All posts by Colin Robertson

Fannie and Freddie Asset Limits Unchanged

August 13, 2007 No Comments »

Fannie Mae and Freddie Mac’s appeals to raise limits on their existing loan portfolios were met with disapproval by both the Bush Administration and the Office of Federal Housing Enterprise Oversight late last week. Democrats had urged the agency to ... Read More »

Mortgage Brokers May Need to Dust Off Resumes

August 10, 2007 No Comments »

As the mortgage crisis widens, particularly with the latest news regarding limited liquidity, it makes sense to wonder if correspondent and wholesale lending will be the next to go. We’ve already seen a large number of mortgage lenders shut down ... Read More »

Countrywide and WaMu Spread Liquidity Fears

August 10, 2007 No Comments »

Two of the largest U.S. mortgage lenders came forward today, saying difficult market conditions would likely hurt operations in the near term. Both Countrywide and Washington Mutual cited the issue of liquidity, noting that the secondary mortgage market had become ... Read More »

Stated Income Loans Going Away

August 9, 2007 No Comments »

I’ve heard from several sources that stated income loans, also known as “liar’s loans” may become a thing of the past as mortgage lenders continue to tighten underwriting guidelines. In the last five plus years, stated income documentation was the ... Read More »

More Mortgage Woes

August 7, 2007 No Comments »

Just what is this whole mortgage business built on anyway? Check out my newly updated list of closed lenders! HomeBanc is exiting the mortgage loan business and seeking the sale of remaining assets. Countrywide, the nation’s largest mortgage lender, will ... Read More »

Subprime Dead, Alt-A Next in Line

August 3, 2007 No Comments »

Now that subprime mortgage is completely blown out, many credit rating agencies are turning their attention towards Alt-A loans, which are typically reserved for borrowers with good, not great credit, and reduced documentation and limited reserve requirements. Below is a ... Read More »

American Home Mortgage Closes Doors

August 3, 2007 No Comments »

American Home Mortgage Investment Corp., the under pressure mortgage lender who had earlier in the week announced fresh layoffs, has announced today that it will shut down and layoff more than 6,250 of the remaining employees. Melville, New York-based American ... Read More »

Indymac Sees 57% Drop in Second-Quarter Net Income

July 31, 2007 No Comments »

IndyMac Bancorp announced earnings this morning, beating street estimates, but seeing a 57% drop in second quarter net income as a result of the mortgage woes felt nationwide.Net income dipped to $44.6 million, or 60 cents per share, from $104.7 ... Read More »

New York Pledges $100 Million to SONYMA Refinance Program

July 30, 2007 No Comments »

The state of New York and the mortgage industry have come together to create a new program called “Keep the Dream” administered by the State of New York Mortgage Agency, or SONYMA, to stop loan foreclosure. The new loan program ... Read More »