Daily Mortgage News Briefing - Home Mortgage News Sources

Daily Mortgage News Briefing
Last updated: March 13, 2009
National Mortgage News Online

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Bankruptcy Bill Goes to Senate Banking Panel

Senate Democratic leaders want to pass a bankruptcy cramdown bill in the next three weeks, but it could get bottled up in the Senate Banking Committee, which has no jurisdiction over the bankruptcy code.

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NAACP Sues Wells, HSBC, Charging 'Steering,' More

The NAACP has filed separate class action claims against Wells Fargo Home Mortgage, and HSBC Mortgage, accusing the two of discriminatory lending policies that unfairly placed African American in higher cost subprime loans.

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BoA Will Remain in Warehouse, but Won't Grow It Much

Bank of America's top mortgage executive, Barbara Desoer, says the depository will remain in warehouse finance, even though many of its competitors are leaving the niche.

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New York Fed Increases GSE MBS Purchases
The New York Federal Reserve Bank ramped up its purchase of GSE mortgage-backed securities the past two weeks due to an increase in refinancings and agency issuance of MBS.

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GSE Waives Delivery Fees New Refi Program

Freddie Mac servicers will only have to pay a 25 basis point "delivery" fee when refinancing loans under the new "Home Affordable Refinance" program mandated by the Treasury Department.

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PMI the First MI to Dump Contract Underwriting
The PMI Group, the nation's second largest mortgage insurer, said it will shutter its contract underwriting unit in mid-April, the first MI to pull the plug on this once lucrative side business.

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MI Companies Need More Capital, KBW Report Says

The nation's remaining private mortgage insurance companies will need at least $4 billion of new capital to maintain a 15-to-1 risk capital level, according to a new white paper from Keefe, Bruyette & Woods.

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NAHB Puts RESPA Lawsuit On Hold

A lawsuit filed by the National Association of Home Builders to block implementation of a RESPA rule has been put on hold while the Department of Housing and Urban Development reconsiders its position on prohibiting builders from tying price discounts to the use of their affiliated mortgage companies.

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Goldman Scaling Back Non-Bank Wholesaler

Goldman Sachs & Co. is scaling back the lending operations of Senderra Funding, Fort Mills, S.C., in particular its wholesale division, sources told National Mortgage News.

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CUs Adding Up Losses on Mortgage Collapse

Credit unions in Wisconsin and elsewhere are adding up the costs of the recent failure of Central States Mortgage Corp. of Wauwatosa, and the current tab appears to be $5 million and counting.

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NAMB Mad at JPM's Dimon over Broker Smear
The National Association of Mortgage Brokers has responded angrily to broker-related comments made by JPMorgan chairman and chief executive Jamie Dimon at the U.S. Chamber of Commerce Capital Markets Summit.

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BB&T Embracing Electronic Signatures

BB&T Corp. has opted to embrace electronic signatures on disclosures and pre-closing documents.

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Ellie Offers New Appraisal Compliance Software

Mortgage loan processing software provider Ellie Mae has introduced a new software program to help mortgage bankers and brokers comply with the new 'Home Valuation Code of Conduct' rules that go into effect May 1.

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Talk Show Host Arrested In Mortgage Rescue Fraud Scheme

Jack Ferm, a former radio talk show host in Las Vegas, was arrested on two counts of felony theft and related charges in connection with the operation of U.S. Justice Foundation, a mortgage rescue firm.

© 2009 National Mortgage News and SourceMedia, Inc.