Pace of Modifications Slowing

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Loan modifications by banks and thrifts were 142,362 during the second quarter, according to the OCC and OTS Mortgage Metrics Report. Activity tumbled from 190,357 modifications in first quarter. Trial modifications under the Home Affordable Modification Program totaled 114,538 during the latest period. No trial modifications were reported for the first quarter.

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Pace of Modifications Slowing

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Foreclosures Ease, Delinquency Worsens

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Loan delinquency of at least 30 days, including foreclosures in process, at U.S. thrifts and banks ended June at 11.4 percent, according to the jointly released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Delinquency climbed from 10.2 percent at the end of March and 7.50 percent on June 30, 2008. New foreclosure filings amounted to 369,226 in the second quarter, easing from 370,567 in the first quarter.

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Foreclosures Ease, Delinquency Worsens

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Record Low M.I. Activity

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During August, mortgage insurance companies wrote 8,298 fewer policies than they did in July, according to data released by the Mortgage Insurance Companies of America. The number of policies was down by more than half from a year earlier. MortgageDaily.com analyzed mortgage insurance data back to 2000 — the oldest data available — and the dollar volume of policies written has never been this low.

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Record Low M.I. Activity

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FHA RMBS Downgraded

Author:  //  Category: Mortgage

Moody’s Investors Service reported a number of recent downgrades to government mortgage-backed securities. Delinquency of at least 60 days on securitized government loans stands at around 36 percent for 2006 vintage RMBS. “Moody’s expects loss levels on FHA-VA pools to rise further as the general level of remaining delinquencies remain elevated and loss severities increase,” the ratings agency said.

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FHA RMBS Downgraded

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[News] Gross Domestic Product Revised Slightly Upward

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The U.S. gross domestic product shrunk at an annual rate of 0.7 percent in the second quarter of the year, far slower than in the preceding quarter and less than previous estimates had predicted.

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[News] Gross Domestic Product Revised Slightly Upward

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Executive Pool Rapidly Changing

Author:  //  Category: Mortgage

Terence W. Edwards was appointed executive vice president, credit portfolio management at Fannie Mae, according to a statement. A recent news release noted that Douglas Harris was hired as the chief operating officer of Residential Finance Corp. Data reported by the Better Business Bureau indicates Jay Farner is now the chief executive officer of One Reverse Mortgage LLC. US Central Federal Credit Union CEO James Nance was ousted by the US Central Conservatorship Advisory Board, a news release from the National Credit Union Administration indicated.

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Executive Pool Rapidly Changing

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CitiMortgage Shakeup

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CitiMortgage Inc. is streamlining its management structure, according to an internal memorandum to employees that was obtained by MortgageDaily.com. As a result, the head of national sales at the company is leaving. In addition, the head of the origination business is also departing.

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CitiMortgage Shakeup

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Fannie’s Business Deteriorates

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In a monthly summary, Fannie Mae reported that new business acquisitions in August were down 26 percent from July. Residential delinquency of at least 90 days, reported on a one-month lag, ended July at 23 basis points more than in June. Delinquency is at the highest level on record at Fannie.

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Fannie’s Business Deteriorates

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OCC, Bankers Concerned Over Loss of Preemption

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The American Bankers Association issued a statement Wednesday indicating that it is concerned about a proposal to remove the preemption of state and local laws. Comptroller of the Currency John Dugan issued a statement on Thursday indicating that the repeal of federal preemption should be rejected by Congress. “This radical change is fundamentally at odds with the concept of efficient national standards for national products and services offered across state lines in national markets — a concept that has been central to the economic prosperity of the United States since the adoption of our Constitution, and one that has been critical to the flourishing of our national banking system since 1863,” Dugan stated.

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OCC, Bankers Concerned Over Loss of Preemption

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[News] Home Prices Up, But Consumers Pessimistic

Author:  //  Category: Mortgage

U.S. home prices rose for the third straight month in July, according to a leading index, but the good news comes against a background of more recent data showing continued trouble for the economy.

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[News] Home Prices Up, But Consumers Pessimistic

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