|
More Prime Mortgages Default in 3rd Quarter
Los Angeles Times (12/22/09) Puzzanghera, Jim
The Office of Thrift Supervision and the Office of the Comptroller of the Currency report that more than 1 million mortgages serviced by national banks and savings and loans were in foreclosure in the third quarter. Just 87.2 percent of the loans were current and performing, with falling home values and rising unemployment feeding a jump in seriously delinquent loans to 6.2 percent and a hike in loans in the foreclosure process to 3.2 percent. Trends surfacing from the data include an increase in re-defaults for borrowers with loan workouts and a twofold surge in the number of prime mortgages going into default.
(More)
|
Mortgage Yields Up at Fannie, Freddie
American Banker (12/22/09)
Suggesting that interest rates on new mortgages may extend a recovery from previous all-time lows, yields on Fannie Mae and Freddie Mac's mortgage securities rose to their highest levels since October. For instance, yields on the former's current-coupon, 30-year fixed-rate mortgage bonds were up 0.1 percentage points to 4.37 percent. Freddie Mac, meanwhile, states that the average rate on a typical 30-year fixed mortgage rose to 4.94 percent in the week ended Dec. 17 from the 4.71 percent record low set two weeks earlier.
(More)
|
Homebuilder Sentiment Index Dips in December
Foster's Daily Democrat (NH) (12/22/09) Veiga, Alex
Due to concern that a slow economic recovery and high unemployment will continue to negatively impact demand for new homes, the National Association of Home Builders' housing market index dropped a single point to 16 this month -- the lowest since June. The first monthly decline since October, the reading came as a surprise just one month after the industry received a boost from Congress and the White House with the extension and expansion of a federal tax credit for home buyers.
(More)
|
National City's Tozer Tapped for Ginnie Mae
Washington Post (12/22/09) P. A16
President Obama has nominated Theodore Tozer to run Ginnie Mae. Tozer is senior vice president of capital markets for National City, which is now part of PNC Financial Services Group. If confirmed by the Senate, he would replace Joseph Murin, who stepped down in August to launch a consulting firm with former FHA commissioner Brian Montgomery.
(More)
|
Much Movement at MBA
Politico (12/22/09) Marson, Anne; Milfield, Becca>
The Mortgage Bankers Association has elevated John Mechem, senior director of public affairs, to vice president of government affairs. Also, associate counsel Shelley Reback will continue to assist MBA's chief legal officer but is now an associate vice president along with Mike Sorohan -- previously director of electronic communications, editing, managing and reporting for the group's electronic publications. Additionally, marketing managers Teressa Jefferies and Alicia Roundy along with Masuda Ranjber, manager of meetings, are now directors.
(More)
|