Jan 3, 2012

Like it’s homely siblings, Fannie Mae and Freddie Mac, Ginnie Mae is central to our housing economy. It facilitates affordable housing a reality for millions of low-and moderate-income American households across America by channeling global capital into U.S. housing markets. The Ginnie Mae guaranty allows mortgage lenders to obtain a better price for...

Sep 7, 2011

As I negotiate $1 million in fines levied against three assets that were part of a larger bulk purchase a few months back, today’s story in National Mortgage News comes as no great suprise: As if there were not enough considerations for investors sizing up the many distressed mortgage asset-backed securities still out there, it looks now like they should...

Jun 5, 2011

Anyone lending in “higher loan amount areas” should read the latest from HUD on the probable/possible changes that will take place on October 1. “Barring Congressional action, Federal Housing Administration (FHA) loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act (HERA) for loans insured by FHA on...

Mar 7, 2010

Posted by Oliver Wright Starting with loan-modification standards implemented at the failed IndyMac Bank, the FDIC has required failed-bank acquirers to comply with the program in order to receive claims under loss-sharing deals with the agency. Generally, modifications must produce a greater value than a foreclosure would, and a monthly...

By Oliver Wright Stan Kurland, the former Countrywide president who hoped to make a killing by purchasing distressed mortgage assets at bargain prices, is facing a cold reality that’s thrown a monkey wrench into his strategy: banks and Wall Street firms aren’t selling. The financial garage sale of the century — with an anticipated $1...

Nov 25, 2009

Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9 billion in the previous quarter. Federal Deposit Insurance Corp. Call Report information shows that most of the buyback demands fell on JPMorgan Chase and Bank of America. Chase repurchased $2.7 billion in defaulted loans and BoA...