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Latest Mortgage News Headlines |
| Last Updated Thursday, May 15, 2008, 04:01 PM Texas Time |
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JPMorgan Chase & Co.'s mortgage broker unit has closed the door on subprime and home-equity lending. While a number of employees are impacted by the move, the figure is well below the more than 1,300 job cuts already made in the units since October.(May 15)
The self-proclaimed biggest U.S. mortgage broker recently grew by four branches. Other net branch companies are migrating toward government programs. (May 15)
Fixed rates barely budged but may head higher, while variable rates tumbled. Refinance activity boosted overall new loan applications. (May 15)
Executives of First Horizon National Corp. told investors they were committed to either selling or shutting down the mortgage unit this year. (May 15)
Nearly $30 billion in classes of subprime second-lien securitizations were downgraded this week. Issuance of commercial mortgage-backed securities is projected to collapse in 2008, with years passing before volume reaches even half of last year's record level. (May 15)
As mortgage earnings continued to be pounded, an online lender was shut down, another mortgage company was acquired and an investment firm reiterated its commitment to make several mortgage acquisitions. (May 14)
Several large prime wholesale lenders notified mortgage brokers or correspondents that they have cut back on programs and tightened guidelines. But a number of commercial and hard-money lenders are promoting aggressive broker programs. (May 14)
While lenders face the highest risk of delinquency from mortgages on properties in California markets, the risk was lowest on loans in Texas markets. (May 14)
A widely tracked foreclosure index contradicts findings from a competing index that indicated foreclosures fell in April. (May 14)
Mortgage fraud is far more common in Alt-A loans than in nonprime or conforming loans, according to a new report from the Federal Bureau of Investigation. Annual losses from mortgage fraud could be in excess of $10 billion. (May 13)
Fannie Mae has outlined a program for borrowers whose mortgage balance exceeds the value of their properties. (May 13)
The Department of Housing and Urban Development released details on enhancements to FHASecure. (May 13)
Several lenders lost their approval to originate loans insured by the Federal Housing Administration -- including a branch of a rapidly growing Colorado-based company that has thrived on FHA-related activity. The terminations were prompted by excessive defaults. (May 13)
Monthly foreclosure activity eased. (May 13)
A number of electronic offerings promise to improve the marketing and origination of conventional and government loans. Other advancements in mortgage technology include the integration of digital documents and signatures, easy compliance with upcoming appraisal changes and the adoption of browser-based loan document preparation. (May 13)
A deal has been reached for a first-mortgage portfolio to trade at a 45 percent discount, while a $12 billion servicing portfolio has found a buyer. And two new ventures aim to help secondary market participants better manage operations with improved technology. (May 12)
An Arkansas bank has made its way to the Mortgage Graveyard, US Bancorp was forced to shell out $600 million for an off-balance sheet conduit and IndyMac Bancorp Inc. reported a giant loss. Other recent corporate activity included more international write-downs, an acquisition of a $1 billion originator and the likely bankruptcy of Fremont Investment & Loan. (May 12)
Even as it cuts nonprime positions, JPMorgan Chase & Co. continues to add mortgage originators. (May 12)
An important part of the commercial mortgage brokering process is the fee agreement. (May 12)
As the performance of Alt-A residential mortgage-backed securities -- especially where second liens were simultaneously closed -- has seen rapid deterioration, commercial MBS are expected to see a more modest decline in performance. One new report looked at the impact of falling residential values and foreclosure costs on expected losses. (May 12)
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A pair of former executives of a New York-based mortgage banker have been charged with duping secondary market lenders on mortgage purchases exceeding $40 million. (May 8)
An indictment has been filed against Leib Pinter, 64, and Barry Goldstein, 59, U.S. Attorney for the Eastern District of New York Benton J. Campbell announced.
The two were formerly principals of Brooklyn-based Olympia Mortgage Corp. (April 30)
MGIC said it will halt mortgage insurance on some properties, no longer insure a number of loan programs and significantly restrict several other programs.
The mortgage insurer will stop issuing policies on expanded-criteria A-minus loans, according to a bulletin issued to lenders Thursday.
Reduced-documentation Alt-A loans, investment properties and cashout refinances were also cut from eligible programs. (May 9)
Risk-based premiums on subprime loans insured by the Federal Housing Administration will be implemented within two months. (May 9)
First quarter mortgage originations tumbled from a year earlier but were better than the fourth quarter, according to an analysis of earnings data by MortgageDaily.com. (May 5)
The U.S. House of Representatives approved sweeping legislation that would modernize the Federal Housing Administration, provide $300 billion in FHA guarantees for borrowers facing foreclosure and increase oversight of government-sponsored enterprises. (May 8)
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