As a subplot to the entire mortgage drama, two feuds recently emerged or more accurately re-emerged among some major mortgage players. First, in testimony before the Senate Banking, Housing, and Urban Affairs Committee, North Carolina Commissioner of Banks, Joseph A. Smith, Jr. representing the Conference...
A lot has happened to the subprime market and the players in it since the virtual meltdown two weeks ago. This does not purport to be a definitive roundup of activities in the last week, there has been a lot going on. New Century Financial continues its downhill spiral. While it voluntarily stopped accepting...
In the wake of a tough couple of weeks that have rattled the sub-prime lending industry, Freddie Mac announced on Tuesday that it was cracking down on underwriting standards for those loans it purchases. The mortgage giant announced that it will cease purchasing subprime mortgages that "have a high likelihood...
The results are too subtle (and also presented in an incredibly confusing format) to determine if rate shock is starting to take its toll on American homeowners, but, looking beyond the cheerful lead paragraph, "The delinquency rates for mortgage loans ...were down 2 basis points from the first quarter...
"A Cooling Trend" was the title given to Freddie Mac's September 2006 Economic Outlook released recently. In keeping with the seasonal theme, the report, issued by the Office of the Chief Economist, projected a cooling trend for the balance of the year, "with occasional frost and warmer conditions as...
ACORN, the Association of Community Organizations for Reform Now, has just issued the results or a large scale study of the potential impact of upcoming adjustments to adjustable rate mortgages . ACORN bills itself as the nation's largest community organization of low and moderate-income families. It...
Last month we ended our report on Freddie Mac's April Economic Outlook with the statement that "Freddie Mac's April Economic Outlook deviates only slightly from predictions in earlier months; the housing market is slowing but certainly not screeching to a halt." May's report which was issued this week...