon, Dec 21 2009 2:23 PM by WSJ
    The news may not be official, but it is becoming clear the economy emerged from its longest recession in decades some time in the past few months. Several reports this week will gauge the recovery's strength. The question for investors is if economic growth will buoy prices— including those of stocks— enough to spur the Federal Reserve to raise rates. That could happen sooner than many think. The economy has been perking up, and stocks have been on a tear. Tuesday, the government's final report on third-quarter gross domestic product is expected to show that the economy expanded at an annualized rate of nearly 3%.
  • 1:45 PM » Housing Crash Leads to a Falloff in Divorces
    Published Mon, Dec 21 2009 1:45 PM by WSJ
    The divorce rate in the U.S. fell 4% last year, according to a report released last week by the National Marriage Project. The news might cheer family advocates, but the lousy housing market is probably the cause, as couples with depreciated home values wait to split until the market rebounds. Right now, home values are down substantially. According to Moody's, 31.8% of owners with a first mortgage currently owe more than their house is worth. Couples who decide to get divorced are splitting liabilities instead of assets.
  • Thu, Dec 17 2009
  • 10:05 AM » Economic Outlook Provided by Fannie Mae's Economics & Mortgage Market Analysis Group
    Published Thu, Dec 17 2009 10:05 AM by Fannie Mae
    Fannie Mae's Economics & Mortgage Market Analysis group provides analysis of current and historical data, and forecasts economic trends in the housing and mortgage-finance markets. The group also produces regular publications, analyses, forecasts, and special projects to evaluate economic, demographic, and financial housing and mortgage-market data.
  • 8:25 AM » Four Big Mortgage Backers Swim in Ocean of Debt
    Published Thu, Dec 17 2009 8:25 AM by
    Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support.
    Click Here to Read the Full Article

  • Wed, Dec 16 2009
  • 9:29 AM » ASF Project RESTART Releases Model RMBS Reps and Warranties
    Published Wed, Dec 16 2009 9:29 AM by
    On December 15, 2009, the American Securitization Forum (“ASF”) released the final version of the ASF Model RMBS Representations and Warranties (collectively, the “Model Reps”). The development of the Model Reps represents an important phase of ASF's Project on Residential Securitization Transparency and Reporting ("ASF Project RESTART" or the "Project"), an industry-developed initiative launched in February 2008 aimed at restoring investor confidence in mortgage and asset-backed securities.
    Click Here to Read the Full Article

  • Tue, Dec 15 2009
  • 5:45 PM » Nowhere Near Done in Terms of Housing Recovery
    Published Tue, Dec 15 2009 5:45 PM by
    We are very realistic that we are nowhere near done in terms of housing recovery." Said David Katkov of PMI Group Inc. the mortgage Insurer that is seeking the same type of capital requirement waiver from their AZ insurance regulator to write new mortgage insurance that their main competitor MGIC received from their Wisconsin Insurance Regulator.
    Click Here to Read the Full Article

  • 4:19 PM » The Biggest Real Estate Flops of 2009
    Published Tue, Dec 15 2009 4:19 PM by
    The high-end real estate market hit new lows this year as multimillion-dollar properties failed to attract buyers even after huge discounts. New-home sales rose 24% and pending home sales jumped 32% in October from a year earlier, but estates with wine cellars, infinity pools and servants' quarters saw their prices drop 7%. Basketball star Shaquille O'Neal and rapper 50 Cent were among the bigger names to take losses or pull their homes off the market. Some luxury sellers are still weathering the storm. While the former home of the Detroit Lions took perhaps the biggest beating of the year, the former mailing addresses of Leona Helmsley, Nicolas Cage and Bernie Madoff still have no takers. Here are five property duds whose oversized infamy was matched by their inflated price tags:
    Click Here to Read the Full Article

  • Mon, Dec 14 2009
  • 7:10 PM » Wells Fargo to Repay $25 billion to U.S.
    Published Mon, Dec 14 2009 7:10 PM by Reuters
    NEW YORK (Reuters) - Wells Fargo & Co said on Monday it will repay the entire $25 billion it received from the government under the Troubled Asset Relief Program, after selling $10.4 billion of common shares.
  • 3:24 PM » Bill Berliner MBS Market Round Up: December 14, 2009
    Published Mon, Dec 14 2009 3:24 PM by
    Since the end of November, the yield on the 10-year has tracked higher, with the exception of last Monday and Tuesday. The steady upward move in long yields has pushed the yield on the 10-year to the 3.55% level as of Friday.
    Click Here to Read the Full Article

  • 7:58 AM » Interest Rates Are Low, but Banks Balk at Refinancing
    Published Mon, Dec 14 2009 7:58 AM by
    Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out
    Click Here to Read the Full Article

  • Fri, Dec 11 2009
  • 5:49 PM » DU 8.0 Implemented on Weekend of December 12, 2009
    Published Fri, Dec 11 2009 5:49 PM by Fannie Mae
    During the weekend of December 12, 2009, Fannie Mae will implement Desktop Underwriter® (DU®) Version 8.0. This release will include changes to the DU credit risk assessment and a number of eligibility guidelines. In addition, this release will support the policy changes described in the following Selling Guide Announcements, as well as other changes described below:
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.14%
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  • 15 Yr FRM 4.33%
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  • Jumbo 30 Year Fixed 3.94%
MBS Prices:
  • 30YR FNMA 4.5 107-32 (0-07)
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  • 30YR FNMA 5.0 110-12 (0-04)
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  • 30YR FNMA 5.5 112-11 (0-03)
Recent Housing Data:
  • Mortgage Apps 1.59%
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  • Refinance Index 1.85%
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  • Purchase Index 1.17%