Mortgage Banking back issues from October 2008:
A new foundation.(Portfolio)(Editorial)
Oct 01, 2008; ... Americans were puzzled last month to hear their leaders say that something they could not even see could pose such a dire threat to their well-being. well-oiled credit markets are simply taken for granted in this country. People can't even envision what it might be like for them to ...
Treasury, FHFA take over Fannie and Freddie.(Briefing Book)(Federal Housing Finance Agency take over Federal Home Loan Mortgage Corp.)
Oct 01, 2008 ... Mere weeks after securing the authority from Congress that Bush administration officials said they had no immediate plans to use, the federal government in early September took over the two government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac--a move lauded by the Mortgage ...
Rating agencies down-grade AIG; Fed extends $85 billion loan.(Briefing Book)
Oct 01, 2008 ... New York-based Moody's Investors Service announced in mid-September that it had downgraded the senior unsecured debt rating of American International Group Inc. (AIG), New York, even as the rating agency reviews AIG's long-term and prime-1 short-term ratings for possible further downgrade ....
Subprime mortgage lawsuits surpass S&L crisis.(Briefing Book)
Oct 01, 2008 ... The number of subprime-related lawsuits filed in federal courts through the second quarter of 2008 has now topped the savings-and-loan (S&L) litigation of the early 1990s, according to a study by Chicago-based Navigant Consulting Inc. Released on Sept. 11, the Navigant ...
Banks, thrifts report earnings drain in 2Q.(Briefing Book)(Financial report)
Oct 01, 2008 ... Commercial banks, savings institutions and thrifts regulated and insured by the government posted a significant decline in earnings during the second quarter of 2008, prompting regulators to consider options to bolster its financial backstop measures. The Federal Deposit ...
OTS, OCC report notes increase in loss mitigation.(Briefing Book)(Office of Thrift Supervision)(Office of the Comptroller of the Currency)
Oct 01, 2008 ... Despite an overall decline in mortgage credit quality and an increase in foreclosures, actions by national banks and thrifts to prevent home mortgage foreclosures increased faster than their new foreclosures during the second quarter of 2008, according to a joint report by the Office of ...
HMDA data show decline in overall loans in 2007.(Briefing Book)(Home Mortgage Disclosure Act)(Financial report)
Oct 01, 2008 ... The number of reported mortgage applications and purchased loans declined overall in 2007 compared with 2006 as both primary and secondary mortgage markets experienced "considerable stress" in 2007--a condition that's continued into 2008, according to a new government analysis of Home ...
'Pockets of resilience' despite national home-price decline.(Briefing Book)(Report)
Oct 01, 2008 ... Despite the housing market's problems (home prices across the United States have fallen 14 percent on a national basis), Nashville, Tennessee, was the lead metropolitan area among a number of "pockets of resilience" bucking the national trend during the second quarter of 2008, according to ...
AIG United Guaranty Mexico approved to begin operations.(Briefing Book)(Brief article)
Oct 01, 2008 ... AIG United Guaranty Mexico S.A., Col. Lomas de Chapultepec, Mexico--a subsidiary of United Guaranty Corporation, Greensboro, North Carolina--announced it has received approval from Mexico's minister of finance to operate as a licensed mortgage insurer in Mexico. Since 2004, AIG ...
FHFA finds q2 home-price growth posts record-setting decline.(Briefing Book)(Federal Housing Finance Agency )(Report)
Oct 01, 2008 ... The average price growth for a home in the United States during the second quarter of 2008 posted a record-setting decline, according to the Federal Housing Finance Agency (FHFA), formerly the Office of Federal Housing Enterprise Oversight (OFHEO). FHFA's seasonally adjusted ...
MBA: CA, FL drive increase in record 2q national foreclosure rate.(Briefing Book)(California)(Florida)(Report)
Oct 01, 2008 ... The share of homeowners in the foreclosure process set a new record, while the share of homeowners paying their mortgages late posted a significant increase during the second quarter of 2008, according to the Mortgage Bankers Association (MBA). MBA's quarterly National ...
