Agency Issuance Increases 4th Consecutive Month

Author:  //  Category: Mortgage

Fixed-rate issuance of Fannie Mae, Freddie Mac and Ginnie Mae MBS was $95 billion during July based on data reported by eMBS.

Volume was higher than $93 billion in June.

Volume has risen each month since March.

See the original post:
Agency Issuance Increases 4th Consecutive Month

Share/Save/Bookmark

COFI Edges Up

Author:  //  Category: Mortgage

The Cost of Funds Index increased 0.006 percent from May to June, the Federal Home Loan Bank of San Francisco reported.

The index jumped 20 basis points compared to a year earlier.

The index was calculated based on data from 11th District members.

Source:
COFI Edges Up

Share/Save/Bookmark

U.S. Rep Takes on HUD

Author:  //  Category: Mortgage

Democratic Rep. Dennis Cardoza is taking steps to curtail travel by U.S. Department of Housing and Urban Development Secretary Shaun Donovan.

The California congressman noted that Donovan took a delegation to Rio de Janeiro in March for an international housing conference.

Cardoza said Donovan needs to first concentrate on the foreclosure rate in the U.S. before getting involved in international housing problems.

Go here to read the rest:
U.S. Rep Takes on HUD

Share/Save/Bookmark

FHA Mortgagee Faces $3 Million Action

Author:  //  Category: Mortgage

Alacrity Lending Co. improperly underwrote home loans, the U.S. Department of Housing and Urban Development concluded in a recent audit.

The agency’s Office of the Inspector General examined 20 FHA loans originated by Alacrity.

The report recommended that the agency’s attorneys determine whether sufficient evidence exists to pursue legal action that could result in “civil enforcement action” totaling more than $3.3 million.

See original here:
FHA Mortgagee Faces $3 Million Action

Share/Save/Bookmark

California, Florida Account for Two-Fifths of Suspected Mortgage Fraud

Author:  //  Category: Mortgage

California and Florida led the nation in incidents of suspected mortgage fraud last year, with Los Angeles and Miami heading the list of metropolitan areas with the most reported incidents.

Share/Save/Bookmark

New Century Execs Settle Accounting Fraud Allegations

Author:  //  Category: Mortgage

Settlements were announced between the Securities and Exchange Commission and former executives of New Century Financial Corp.

None of the defendants admitted or denied allegations outlined in the SEC’s complaint.

The settlements are subject court approval in a global settlement tied to another case.

See the original post here:
New Century Execs Settle Accounting Fraud Allegations

Share/Save/Bookmark

MetLife Raises Quarterly Originations

Author:  //  Category: Mortgage

Second-quarter residential originations at MetLife Home Loans increased around $300 million from the first quarter.

Reverse mortgage production also improved.

But overall business was down 55 percent compared to the second-quarter 2009.

Here is the original:
MetLife Raises Quarterly Originations

Share/Save/Bookmark

Serious Late Payments Deteriorate

Author:  //  Category: Mortgage

Total mortgage delinquency of at least 90 days as of June 30 surged 82 basis points from May 31, LPS reported.

The foreclosure rate shot up 47 BPS, according to the report.

The delinquency rate, excluding foreclosures, was up 35 BPS.

Go here to read the rest:
Serious Late Payments Deteriorate

Share/Save/Bookmark

Mixed Performance at M.I. Firms

Author:  //  Category: Mortgage

The Mortgage Insurance Companies of America reported that the number of policies issued in June were 9 percent higher than in May.

The number of new mortgage insurance applications has increased each month since January.

Share/Save/Bookmark

Homeownership Continues to Decline

Author:  //  Category: Mortgage

The U.S. homeownership rate continued to decline in the second quarter of the year, falling to 66.9 percent, the lowest level since the end of 2009.

read more

Read More at MortgageLoan.com

See the original post:
Homeownership Continues to Decline

Share/Save/Bookmark