Mortgage Information

During 2008, consumer bankruptcy filings were one-third higher than in 2007, the American Bankruptcy Institute reported. Fourth-quarter 2008 filings were up around 4 percent from the third quarter. But December filings fell 15 percent from November.

Originally posted here:
Bankruptcy Activity Mixed

A stimulus plan was proposed to Congress by President-elect Barack Obama. The upcoming administration is calling for existing cabinet members to use their existing authority to step up loan modifications. He is recommending clarification of servicers’ legal liability when they modify loans. Obama is also advocating bankruptcy-code reform that would enable bankruptcy judges to modify mortgages.

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The Modification President

An investigation by New York’s attorney general into discriminatory lending practices at GreenPoint Mortgage Funding Inc. prompted the state to launch an investigation into mortgage brokers. So far, two mortgage brokers have settled with the state, while a third has been sued. “The office is continuing its investigation into potential discriminatory pricing by other mortgage brokers,” an announcement from the attorney general said.

Continued here:
GreenPoint Brokers Targeted by New York

The monthly Treasury average was down nearly one-quarter percent from November to December, according to data published by the Federal Reserve Board. MTA was down 270 basis points from December 2007. MTA has fallen each month since April 2007.

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MTA Descends Deeper

GMAC Financial Service sissued a statement indicating that it had completed separate private-exchange and cash-tender offers to purchase or exchange $17.5 billion in outstanding GMAC notes and $3.7 billion in notes of Residential Capital LLC. An agreement has been reached between PHH Mortgage Corp. parent PHH Corp. and lenders in its Chesapeake Funding LLC program to extend the expiration date of the notes. Flagstar Bancorp Inc. said last week that the audit committee of its board of directors has approved for the company to bypass shareholder approval to issue convertible participating voting preferred stock as part of an investment by MP Thrift Investments L.P.

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Financing for the Financiers

Mark R. Danahy was named president of PHH

Navy Federal Credit Union reported 2008 mortgage production of $5.7 billion. The level of lending was the second highest ever. During 2009, Navy has committed to $6.0 billion in originations.

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Credit Union Originates Nearly $6 Billion

John A. Courson has been appointed president and CEO of the Mortgage Bankers Association, a press release said. The appointment was originally announced in July 2008. Courson replaces Jonathan L. Kempner.

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New CEO at MBA

Issuances of agency mortgage-backed securities were $1.06 trillion last year, data from eMBS indicated. Activity increased from $0.98 trillion in 2007. Securitization volume was down at Fannie Mae and Freddie Mac but higher at Ginnie Mae.

Excerpt from:
Gov Biz Pushes Agency Issuance Higher

Wells Fargo & Co. completed the acquisition of Wachovia Corp., an announcement confirmed. The deal closed on Dec. 31, 2008. The deal was originally announced in October.

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W&W Deal Done