COFI At Lowest Level Ever

Author:  //  Category: Mortgage

Borrowers whose interest rates and monthly payments adjust based on movement in the Cost of Funds Index were treated to a record-low index last month.

COFI was 6 basis points lower during March than it was during February. The index shattered its November 2011 record and has never been this low based on available data as far back as July 1981.

Compared to the same month during 2011, COFI was down 25 BPS.


Go here to see the original:
COFI At Lowest Level Ever

Share/Save/Bookmark

Gareth Morgan: House prices a cancer for the economy

Author:  //  Category: Mortgage

… excess that led to the sub-prime crisis and widespread recession in … Bank to favour lending on mortgage to other forms of lending … risk weightings it deems residential mortgages deserve compared to other lending …

Continued here:
Gareth Morgan: House prices a cancer for the economy

Share/Save/Bookmark

Sumitomo Mitsui Financial sees 4.6-per-cent profit rise for year

Author:  //  Category: Mortgage

… damage wrought by the US subprime mortgage crisis and said bond sales … last year and offset its subprime losses. The financial group said …

Sumitomo Mitsui Financial sees 4.6-per-cent profit rise for year

Share/Save/Bookmark

HARP 2.0 Holdups

Author:  //  Category: Mortgage

Loan officers at U.S. financial institutions were surveyed about obstacles to originating home loans. While some banks are participating in the government’s refinance program for negative-equity borrowers, many see too many impediments to utilize the program.

When asked in a survey about what factors are impeding their ability to originate residential loans, bank loan officers cited the periods when new business exceeded their production capacity.

Delayed real estate appraisals are also causing loan applications to get hung up, as is slow or inaccurate underwriting.


Here is the original post:
HARP 2.0 Holdups

Share/Save/Bookmark

Fannie’s New Business at Nearly 3-Year High

Author:  //  Category: Mortgage

It’s been nearly three years since new business acquisitions at the Federal National Mortgage Association have been this high. Serious home-loan delinquency hasn’t increased for more than two years.

Volume at Fannie Mae during March accelerated by 53 percent from February. Compared to the same month last year, new business acquisitions were 65 percent more.

First-quarter 2012 secondary activity totaled $221.373 billion.


More here:
Fannie’s New Business at Nearly 3-Year High

Share/Save/Bookmark

The Downside of the Fed’s Zero Interest Rate Policy

Author:  //  Category: Mortgage

… buy long dated securities and mortgage backed bonds to directly lower … acting in the way a sub-prime lender did five years ago …

Read more:
The Downside of the Fed’s Zero Interest Rate Policy

Share/Save/Bookmark

MetLife Winding Down Mortgage Business

Author:  //  Category: Mortgage

Residential originations plummeted by more than 90 percent from the prior quarter at MetLife Inc. as its winds down its mortgage business. Attrition appears to be taking its toll on staff size.

MetLife Home Loans’ first-quarter 2012 production came in 92 percent lower than during the fourth quarter 2011, according to data provided to Mortgage Daily.

Compared to the first-quarter of last year, volume was down 81 percent.


View original post here:
MetLife Winding Down Mortgage Business

Share/Save/Bookmark

Subprime-Era Journalist Loses Battle With Cancer

Author:  //  Category: Mortgage

The mortgage industry has lost a veteran journalist who chronicled the highs and lows of subprime lending and who had reported for Mortgage Daily.

Neil J. Morse earned a bachelor’s degree in journalism from the University of Bridgeport. He additionally earned a master’s in communications from Fairfield University, where he also was an adjunct faculty member for several years.

Morse got his start as a reporter for the mortgage industry in the 1990′s.


Go here to read the rest:
Subprime-Era Journalist Loses Battle With Cancer

Share/Save/Bookmark

Spain Default Could Hit US Market 10%-20%: Economist

Author:  //  Category: Mortgage

… bubble, a higher percentage of subprime mortgages, and the country has …

Read the original here:
Spain Default Could Hit US Market 10%-20%: Economist

Share/Save/Bookmark

Funds Bet on Mortgage Sector Even as Housing Stays Weak

Author:  //  Category: Mortgage

… focused on scooping up bargain-priced mortgages themselves. The near-zero interest rate … the heady days of the subprime mortgage boom when banks were furiously … . The mortgage fund, which will invest in the gamut of mortgage-backed securities …

Original post:
Funds Bet on Mortgage Sector Even as Housing Stays Weak

Share/Save/Bookmark