COFI Eases

Author:  //  Category: Mortgage

During January, the cost of funds index dropped 4 basis points from February, the Federal Home Loan Bank of San Francisco reported.

COFI was 67 BPS better than a year earlier.

A more widely used index on adjustable-rate mortgages, the yield on the one-year Treasury bill, tumbled between January and February.

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COFI Eases

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Record Low M.I. Volume Headed Lower

Author:  //  Category: Mortgage

The dollar volume of mortgage insurance written during January dropped 18 percent from December, the Mortgage Insurance Companies of America reported.

Volume was down 41 percent from a January 2009.

Last month’s activity was the lowest level of activity since at least 2000 based on an analysis of data by MortgageDaily.com.

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Record Low M.I. Volume Headed Lower

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FDIC Warns About Continued CRE Losses

Author:  //  Category: Mortgage

The vice chairman of the Federal Deposit Insurance Corporation testified before Congress today, according to a transcript of his prepared statement.

The hearing addressed the availability of credit for small businesses and commercial real estate. “

The most prominent area of risk for rising credit losses at FDIC-insured institutions during the next several quarters continues to be in CRE lending,” he stated.

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FDIC Warns About Continued CRE Losses

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Freddie to Dump Interest Only Loans

Author:  //  Category: Mortgage

Freddie Mac reported that it plans to stop buying and securitizing interest-only mortgages.

While Freddie gave no explanation for the move, its January summary of operational activity indicated that delinquency on interest-only fixed-rate mortgages is running around twice the rate of fully amortizing loans.

For instance, on interest-only fixed-rate loans originated in 2006, the 90-day delinquency was nearly 900 basis points higher than on fully amortized fixed-rate loans from the same vintage.

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Freddie to Dump Interest Only Loans

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15-Year Loans Far Outperform 30-Year at Freddie

Author:  //  Category: Mortgage

Home loan delinquency of at least 90 days jumpbed 16 basis points between December and January, Freddie Mac reported.

Compared to January 2009, delinquency was 205 BPS worse.

While delinquency topped 7.50 percent on 30-year fixed-rate mortgage originated in 2007, delinquency on all vintages of 15-year fixed-rate loans was less than 2 percent.

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15-Year Loans Far Outperform 30-Year at Freddie

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Home Sales Post Second Big Drop

Author:  //  Category: Mortgage

Existing home sales took another big drop in January, falling 7.2 percent after posting a record decline in December.

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Home Sales Post Second Big Drop

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Bank of Canada announces appointment of Tiff Macklem as Senior Deputy Governor

Author:  //  Category: Mortgage

OTTAWA, Ontario, February 26, 2010 — The Board of Directors of the Bank of Canada today announced that Tiff Macklem has been appointed Senior Deputy Governor for a term of seven years beginning 1 July, 2010. His selection was made by the independent members of the Bank’s Board and was approved by the federal Cabinet.
Mr. Macklem, who has had a long association with the Bank of Canada, …

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Bank of Canada announces appointment of Tiff Macklem as Senior Deputy Governor

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Appraisers Claim AVM Overvalues Properties

Author:  //  Category: Mortgage

The Appraisal Institute announced the results of a new study outlined in its quarterly newsletter.

The researchers examined how Zillow’s AVM estimates, or “Zestimates,” compare to actual sales prices.

The study found that 40 percent of home in the sample were overvalued by Zillow by more than 10 percent when compared to actual sales prices.

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Appraisers Claim AVM Overvalues Properties

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Ginnie Has New Chief

Author:  //  Category: Mortgage

Theodore W. Tozer has been sworn in as Ginnie Mae’s president, a news release from the U.S. Department of Housing and Urban Development indicated.

Tozer said in the statement that he has 30 years’ experience in the mortgage capital markets.

He was previously senior vice president of capital markets at National City Mortgage.

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Ginnie Has New Chief

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Rates Worse But New Activity Better

Author:  //  Category: Mortgage

The benchmark 30-year fixed-rate mortgage was 12 basis points worse than the prior week in Freddie Mac’s latest mortgage survey of 125 thrifts, credit unions, commercial banks and mortgage banks.

Freddie said the 15-year fixed-rate mortgage rose 7 BPS.

But loan activity climbed 10 percent from a week earlier in the Mortech-MortgageDaily.com Mortgage Market Index for the week ended Feb. 24 — rising to 34 inquiries-per-user.

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Rates Worse But New Activity Better

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