Mortgage fraud up by 42 percent in Q1.(Briefing Book)
Oct 01, 2008 ... Florida continues to lead all the states in the union in incidence of mortgage fraud, accounting for nearly one-quarter of fraud against lenders during the first quarter of 2008, according to a report by the Mortgage Asset Research Institute (MARI), Reston, Virginia, a company of ...
Dear editor.(letters)(Letter to the editor)
Oct 01, 2008; ... Thank you for Robert Stowe England's article, "The Origins of a Housing Credit Bubble" (Mortgage Banking, September 2008). It is the clearest ...
The ticker.(Statistical table)
Oct 01, 2008 ... <Pre> Company Ticker PricePrice 52-Week 52-Week Symbol CloseClose High Low 8/29/08 7/31/08 Fannie Mae FNM 6.8411.5070.57 6.68 Freddie Mac FRE 4.51 8.17...
Servicer-led solutions provide blueprint in rebuilding U.S. mortgage market.(Executive Suite)
Oct 01, 2008; ... Any massive storm provides the opportunity to rebuild in a manner that is stronger. While the mortgage storm has yet to subside, the good news is the overhaul that ultimately will bolster the housing industry and reinstate trust from the global secondary market already has begun. ...
Interview: Rep. Paul E. Kanjorski.(Newsmaker)(Interview)
Oct 01, 2008; ... First elected to the House of Representatives in 1984, Rep. Paul E. Kanjorski (D-Pennsylvania) ranks 43rd in seniority out of 435 House members. As chairman of the House Financial Services Subcommittee on Capital Markets--with jurisdiction over securities, exchanges and most insurance ...
October-December 2008.(Calendar of Events)(Conference news)(Table)(Calendar)
Oct 01, 2008 ... <Pre> October 2008 Oct. 2-3 MBA Reverse Mortgage Lending Fall Conference, Miami Oct. 6-8 Mortgage Lending Industry Strategic Markets &Diversity Conference, National Harbor, Maryland[www.mortgageindustrydiversity.com] Oct. 6-8 ...
How Did We Get Here? How did the American mortgage finance system get from the Great Depression to where it is today? It's starting to feel like we're back where we started.(Cover Report: Industry Trends)(Cover story)
Oct 01, 2008; ... The United States has a unique mortgage product, and its design was almost an accident. The United States is the only country in the world where consumers have easy access to a long-term, fixed-rate, low-down-payment mortgage with no prepayment penalties. (Denmark comes closest, but ...
The federal rescue of Fannie and Freddie: in a startling weekend turn of events, the federal government took the two giant government-sponsored enterprises into conservatorship. The bold move seems to be a sign of the times.(Cover Report: Industry Trends)(Federal National Mortgage Association)(Federal Home Loan Mortgage Corp.)(Cover story)
Oct 01, 2008; ... In a historic move, the newly created Federal Housing Finance Agency (FHFA), after what it called "a painstaking review," took control of mortgage giants Fannie Mae and Freddie Mac on Sunday, Sept. 7, by placing them into conservatorship. The boards of both Fannie and Freddie consented to ...
New Century Financial: lessons learned: the examiner's final report to the Bankruptcy Court on the demise of New Century Financial Corporation documents some important lessons in corporate governance for mortgage lenders and financial services institutions.(Cover Report: Industry Trends)
Oct 01, 2008; ... New Century Financial Corporation, Irvine, California, then the nation's second largest originator of subprime mortgage loans, announced on Feb. 7, 2007, that it would have to restate its financials for the first three quarters of 2006. Following this announcement, New Century's descent ...
The future of wholesale lending: the wholesale lending channel is under stress from a variety of forces today. But broker lending is far from dead; instead, the business model it just evolving.(Cover Report: Industry Trends)(Cover story)
Oct 01, 2008; ... The mortgage industry is a financial intermediary that exists to connect individual borrowers to sources of capital. Though the way capital is intermediated on its way to borrowers has changed dramatically throughout the decades, this has continued to be the industry's ultimate goal ....
Generation gap: looking back over the past three decades, just about everything has changed in the world of mortgage lending. It's not your father's mortgage business anymore.(Cover Report: Industry Trends)(Cover story)
Oct 01, 2008; ... Thirty years was a lifetime ago. Some people reading this article weren't even born, and others were still living at home--their parents' home. Ronald Reagan was just a former governor of California, the Cold War still had us facing off against the Soviet Union, gas was about 35 cents a ...
