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2010 Bankruptcies Top 1 Million

editor — Fri, 03 Sep 2010 21:02:00 +0000

Consumer bankruptcy filings during August fell 8 percent from July, the American Bankruptcy Institute reported.

The decline followed a bounce in July.

Year-to-date Aug. 31, 2010, filings totaled 1,034,843. Related posts:

Chapter 13 Bankruptcies Jump American consumers filed 9 percent more bankruptcies in July than during the prior month, the American Bankruptcy Institute reported. More...
2nd Month for Bankruptcy Decline The American Bankruptcy Institute reported that consumer bankruptcy filings fell 6 percent between April and May. It was the second...
Foreclosure Filings on Track to Hit 3 Million Homes. Repos Expected to Reach 1 Million in 2010 Default notices, auction sale notices, and actual bank repossessions were received on a total of 1,961,894 homes, or one in...

Public Debate on Revisions to FHA Guidelines

editor — Fri, 03 Sep 2010 20:04:00 +0000

The public was invited on July 15 to comment on three U.S. Department of Housing and Urban Development initiatives designed to help restore the Mutual Mortgage Insurance Fund capital reserve account.

More than 900 comments were received by the comment deadline on Aug. 16, a public filing Friday said.

The "overwhelming majority" of the comments addressed the proposed 3 percent limitation on seller concessions. Related posts:

Mortgage Insurers Continue Easing Guidelines Radian has started waiving its adjustment on rate-and-term refinances for borrowers with FICO credit scores of at least 760, according...
FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation HUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process. Last week,...
FHA Waives Flip Rule The Federal Housing Administration has a regulation that doesn't allow FHA-insured loans to be used for the purchase of properties...

Reverse Originations Gaining Steam

editor — Fri, 03 Sep 2010 16:30:00 +0000

The U.S. Department of Housing and Urban Development reported last week that reverse mortgage originations climbed to 5,901 loans for a maximum claim amount of $1.5 billion in July from 5,304 loans endorsed for $1.3 billion a month earlier.

It was the second month in a row of gains.

In August, according to the Reverse Market Insight newsletter, reverse mortgage production increased 13 percent. Related posts:

Reverse Originations Evaporating Reverse mortgage production sank 17 percent between April and May, Reverse Market Insight reported. Compared to May 2009, originations were...
Reverse Lenders Manage Another Gain The origination of home-equity conversion mortgages totaled was up 11 percent between June and July, Reverse Market Insight reported. It...
Reverse Lenders Reverse Downward Spiral Home-equity conversion mortgage production improved 16 percent between May and June, according to Reverse Market Insight. Originations had been down...

Wachovia Vs. WaMu Debated by Regulators

editor — Fri, 03 Sep 2010 15:27:00 +0000

In an appearance before the Financial Crisis Inquiry Commission, regulators testified about the why there was disparate treatment in the resolution of Washington Mutual Inc. and Wachovia Corp.

The Federal Deposit Insurance Corp.'s chairman said the FDIC had known for months that WaMu was in trouble.

But with Wachovia it didn't know until very late in the game how dire the situation was.

In addition, Wachovia was deemed systemically important. Related posts:

Behind-the-Scenes Look at Collapse of Wachovia, WaMu A Federal Deposit Insurance Corp. official testified before the Financial Crisis Inquiry Commission about how the FDIC handled the insolvency of...
Wachovia Execs Opposed Golden West Acquisition A senior Wachovia Corp. executive pressed for more scrutiny of Golden West Financial Corp.'s mortgage portfolio before Wachovia acquired the...
Realignment of Bank Leaders Heidi Miller, who was head of Treasury & securities services at JPMorgan Chase & Co., was named to the new...

FHFA Establishes New Housing Goals for GSEs

editor — Fri, 03 Sep 2010 14:44:03 +0000

The Federal Housing Finance Agency (FHFA), conservator of Freddie Mac and Fannie Mae (the Enterprises) has established its final housing goals for the Enterprises in 2010-2011. FHFA is required by the Housing and Economic Recovery Act of 2008 (HERA) to set such goals for targeted segments of the mortgage market The new rules establish three goals for single-family, owner-occupied home purchases; one for low-income families, another for very low-income families, and a third for families living in geographical areas with lower-income populations, areas with high concentrations of minority residents, or federal declared disaster areas. The goal for disaster areas contains a sub-goal to ensure that the needs of lower-income and minority areas are addressed. A goal has also been established for...(read more)

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FHFA Publishes Framework To Establish FHLBank Housing Goals The Federal Housing Finance Agency (FHFA) has submitted a proposed rule to establish a framework for affordable housing goals for...
FHFA Reports to Congress on Status of GSEs and FHLBs The Federal Housing Finance Agency (FHFA) submitted a 180 page Report to Congress on Tuesday detailing the findings of the...
FHFA Reports to Congress on Status of GSEs and FHLBs The Federal Housing Finance Agency (FHFA) submitted a 180 page Report to Congress on Tuesday detailing the findings of the...

