All posts by Colin Robertson

National City to Set Aside $700 Million for Loan Losses in Fourth Quarter

December 17, 2007 No Comments »

National City Corp. said today in a Securities and Exchange Commission filing that it expects to set aside around $700 million for loan losses in the fourth quarter, but signaled that the worst could be over. The bank noted that ... Read More »

Fannie Chief Sees Housing Woes Until Late 2009

December 14, 2007 No Comments »

At Fannie Mae’s not-so-annual meeting held in Washington today, president and CEO Daniel Mudd told shareholders that he doesn’t expect a housing market recovery until late 2009 “at the earliest.” “This is the worst housing and mortgage market in recent ... Read More »

Bank of America Top Retail Mortgage Originator in 2007

December 13, 2007 No Comments »

Bank of America was recognized as the top retail mortgage originator in the United States for the first nine months of 2007, as well as during the third quarter of 2007, according to a survey released by Inside Mortgage Finance. ... Read More »

Countrywide Fundings, Originations Up From October

December 13, 2007 No Comments »

Countrywide released operational results for last month this morning, revealing a small improvement from October in terms of both loans funded and loan origination volume, though still far below 2006 levels. Mortgage loan fundings for the month of November totaled ... Read More »

OFHEO Chief Says Loan Limit Increase Might Make Sense

December 12, 2007 No Comments »

OFHEO Director James Lockhart spoke about GSE reform and the notion of raising the conforming loan limit today at the American Enterprise Institute, a Washington, D.C.-based think tank. Lockhart said a temporary increase in the conforming loan limit “might make ... Read More »

JD Power Ranks Wachovia First in Satisfaction, Cautions Against Using Mortgage Brokers

December 12, 2007 No Comments »

According to the J.D. Power and Associates 2007 Primary Mortgage Origination Study released today, most homeowners have not been impacted negatively by the current mortgage crisis, and overall satisfaction has remained stable since 2006. “While it’s true that borrowers with ... Read More »

House Judiciary Committee Approves Bankruptcy Bill

December 12, 2007 No Comments »

House lawmakers today approved a bill by a 17 to 15 vote that would enable homeowners to reduce the mortgage balance on their primary residence during bankruptcy proceedings. The amended bankruptcy bill would only apply to subprime and other “non-traditional” ... Read More »

Banks Expect Larger Fourth Quarter Loan Losses

December 12, 2007 No Comments »

Three banks making presentations at an investment conference in New York today warned that fourth quarter loan losses would exceed earlier expectations. Wachovia Corp., the nation’s second largest bank, is doubling its expected loan-loss provision for the fourth quarter to ... Read More »

Report Reveals Number of Problems Associated with Rate Freeze

December 11, 2007 No Comments »

According to a CreditSights report released Tuesday, the Bush Administration’s recent mortgage interest rate freeze proposal will likely create more problems than solutions for most homeowners. The report claims the freeze plan will undermine the viability of the secondary market ... Read More »