The Monthly Treasury Average was 4.52% in December, according to U.S. Treasury data. The index was lower than in November and than one year earlier. December marked the eighth consecutive month that the MTA was down.
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A deal where GE Capital Corp. was to acquire PHH Corp. then sell the mortgage operations has collapsed, PHH said in a statement Tuesday. Express Capital Mortgage Inc. launched operations in Chandler, Ariz., according to an announcement Friday. Hatteras Financial Corp. has launched in Winton-Salem, N.C., according to a filing with the state.
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The Nationwide Mortgage Licensing System went live on Jan. 2 in seven states, a news release said. The Internet-based system was initially developed in 2004 to streamline the regulatory process and create more uniformity across state lines in mortgage supervision. The registry reportedly tracks licensure, affiliations, employment history and enforcement actions against originators.
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The monthly Treasury average was 2.48 percent during September, according to Federal Reserve data. The index was lower than in August and in September 2007. In fact, MTA has not been this low since March 2005.
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A mortgage broker pricing study was announced Tuesday by the Center for Responsible Lending. The group said that during the first four years of a loan, a typical subprime borrower who uses a mortgage broker pays $5,222 more than if he or she obtained the loan directly from a lender. The additional costs, which were based on a $166,000 loan, were the result of yield spread premiums earned by brokers.
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As of early April, there were already at least 67 subprime-related securities class actions, according to a report announced by RiskMetrics Group. And the number of subprime-related lawsuits last year was "significant." Among defendants reportedly targeted by the wave of lawsuits are underwriting firms, investment managers, home builders, and mortgage lenders, RiskMetrics said.
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Six years ago, Georgia enacted the Georgia Fair Lending Act, which made lenders and mortgage investors legally liable for any predatory loans that they underwrote or bought. Standard & Poor's objected.
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Mortgage broker share accounted for 25 percent of 2007 residential originations, according to a cost study released by the Mortgage Bankers Association. Broker share fell from 38 percent in 2006. Meanwile, mortgage banking firms saw production profits of a negative $560 on a per-loan basis last year. In 2006, mortgage bankers lost just $50 per loan.
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Under H.R.1424, the Emergency Economic Stabilization Act of 2008, the Troubled Asset Relief Program enables the Treasury to purchase $700 billion in illiquid mortgage assets. Throwing nearly three-quarters of a trillion dollars at this problem is very likely to yield some pretty positive results. In addition to freeing up capital for the current holders of the investments, it will also establish prices where no bidding had been occurring. Furthermore, with so much money flowing through the seco
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A class-action lawsuit filed against Prudential Federal Savings and Loan Association in 1975 in state district court sought earnings on escrow accounts be paid to borrowers. Prudential was subsequently acquired by Washington Mutual Bank. After the case was appealed and remanded back to the state district court, the Utah Supreme Court ruled in favor of WaMu. Federal preemption was cited in the decision.
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The International Monetary Fund released a report that projected total losses from the current credit crises. Commercial mortgage-related losses are forecast at $240 billion. Losses related to residential mortgages are projected to reach $565 billion. In all, including corporate loans and consumer loans, total securitized and unsecuritized losses were forecasted at $945 billion.
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This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending April 4, announced that the Market Composite Index, which measures mortgage loan application volume, increased 5.4 percent from one week earlier.
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