Q&A with HUD secretary Steve Preston: a brand-new HUD secretary has stepped into the job when much remains to be done to shore up the housing market, implement a massive new housing law and oversee a revived FHA program.(Department of Housing and Urban Development)(Interview)
Oct 01, 2008 ... Steve Preston was sworn in as secretary of the Department of Housing and Urban Development (HUD) on June 5, filling the vacancy left by the resignation of former HUD Secretary Alphonso Jackson last March. Prior to coming to HUD, Preston served as administrator of the Small Business ...
My old Kentucky home: David Kittle, incoming chairman of the Mortgage Bankers Association, is on home turf at Churchill Downs. This Kentucky native will be a hard-charging voice for the mortgage business in its bid to restore the industry's reputation.(Profile)
Oct 01, 2008; ... Barreling down the back roads of Kentucky's fabled horse country, you pass picture-postcard farms home to thoroughbred racing's four-legged elite. The landscape reeks of tradition. Perfectly painted fence posts and barn roofs echo the colors of racing silks of past Derby champions. Places ...
All's Well at Wells: Wells Fargo Home Mortgage, Des Moines, Iowa, has twice the brainpower leading the mortgage company with its two co-presidents sharing the executive duties. As a result, Wells is gaining market share while others are wilting.(Profile)
Oct 01, 2008; ... Are two heads better than one? At Wells Fargo Home Mortgage, apparently the answer is yes--because the Des Moines, Iowa-based subsidiary of Wells Fargo & Co., the San Francisco banking giant, is standing tall in the residential mortgage market when most other big competitors have been ...
Presidential profiles--Obama: this is the second of two articles on the 2008 presidential candidates and their housing policy platforms. The first, on John McCain, ran in the September issue.(Housing Policy)
Oct 01, 2008; ... On Sept 7,2008, U.S. Secretary of the Treasury Henry Paulson looked into the television camera and said: "I support the director's [James B. Lockhart, director of the newly created Federal Housing Finance Agency (FHFA)] decision as necessary and appropriate, and had advised him that ...
FHA by the book: lenders new to the FHA program need to be aware of the main missteps that can land them in trouble. Here are some tips on the 10 most common mistakes made by FHA lenders.(Compliance)(Federal Housing Administration)
Oct 01, 2008; ... Two years ago, the Federal Housing Administration (FHA) couldn't get a date. Now its phone is ringing off the hook. In the wake of the subprime meltdown, for the first time in a long time, mortgage lenders are showing interest in the FHA--a program Congress created more than 70 years ago ...
Striking the right balance: new regulations issued by the Federal Reserve seek to carve out protections for borrowers in a new category of "higher-priced loans." But will these protections be enough to satisfy Congress as it seeks to enact tough restrictions on originators in the wake of the foreclosure crisis?(Regulatory / Legislative)
Oct 01, 2008; ... Are the Federal Reserve Board's newly issued Home Ownership and Equity Protection Act (HOEPA) regulations strong enough to cause Congress to abandon its efforts in the coming year to reform the business of originating residential mortgage loans? The Federal Reserve Board (Fed) released its ...
Covered bonds--a timely alternative: with the mortgage-backed securities market still pretty frozen, banks and other lenders might consider issuance of covered bonds as an alternative financing method.(Secondary Market)
Oct 01, 2008; ... With the current stall in the securitization markets and the issue of liquidity gaining predominance, it may be a good time for banks to explore a different option for leveraging the mortgage collateral held on their balance sheets. Covered bonds offer a vehicle for a financial institution ...
A strategy for long-term growth: Envoy Mortgage is thriving right now in the midst of market mayhem. Part of this stems from adhering to a set of core principles that made the company get out of subprime lending way back in 2005.(Management Strategies)
Oct 01, 2008; ... On Oct. 1, First Houston Mortgage changed its name to Envoy Mortgage as part of our company's effort to rebrand itself from a regional company to a national lending organization. Despite the worst downturn in the history of the mortgage business, this corporate expansion is possible ...
