Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

Mortgage Bust Market Cap Impact

April 16, 2008 No Comments »

What a difference a mortgage crisis can make. Take a look at select mortgage stocks and their market cap declines from June 2007 to the present date to see the magnitude of the ongoing credit crunch. The companies below are ... Read More »

Wells Fargo Reports First Quarter Profit of $2 Billion

April 16, 2008 No Comments »

Wells Fargo released its first-quarter earnings today, reporting net income of $2 billion, or 60 cents per share, compared with profit of $2.24 billion, or 66 cents per share, a year earlier. The San Francisco-based bank and mortgage lender also ... Read More »

Senator McCain Unveils Mortgage Refinance Plan

April 10, 2008 No Comments »

U.S. Senator and presidential hopeful John McCain delivered a speech today at a small business roundtable in Brooklyn, unveiling his so-called “HOME” plan to tackle the ongoing housing crisis. McCain applauded recent bipartisan efforts aimed at easing the mortgage crisis, ... Read More »

FHASecure Program to be Expanded

April 9, 2008 No Comments »

The Bush Administration announced today that the FHASecure program will be expanded, with plans to refinance 500,000 borrowers into prime-rate FHA-insured mortgages by year-end. The new criteria will allow borrowers with adjustable-rate mortgages who missed mortgage payments multiple times in ... Read More »

WaMu to Halt Wholesale Mortgage Lending

April 7, 2008 No Comments »

Word on the street is that Washington Mutual plans to scrap wholesale mortgage lending, following in the footsteps of Bank of America and scores of other now defunct lenders. At this time, it’s uncertain how many employees will be affected ... Read More »

Federal Reserve Dynamic Mortgage Maps Launched

April 1, 2008 No Comments »

The Federal Reserve announced the release of a series of dynamic maps and corresponding data that illustrates the quality of subprime and Alt-A mortgages throughout the country. The maps, which are maintained by the Federal Reserve of Bank of New ... Read More »

McCain on Housing: No Bailout

March 25, 2008 No Comments »

Presidential hopeful John McCain addressed the ongoing mortgage crisis today during a roundtable with Hispanic business leaders in Orange County, warning against a government bailout and calling upon lenders to do more to keep borrowers in their homes. McCain blamed ... Read More »

MGIC Ups Stock Offering, Sells Debt to Raise Capital

March 25, 2008 No Comments »

MGIC Investment Corp. announced today it has agreed to sell 37.3 million shares of common stock at a price of $11.25 per share, generating gross proceeds of roughly $420 million. The move represents a 20 percent increase to their initial ... Read More »

Thornburg to Raise $1.35 Billion to Meet Override Agreement

March 25, 2008 No Comments »

The rollercoaster that is Thornburg Mortgage surged today on news the struggling mortgage lender had lined up a plan to raise adequate capital to satisfy a recent agreement between itself and its lenders. The Santa Fe, New Mexico-based jumbo mortgage ... Read More »

Federal Home Loan Banks to Buy More Mortgages

March 24, 2008 No Comments »

The Board of Directors of the Federal Housing Finance Board passed a resolution today authorizing the Federal Home Loan Banks to up their buying power of mortgage-backed securities (MBS) to soften the blow of the ongoing mortgage crisis. The deal, ... Read More »