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FHA Gets OK to Raise Annual Mortgage Insurance Premium

PostDateIconFriday, 11 June 2010 03:00 | PDF | Print | E-mail
The House of Representatives has just approved by a 406-4 vote the Federal Housing Administration Reform Act , a law designed to shore up the finances of the agency which now guarantees nearly one-third of the nation's mortgages. The new law gives FHA the authority it had requested to raise the ceiling on the annual premiums it charges borrowers for its guarantee, raises the limits on multifamily housing in certain high cost communities and in elevator buildings, and authorizes some previously announced provisions to increase enforcement of FHA lenders. Earlier this year FHA announced it intended to raise its premiums in a two-step process that was part of a larger program to put itself back on a firm financial footing. The first step, raising the up-front premiums due from the borrower...(read more)

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Fannie and Freddie Stocks Delisted by FHFA Order

PostDateIconWednesday, 16 June 2010 03:00 | PDF | Print | E-mail
The conservator of Freddie Mac and Fannie Mae has ordered the two government sponsored enterprises (GSEs) to take steps to delist their respective common and preferred stocks from the New York Stock Exchange. The stocks will also be delisted from any other national securities exchange and but will continue to be traded over the counter. The Federal Housing Finance Agency (FHFA) said that its determination to direct each company to delist " does not constitute any reflection on either Enterprise's current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator ." Acting Director Edward J. DeMarco that that the determination is related to stock exchange requirements for maintaining price levels...(read more)

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HUD Releases Mortgagee Letter Detailing Net Worth Requirements and Approval Process

PostDateIconWednesday, 16 June 2010 03:00 | PDF | Print | E-mail
HUD today released MORTGAGEE LETTER 2010-20: "Implementation of Final Rule FR 5356-F-02, “Federal Housing Administration:Continuation of FHA Reform—Strengthening Risk Management through Responsible FHA-Approved Lenders" Excerpts taken from the release... This Mortgagee Letter provides an overview of key provisions of HUD’s recently issued final rule referenced above, and guidance to mortgagees on HUD’s implementation of this final rule. This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009, and made minor modifications to other aspects of FHA’s regulations governing lender activities. Increased Net Worth Requirements...(read more)

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2009 Mortgage Fraud Report Released. DOJ Announces 485 Arrests

PostDateIconThursday, 17 June 2010 03:00 | PDF | Print | E-mail
The FBI has released the 2009 Mortgage Fraud Report Excerpts from the report... The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens during 2009. This report updates the 2008 Mortgage Fraud Report and addresses current mortgage fraud projections, issues, and the identification of mortgage fraud “hot spots.” KEY FINDINGS: FBI mortgage fraud pending investigations increased 71 percent from fiscal year (FY) 2008 to FY 2009. HUD-OIG pending investigations increased 31 percent from FY 2008 to FY 2009. Sixty-six percent of all pending FBI mortgage fraud investigations during FY 2009 involved dollar losses totaling more than $1 million. FBI mortgage fraud-related FinCEN SAR filings increased...(read more)

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Commercial Loan Delinquency Rates Shoot to Record Highs

PostDateIconThursday, 24 June 2010 03:00 | PDF | Print | E-mail
Commercial real estate mortgages held in commercial mortgage backed securities (CMBS) have skyrocketed in the past year and have reached an all time high according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report . Delinquencies in other investor groups, while up, are still well below numbers in the early 1990s. Between the fourth quarter 2009 and first quarter 2010, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.54 percentage points from 5.70 percent to 7.24 percent. However, since the first quarter of 2009 the rate has increased nearly four-fold. Seen on a graph, the delinquency pattern over the last 12 months has a vertical trajectory, rising from 1.86 percent to the current number. The MBA report...(read more)

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