Cornerstone's EDGE: Houston's Cornerstone mortgage may just be the face of the new originator. A midsized independent, it invests in quality loan officers and top-flight technology.(Origination Strategies)(Company overview)
Oct 01, 2008; ... Let's stop for a minute and take a look at the mortgage industry landscape. What do we see--a no-longer-independently-owned Countrywide Financial Corporation, an Indymac Bancorp run by regulators and nearly 300 other "imploded" home loan lenders. Ailing mortgage pillars Fannie Mae and ...
Gateway cities: immigration and the global economy are driving economic growth in gateway cities around the globe. Some U.S. cities caught up in the wave: Atlanta; Austin, Texas; Charlotte, North Carolina; Dallas; Minneapolis; Phoenix; Portland, Oregon; Sacramento, California; and Washington, D.C.(Commercial)
Oct 01, 2008; ... The nation's gateway cities are defined by urban experts as those deriving added economic muscle from their strong links to the expanding global network of commerce and finance. These cities serve as the key entry points for both pools of foreign workers and global imports. Their diverse ...
Harnessing the current of change.(Inside the Beltway)
Oct 01, 2008; ... The past year in Washington, D.C., brought tremendous change to our industry at a pace and with an intensity that is likely to continue in 2009. Thanks to the efforts of our dedicated and skilled leadership, members and staff, the Mortgage Bankers Association (MBA) has been able to ...
Interthinx offers FHA compliance support.(TechNewz)(Federal Housing Administration)(Brief article)
Oct 01, 2008 ... Agoura Hills, California-based Interthinx announced it now offers specific Federal Housing Administration (FHA) requirement solutions to help lenders ensure compliant FHA lending programs. Interthinx said its features and services--such as income verification, identity ...
LenderLive purchases Guardian Mortgage Documents.(TechNewz)(Guardian Mortgage Documents Inc. has acquired by LenderLive Network Inc.)(Brief article)
Oct 01, 2008 ... LenderLive Network Inc., Glendale, Colorado, announced in late August that it has purchased the assets of Lakewood, Colorado-based Guardian Mortgage Documents (GMD). Terms of the acquisition were not disclosed. GMD, which has provided document-preparation services and software ...
LTC seeks bids for national mortgage fraud database.(TechNewz)(Lender Technologies Corporation)(Brief article)
Oct 01, 2008 ... Washington, D.C.-based Lender Technologies Corporation (LTC)--a wholly owned subsidiary of the Mortgage Bankers Association--released in September its final request for proposal (RFP) for the creation of a national database to help prevent and detect mortgage fraud. The primary ...
eLynx introduces audit trail for mortgage document paper delivery.(TechNewz)
Oct 01, 2008 ... Cincinnati-based eLynx--a portfolio company of American Capital Ltd., Bethesda, Maryland--announced the availability of a new watermarking capability for its paper delivery customers of the expedite [TM] platform. These new capabilities are intended to simplify and improve ...
ComplianceEase teams with regulators to automate exams.(TechNewz)(ComplianceEase launched RegulatorConnect and RegulatorDirect solutions)
Oct 01, 2008 ... ComplianceEase, Burlingame, California, announced in August the initial release of its RegulatorConnect [TM] and RegulatorDirect [TM] solutions. The solutions are designed to enable state-regulated mortgage lenders and banking institutions to plug into a new, more automated ...
First American Default Technologies launches VendorScape.(TechNew)(Brief article)
Oct 01, 2008 ... First American Default Technologies, Dallas--a member of the Santa Ana, California-based First American Corporation family of companies--has announced the launch of its VendorScape[TM] Loss Mitigation module. VendorScape Loss Mitigation is a solution designed to evaluate ...
Ellie Mae adds First American Corelogic's Property Pak.(TechNewz)(Brief article)
Oct 01, 2008 ... Ellie Mae Inc., Pleasanton, California, announced it has partnered with First American CoreLogic, Santa Ana, California--a member of the First American Corporation, Santa Ana, California, family of companies--to add First American CoreLogic's Property Pak to Ellie Mae's Encompass[R] ...
Brand Mortgage selects Sollen to provide product and pricing.(Tech Newz)
Oct 01, 2008 ... Dallas-based Sollen Technologies announced it has been chosen by Duluth, Georgia-based Brand Mortgage to use its loan pricing and pipeline management tool, Lender Online, which allows the company's loan officers to sift through thousands of products to determine eligibility and locate the ...
