PGS Real Estate » National Mortgage News Headlines

Fitch: $47B in Prime/Alt-A RMBS Subject to Rate Resets

Wed, 13 Jan 2010 02:32:46 +0000

Fitch’s latest 12-month forecast for rate recasts on prime and alternative-A credit residential mortgage-backed securities indicates that more than $47 billion of collateral could be affected by rate shock.

Source:Fitch: $47B in Prime/Alt-A RMBS Subject to Rate Resets

Titanium Launches REO Unit

Wed, 13 Jan 2010 02:32:02 +0000

Titanium Holdings Inc., a Fort Mill, S.C., firm that contacts troubled homeowners on behalf of mortgage servicers to discuss loan workouts, has started a unit for when such efforts fail.

Source:Titanium Launches REO Unit

Fitch: U.S. Prime Jumbo RMBS Delinquencies Nearly Triple to 9%

Wed, 13 Jan 2010 01:32:03 +0000

More prime jumbo borrowers are falling behind on their payments and not catching up — with states such as California and Florida driving the trend, according to a new research note from Fitch Ratings.

Source:Fitch: U.S. Prime Jumbo RMBS Delinquencies Nearly Triple to 9%

HUD Subpoenas 15 FHA Lenders for Having High Foreclosures

Wed, 13 Jan 2010 00:02:02 +0000

The HUD Inspector General has subpoenaed 15 Federal Housing Administration direct-endorsement lenders as part of an investigation into why these firms have the highest default and claim rates in the nation.

Source:HUD Subpoenas 15 FHA Lenders for Having High Foreclosures

New York Thrift Had Profit Boost Thanks to Residential

Tue, 12 Jan 2010 23:32:42 +0000

Elmira Savings Bank FSB of New York says the record income it posted last year was aided, in large part, by its mortgage origination business.

Source:New York Thrift Had Profit Boost Thanks to Residential

Jaymes Financial Selling $61MM in Delinquent Loans

Tue, 12 Jan 2010 23:32:02 +0000

Jaymes Financial of Virginia is offering a $61 million portfolio of delinquent residential loans — an auction that is actually a “re-trade” of an earlier sale.

Source:Jaymes Financial Selling $61MM in Delinquent Loans

Mortgage Servicing Dispute Heads to Court

Tue, 12 Jan 2010 23:02:34 +0000

First Catholic Federal Credit Union, Taylor, Mich., has filed suit in federal court to terminate a mortgage servicing contract it has with CUSO Mortgage, claiming CUSO violated its agreement with the credit union by, among other things, failing to file Form 1098s with the Internal Revenue Service for its borrowers.

Source:Mortgage Servicing Dispute Heads to Court

MBA Wants a Forbearance Option on HAMP

Tue, 12 Jan 2010 23:02:02 +0000

The Mortgage Bankers Association wants the White House to tone down expectations for the Home Affordable Modification Program and create a forbearance option for borrowers who become unemployed or suffer a loss of income.

Source:MBA Wants a Forbearance Option on HAMP

Mortgage Investing REIT Prices Additional Offering

Tue, 12 Jan 2010 22:32:34 +0000

Invesco Mortgage Capital Inc., Atlanta has priced its public offering of 7 million shares of common stock at $21.25 per share.

Source:Mortgage Investing REIT Prices Additional Offering

Impac Hopes to Enter Warehouse Lending Arena

Tue, 12 Jan 2010 22:32:02 +0000

Impac Mortgage Holdings, a once troubled alt-A lender that appears to have a new lease on life, is considering making a move into warehouse lending, a business it gave up on a few years ago.

Source:Impac Hopes to Enter Warehouse Lending Arena

New MBA Forecast: Originations Will Fall, Refis 'Choked Off'

Tue, 12 Jan 2010 21:32:02 +0000

The Mortgage Bankers Association believes residential originations will fall to just $1.28 trillion in 2010 — a 33% decline from last year and the industry’s worst year since 2000.

Source:New MBA Forecast: Originations Will Fall, Refis 'Choked Off'

Suitors Still Showing Interest in NatCity's Warehouse Unit

Tue, 12 Jan 2010 20:32:23 +0000

Even though PNC Financial Services has no plans to keep National City’s warehouse lending division, investors are continuing to a show an interest in the group, according to executives close to the situation.

Source:Suitors Still Showing Interest in NatCity's Warehouse Unit

Index: Price Stabilization Continues for Some U.S. B&C RMBS

Tue, 12 Jan 2010 20:32:02 +0000

While some U.S. subprime residential MBS prices are continuing to stabilize, 2004 and 2007 vintages are still showing notable declines, according to a Fitch Solutions credit default swap-based price index.

Source:Index: Price Stabilization Continues for Some U.S. B&C RMBS

LPS: Late Payments Continue to Climb

Tue, 12 Jan 2010 19:32:05 +0000

One in 7.5 U.S. homeowners are either behind on their mortgage payments or in foreclosure, according to a new report from Lender Processing Services Inc., Jacksonville, Fla.

Source:LPS: Late Payments Continue to Climb

HUD Launches Probe of Lenders with High Foreclosures

Tue, 12 Jan 2010 19:32:02 +0000

The HUD Inspector General has initiated a probe of several Federal Housing Administration lenders with high foreclosure rates.

Source:HUD Launches Probe of Lenders with High Foreclosures