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...
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...
Freddie Mac's Office of the Chief Economist has issued its monthly Economic & Housing Outlook report for the month of March. Much of the report is given to a discussion of Federal Reserve Chairman Alan Greenspan's semi-annual report to Congress in which he noted the "conundrum" of the rising federal...