Record 10-Year Treasury Points to Another 30-Year Mortgage Record

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The 30-year mortgage has been in record territory for five consecutive weeks, while 15-year loans fell below 3 percent for the first time.

A new record today for the 10-year Treasury yield likely means that a new low is ahead next week for mortgage rates.

A 3-basis-point drop from last week left the 30-year fixed-rate mortgage at the lowest level on record. The 30-year mortgage was 80 BPS lower than the same week last year. 


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Record 10-Year Treasury Points to Another 30-Year Mortgage Record

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Suitability Rulemaking in Process

Author:  //  Category: Mortgage

An upcoming regulation will require mortgage lenders to ensure that prospective borrowers actually have the ability to repay loans before they get to closing.

Input is being sought on new data obtained in connection with a proposed rule and on potential litigation.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires lenders to make a reasonable and good-faith assessment of consumers’ ability to repay their mortgages.


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Suitability Rulemaking in Process

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Bankers Seeking Specialized Internet Addresses

Author:  //  Category: Mortgage

Financial institutions around the globe hope to provide consumers with a more secure system to conduct banking services online by replacing the dot-com extensions on financial websites.

Instead, banks would host online financial services on websites that end in “.bank” and provide an extra layer of security.

Bankers in Australia, Europe and the United States are on board with the idea.


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Fannie Defrauded by New York Bank

Author:  //  Category: Mortgage

A New York-based savings bank serving the Chinese community has been indicted along with former executives, loan originators and employees for defrauding the Federal National Mortgage Association.

The scheme involved “hundreds of millions of dollars” in fraudulent loans.

A 184-count indictment includes charges of residential mortgage fraud, securities fraud, grand larceny, conspiracy and falsifying business records.


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Fannie Defrauded by New York Bank

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Recent Performance Review Of 5 High-Yield Non-Agency Mortgage REITs

Author:  //  Category: Mortgage

… 2008, a large chunk of subprime mortgages imploded and the shock-waves took … ) Option Adjustable Rate Mortgages (Option ARMs); and (4) and Subprime. These categories are sometimes subdivided, and certain mortgages even jump …

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Recent Performance Review Of 5 High-Yield Non-Agency Mortgage REITs

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Economic twists and turns

Author:  //  Category: Mortgage

… that it wasn't sub-prime mortgages, but record oil prices that …

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Economic twists and turns

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Former Thornburg Execs Settle With Investors

Author:  //  Category: Mortgage

Investors in Thornburg Mortgage Inc. have come to an agreement with former executives and directors of the one-time jumbo lender.

The Santa Fe, N.M.-based company originally suspended new originations in August 2007 as the non-agency mortgage-backed securities market dried up and it was bombarded with margin calls. Thornburg, which subsequently was renamed TMST Inc., filed for bankruptcy in May 2009, while former senior executives were sued by the Securities and Exchange Commission in March 2012 and by Thornburg’s bankruptcy trustee in March 2010.

But the proposed settlement is for a federal lawsuit filed in August 2007.


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Former Thornburg Execs Settle With Investors

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15-Year Rates Drop Below 3 Percent

Author:  //  Category: Mortgage

Interest rates on 15-year mortgages have fallen below 3 percent for the first time, as fixed-rate mortgages continued to sink down to new records lows this week.

The average interest rate on 15-year fixed-rate mortgages fell to 2.97 percent this week, according to the weekly Freddie Mac Primary Mortgage Market Survey. It’s the lowest rate reported since Freddie Mac began weekly tracking of 15-year mortgage rates in 1991. Last week’s average of 3.04 percent was the previous record.

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15-Year Rates Drop Below 3 Percent

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Ellie Shares Moving to Big Board

Author:  //  Category: Mortgage

With its share price more than doubling since debuting a year ago, Ellie Mae Inc. has decided to move trading of its shares to the Big Board.

The Pleasanton, Calif.-based company priced its April 2011 initial public offering at $6 per share.

The price quickly shot up more than 10 percent.


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Ellie Shares Moving to Big Board

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M.I. Business Holds Up

Author:  //  Category: Mortgage

The number and volume of mortgage insurance policies written last month edged higher but has nearly doubled over a year earlier. Similarly, defaults were barely changed but have fallen by nearly half over the past 12 months.

Mortgage insurers wrote 2 percent more policies in April than they did during the prior month. On a dollar basis, volume was 6 percent higher. 30,575 new policies in April for $7.1 billion.

May production is likely to come in around the same as April based on new mortgage insurance applications, which edged up 1 percent.


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M.I. Business Holds Up

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