Surprise Increase in Mortgage Jobs

editor — Fri, 03 Sep 2010 14:31:00 +0000

The number of mortgage jobs was up by 2,300 positions in July, according to data released Friday by the U.S. Department of Labor.

Headcount in "real estate credit" was up by nearly 3,000 jobs.

But "mortgage and nonmortgage loan brokers" saw their numbers decline by around 500 positions, the government data indicated. Related posts:

Mortgage Jobs Contract Despite Broker Increase Mortgage-related jobs declined by 300 positions during May, the U.S. Department of Labor reported. Compared to May 2009, real estate...
Mortgage Sector Loses More Jobs June data from the U.S. Department of Labor indicate that mortgage employment contracted by 1 percent from May. The decline...
Mortgage Jobs Tumble The number of people employed in the mortgage industry fell by 5,500 jobs between March and April, the U.S. Department...

CMBS Delinquency Leaps

editor — Fri, 03 Sep 2010 01:05:00 +0000

Second-quarter performance on commercial real estate loans was up 139 basis points from the first quarter, the Mortgage Bankers Association reported.

Among all investor types, performance on CMBS loans was worst.

Compared to a year earlier, CMBS delinquency was up more than 400 BPS. Related posts:

Commercial Delinquency Doubles, Record CMBS Rate Delinquency of at least 30 days on loans held in commercial mortgage-backed securities reached the highest level "since the series...
Commercial Loan Delinquency Rates Shoot to Record Highs Commercial real estate mortgages held in commercial mortgage backed securities (CMBS) have skyrocketed in the past year and have reached...
U.S. CRE Loans Fall $31 Billion, Multifamily O/S Rise Commercial mortgages outstanding finished the first quarter $31 billion higher than in the fourth-quarter 2009, the Mortgage Bankers Association reported....

Delinquency Improves, Though Foreclosures Worse

editor — Fri, 03 Sep 2010 00:04:00 +0000

Home-loan delinquency of at least 90 days, including foreclosures, fell 12 basis points in July, Lender Processing Services Inc. reported.

Excluding foreclosures in process, the delinquency rate was 22 BPS better.

But the foreclosure inventory rose 0.12 percent. Related posts:

April Late Payments Lower Lender Processing Services Inc. said residential delinquency of at least 90 days, including pre-sale foreclosures, declined 22 basis point from...
Bank Delinquency Better, Foreclosures Worse Delinquency of at least 30 days declined 90 basis points between the fourth-quarter 2009 and the first-quarter 2010, according to...
Serious Late Payments Deteriorate Total mortgage delinquency of at least 90 days as of June 30 surged 82 basis points from May 31, LPS...

Loan Risk to Continue Increasing

editor — Thu, 02 Sep 2010 22:23:00 +0000

Risk on retail and commercial loans increased for the third consecutive year, according to the 16th annual Survey of Credit Underwriting Practices released Thursday from the Office of the Comptroller of the Currency.

The increase came despite tightened underwriting standards.

But competition is driving some easing of standards, and credit market liquidity has shown a slight improvement. Related posts:

Over $300 Million in Losses from Friday’s Failures Six financial institutions failed on Friday. The banks were seized by the Office of Thrift Supervision, the Florida Office of...
Bank Delinquency Better, Foreclosures Worse Delinquency of at least 30 days declined 90 basis points between the fourth-quarter 2009 and the first-quarter 2010, according to...
5 Banks, 1 CU Fail Three Florida banks -- Bank of Florida-Southeast, Bank of Florida-Southwest and Bank of Florida-Tampa Bay -- were all seized Friday...

Pending Home Sales Rebound from Record Low. What Might Boost Buyer Demand?

editor — Thu, 02 Sep 2010 20:25:00 +0000

The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an existing home sale. Because the Pending Home Sales index tells us how many contracts were signed, it is consider a forward indicator of existing home sales. A signed contract is not counted as an existing home sale until the transaction actually closes. Excerpts from the Release... Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen. The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed...(read more)

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Drop in Pending Home Sales Aligns with Plunge in Purchase Apps The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number...
Pending Home Sales Hit New Low. No Improvement Expected in Near Term The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number...
Pending Home Sales Higher Into Tax Credit Deadline The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures home sales...