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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.
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Agency Issuance Increases 4th Consecutive Month
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
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.
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U.S. Rep Takes on HUD
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.
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FHA Mortgagee Faces $3 Million Action
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.
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.
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New Century Execs Settle Accounting Fraud Allegations
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.
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MetLife Raises Quarterly Originations
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.
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Serious Late Payments Deteriorate
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.
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 at MortgageLoan.com
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Homeownership Continues to Decline