As drafted, the Johnson-Crapo bill would allow big banks to originate, aggregate, and guarantee mortgages. Small lenders worry such vertically integrated companies could price them out of the business.
Mortgage applications, including requests for refinancings and for home purchase loans, rose from the previous week for the week ended April 11.
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.
The proposed Small Lender Mutual cooperative would be expensive for small firms to capitalize, and its securities may get inferior pricing compared to those issued by large banks and nonbanks.
Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it's not required to reduce the risk of falling afoul of new protections.
Programs to help underwater borrowers with second liens are languishing and the Treasury's authority to create and fund new ones under the Troubled Asset Relief Program expired several years ago.
Ginnie Mae is declaring its reverse mortgage securitizations off-limits for a new type of product that would require the servicer to take interest rate risk.
FHA reform would serve as a major enhancement to the Johnson-Crapo proposal as it could ensure long-term viability of both the MMI and new Mortgage Insurance Fund.
The minimal staffing and low net worth of so-called mini-correspondents which critics say are really mortgage brokers in all but name could be a precursor to an uptick in bad loans.
Rep. Maxine Waters' plan to overhaul the mortgage finance market may be dead-on-arrival in the House, but it is still likely to help determine the fate of a separate Senate bill seen as the leading congressional attempt to enact reform.
Tax provision would help distressed homeowners seeking workouts and short sales from being penalized by the IRS.
Rising home prices have emboldened some lenders to search for remaining underwater borrowers who have not refinanced. Wishful thinking? Maybe, but with home purchases scare, lenders have few other options.
Bank of America should win dismissal of a Justice Department lawsuit accusing it of misleading investors about the quality of loans tied to $850 million in mortgage-backed securities, a judge said.
Mortgages at the nation's largest financial institutions continued to improve for the fifth consecutive quarter at the end of last year, an indication that 2013 was a steadier year for mortgage portfolios than the quakes seen following the housing crisis.
Carol Galante has a challenge: Spur lenders to take more care when originating Federal Housing Administration loans, without scaring them away or causing them to hike pricing to cover the additional risk.