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Sharp 4Q Rise for FHA-Backed Loans
American Banker (02/09/10) P. 11
The volume of single-family loans backed by FHA surged 21 percent in the 2009 fourth quarter from a year earlier, the agency reported. Of the $86.1 billion in FHA loans originated by lenders during that period, it added, 60 percent were for home purchases. FHA insurance-in-force, meanwhile, jumped 24 percent year over year to a volume of $752.6 billion.
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Economy & Business: Delinquencies
Washington Post (02/09/10) P. A11
While the rest of the private loan market seems to be stabilizing, Fitch Ratings reports that delinquencies on prime "jumbo" mortgages nearly tripled last year and continued to climb in 2010. January -- when 9.6 percent of big loans not backed by government agencies were 60 days or more late -- marked the 32nd consecutive month of growth in "serious delinquencies," according to the ratings firm.
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No Exit in Sight for U.S. as Fannie, Freddie Flail
Wall Street Journal (02/09/10) P. A1; Timiraos, Nick; Hagerty, James R.; Davis, Bob
Experts say the U.S. government is willing to offer unlimited taxpayer dollars to keep Fannie Mae and Freddie Mac above water because insolvency would prevent them from funding mortgages, in turn choking the housing market. Washington is using the firms to shore up the market by modifying problem loans, guaranteeing billions in debt for state and local housing-finance agencies and funding loans to apartment builders and buyers. Still, there is concern that long-term intervention will complicate later reform.
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Colorado Business
Denver Post (CO) (02/09/10)
Fidelity National Title Group is rolling its Security Title Guaranty Co., United Title Co. and another unit into a single firm. The consolidated entity will bear the moniker of Fidelity National Title Insurance Co., the third subsidiary involved in the merger.
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MBA Survey: Originations of Commercial and MF Increase
National Mortgage News (02/08/10) Vol. 34, No. 19, P. 9
Data from the Mortgage Bankers Association shows that 2009 fourth-quarter commercial and multifamily loan originations were 15 percent higher than during the third quarter and 12 percent higher than during the last three months of 2008. The gain was driven by increased originations for all property types, with the exception of multifamily housing.
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