The U.S. Department of the Treasury announced that $1.9 billion in capital purchase program
The Federal Reserve Board of Governors has approved for GMAC
During the past 12 months, SurePoint Lending told MortgageDaily.com that it has hired more than 300 people. The company originates primarily government loans. Next year, the company expects to hire another 300 employees.
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Lender Hiring Hundreds
An order has been issued against Fidelity Mortgage Services Inc. by the Pennsylvania Human Relations Commission, the state announced. Fidelity is accused of terminating a former employee because she disclosed that she was pregnant. The order includes an award to the former employee as well as the requirement that Fidelity end its discriminatory practices.
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Mortgage Employee Terminated Over Pregnancy
The six-month London Interbank Offered Rate fell 32 basis points from a week earlier, Bankrate.com reported. Meanwhile, applications for refinances shot up 63 percent in its latest weekly Mortgage Bankers Association survey. MBA
A revised Home Valuation Code of Conduct becomes effective on May 1, 2009, the Federal Housing Finance Agency announced. The code applies to single-family loans acquired by Fannie Mae or Freddie Mac. Under the requirements, lenders and other related parties cannot use the promise of future business to force an appraiser to reach a particular value nor can they remove an appraiser from a list because a targeted value wasn’t reached.
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New Appraisal Guidelines Issued
Servicers can access information on statutes and case law about lending and foreclosures through a new portal from National Loan Auditors, a press release said. Interlinq E3 has been completely integrated with Compliance EAGLE, Harland Financial Solutions said in a press release. A similar alliance was announced last week between Wolters Kluwer Financial Services and MortgageDashboard.
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Mortgage Compliance Issues Solved
An announcement indicated that cease-and-desist orders were issued by the Office of the Comptroller of the Currency against three banks. Another four firms faced formal agreements with the OCC. The Federal Reserve Board announced agreements with five institutions.
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Banking Regulators Busy
November purchases and issuances were $8 billion higher than in October, Freddie Mac reported. The secondary lender said its total mortgage portfolio was up around $5 billion from the end of October to the end of November. Freddie’s retained portfolio was $42 billion higher in November.
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Freddie Purchases, Portfolio Higher
Standard & Poor’s Ratings Services recently downgraded classes of several HELOC residential mortgage-backed securities — reflecting the rating on the underlying bond insurers and continued poor performance. Moody’s Investors Service downgrade of classes from several transactions, which are backed by second-lien HELOCs, reflected the quality of financial guarantors. S&P said recently that it downgraded 238 classes from 63 transactions, reflecting deteriorating performance on the underlying closed-end second liens as monthly net losses continue to significantly outpace monthly excess interest cash flows, resulting in the complete erosion of overcollateralization.
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Junior Lien RMBS Downgraded