The six-month London Interbank Offered Rate fell 42 basis points from last week, Bankrate.com reported. The 30-year fixed-rate mortgage average dropped 6 BPS from last week, Freddie Mac reported. Total mortgage applications rose 12 percent on a seasonally adjusted basis from the prior week in the Mortgage Bankers Association's latest survey.
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Treasury Secretary Henry M. Paulson Jr. said the plan for the Troubled Asset Relief Program has changed. In early October, he signaled his decision to use the financial rescue package to purchase equity directly from financial institutions. The Treasury has been examining the relative benefits of purchasing illiquid mortgage-related assets and has determined that "at this time is that this is not the most effective way to use TARP funds."
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Downey Financial Corp. is operating under a consent order with the Office of Thrift Supervision, a filing with the Securities and Exchange Commission indicated. The thrift had an $81 million third-quarter loss, eating into shareholder equity. Downey noted that bank regulators could place it into receivership prior to Dec. 31.
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Treasury Secretary Paulson commended the chairman of the Federal Deposit Insurance Corporation for her streamlined modification strategy at failed IndyMac Federal Bank FSB. California's governor has proposed a 90-day hiatus on some foreclosure proceedings, a notice from the state said. Maryland's governor announced agreements with six servicers to improve the loss mitigation process. A preliminary injunction against Option One Mortgage Corp. and H&R Block Mortgage Corp. was granted to Massa
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U.S. pre-foreclosures filings were around 177,000 in October, according to data reported by ForeclosureS.com. Filings fell for the second consecutive month. In September, pre-foreclosure filings were around 190,000.
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Ritch Workman was elected to Florida's House of Representatives. Workman is president of the Florida Association of Mortgage Brokers. Debbie Mayfield was also elected to Florida's House. She founded mortgage brokerage Mayfield Group Inc. Nancy Detert was elected to the state Senate. She founded Osprey Mortgage Co. and subsequently sold it when preparing to run for the Senate.
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Closed originations during the third quarter were $3 billion lower than in the second quarter, PHH Corp. reported. Compared to a year earlier, production was $2 billion worse. But the mortgage production unit saw its losses decline $46 million from the third-quarter 2007.
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There were352,200 mortgage jobs during September, data from the Bureau of Labor Statistics indicated. September's employent was 2,900 more than August, the report indicated. The improvement in September mortgage employment contrasted a bigger-than-expected drop in overall U.S. employment last month.
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Commercial mortgage production was $5 billion during the third quarter at HFF Inc., a statement Thursday said. Business was 58 percent worse than the third-quarter 2007. HFF said volume tumbled as "unprecedented conditions" caused "significant and further deterioration in credit, liquidity and investor confidence in the global capital markets."
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