Orange County's Credit Union picks MortgageFlex.(TechNewz)(Brief article)
Oct 01, 2008 ... Santa Ana, California-based Orange County's Credit Union announced it has selected Jacksonville, Florida-based MortgageFlex's LoanQuest (TM) Residential Lending System for all mortgage originations in its 83,000-member network. Orange County's Credit Union researched a ...
First American Title Insurance Company chooses iRise.(TechNewz)(iRise)(Brief article)
Oct 01, 2008 ... i Rise, El Segundo, California, announced that First American Title Insurance Company, Santa Ana, California--a subsidiary of First American Corporation, also based in Santa Ana, California--has chosen iRise to visualize its software applications. iRise offers a collaborative ...
Commercial/MF delinquency rates 'up slightly' in Q2.(Commercial)(mutual funds)(Financial report)
Oct 01, 2008 ... Delinquency rates ticked up slightly during the second quarter of 2008 for most commercial/multifamily mortgage investor groups, but remained at the lower end of their historical ranges, according to a new report from the Mortgage Bankers Association (MBA). The MBA ...
Industrial market continues to weaken during first half of 2008.(Commercial)(Colliers International Property Consultants Inc.)(Financial report)
Oct 01, 2008 ... The U.S. industrial and warehouse market contracted considerably during the second quarter of 2008, posting a drop in absorption and a sizable increase in vacancy, according to Boston-based Colliers International Property Consultants Inc. A combination of weak demand and rising ...
HUD says multifamily sector 'somewhat mixed' in second quarter.(Commercial)(multifamily housing)(Financial report)(Brief article)
Oct 01, 2008 ... The multifamily housing market was "somewhat mixed" in the second quarter of 2008 even as multifamily performed better than the single-family sector, according to U.S. Housing Market Conditions, an analysis by the Department of Housing and Urban Development (HUD). Production ...
MBA: Q2 commercial/multifamily originations fall.(Commercial)(Mortgage Bankers Association)(Financial report)
Oct 01, 2008 ... Commercial and multifamily mortgage loan originations continued to fall on a year-over-year basis in the second quarter of 2008, according to the Mortgage Bankers Association. MBA's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations noted that ...
Apartment demand weakened by financial crisis but holding up in Q2.(Commercial)
Oct 01, 2008 ... The ongoing turmoil in the financial markets showed evidence of affecting the apartment sector during the second quarter of 2008 as the financial crisis has hurt capital availability, according to the National Multi Housing Council (NMHC), Washington, D.C. NMHC's August 2008 ...
Rental apartment market conditions weaken slightly.(Commercial)(Financial report)(Brief article)
Oct 01, 2008 ... A mid concerns of a slowing overall economy and continuing trouble in other sectors of the housing market, builder confidence in the rental apartment market dipped in the second quarter of 2008, according to the National Association of Home Builders (NAHB), Washington, D.C. ...
Commercial real estate credit availability 'much worse'.(Commercial)
Oct 01, 2008 ... Problems in U.S. financial markets and the broad economic downturn are having a negative effect on income-producing real estate, encompassing office buildings, shopping malls, warehouses, hotels and apartment buildings, according to a new survey by the Real Estate Roundtable, Washington, ...
U.S. hotel deals fall 81 percent during first half of 2008.(Commercial)(Jones Lang LaSalle Inc.)(Financial report)
Oct 01, 2008 ... Chicago-based Jones Lang LaSalle Hotels announced that the volume of U.S. hotel transactions for the first six months of 2008 declined 81 percent from the same period in 2007, reaching $6 billion. According to Jones Lang LaSalle Hotels' proprietary database, which tracks ...
DBBM finances $150 million apartment community.(Commercial)
Oct 01, 2008 ... Irvine, California-based Deutsche Bank Berkshire Mortgage (DBBM) announced it has provided AvalonBay Communities Inc., Alexandria, Virginia, with a $150 million Fannie Mae loan for the mortgage financing of Avalon Silicon Valley, a 710-unit, class-A mid-rise apartment community in ...
GE Real Estate funds $63 million loan for three-state portfolio.(Commercial)
Oct 01, 2008 ... GE Real Estate, Norwalk, Connecticut, announced it has provided a $63 million, three-year loan to Koll/PER--a partnership between The Koll Company, Newport Beach, California, and the Public Employee Retirement System of Idaho, Boise--to refinance a nine-property, class-B office and ...
FHFA announces support for GSE multifamily finance activities.(Commercial)(Federal Housing Finance Agency)(government sponsored enterprises)(Brief article)
Oct 01, 2008 ... Following its appointment as conservator of the government-sponsored enterprises Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) announced in September that "business as usual" will continue for the GSEs, particularly in the multifamily sector. "FHFA ...
The best advice: get it right.(Executive Essay)(Column)
Oct 01, 2008; ... You know a topic has gone mainstream when it shows up in a national advice column. That was the case recently for reverse mortgages when a writer to the "Annie's Mailbox" (formerly "Dear Ann Landers") syndicated column presented some old misconceptions about the product. ...
Herbert M. Allison Jr. has been named president and chief executive officer, and Philip A. Laskawy has been appointed the non-executive chairman of Fannie Mae.(People)(Herbert M. Allison Jr., Philip A. Laskawy and Peter Niculescu )(Brief article)
Oct 01, 2008 ... Herbert M. Allison Jr. has been named president and chief executive officer, and Philip A. Laskawy has been appointed the non-executive chairman of Fannie Mae. Peter Niculescu has been named executive vice president and chief business officer, David C ....
David M. Moffett has been named chief executive officer.(People)
Oct 01, 2008 ... David M. Moffett has been named chief executive officer and John A. ...
Alan H. Fishman has been appointed chief executive officer.(People)
Oct 01, 2008 ... Alan H. Fishman has been appointed chief executive officer and joined the board of directors of Washington Mutual Inc. in Seattle. Allen ...
Jay Brinkmann has been named chief economist.(People)(Mortgage Bankers Association )(Jay Brinkmann and Francis Creighton )(Brief article)
Oct 01, 2008 ... Jay Brinkmann has been named chief economist and senior vice president for research and economics, and Francis ...
Michael McShea and Peter Larkin have been named executive vice presidents.(People)(CB Richard Ellis Global Corporate Services appointed Michael McShea, Peter Larkin and Luis Llaca )(Brief article)
Oct 01, 2008 ... Michael McShea and Peter Larkin have been named executive vice presidents for Los Angeles-based CB Richard Ellis Group Inc.'s Government and Public Sector ...
Michael R. Ong has been named executive vice president.(People)
Oct 01, 2008 ... Michael R. Ong has been named executive vice president and chief risk officer for Heritage Commerce Corp in San Jose, California. David Colwell has been named ...
Jim McMahan has been named executive vice president.(People)(Benchmark Mortgage appointed Jim McMahan)(NetMore America Inc. appointed Lisa Schreiber and Scott Holtz )(Brief article)
Oct 01, 2008 ... Jim McMahan has been named executive vice president and national sales trainer for Benchmark Mortgage in Dallas. Lisa Schreiber has been named ...
Walter J. Witek Jr. has been named senior vice president.(People)(National Association of Realtors appointed Walter J. Witek Jr. )(Fidelity National Information Services Inc. appointed Marcia Danzeisen )(Brief article)
Oct 01, 2008 ... Walter J. Witek Jr. has been named senior vice president, community and political affairs, based in Washington, D.C., for the Chicago-based National Association of Realtors [R] ...
Dave Widmoyer has been named senior vice president.(People)(Management Advisors International Inc. appointed Dave Widmoyer )(Thomas D. Wood and Company appointed Patrick Madore )(Brief article)
Oct 01, 2008 ... Dave Widmoyer has been named senior vice president of financial services and real estate finance, based in Chicago, for Hickory, North ...
Bill Warren, chief compliance officer.(People)(Empire Equity Group Inc. )(Brief article)
Oct 01, 2008 ... Bill Warren, chief compliance officer for Empire Equity Group Inc. (dba 1st Metropolitan Mortgage), Charlotte, North Carolina, has been awarded the ...