Mortgage News

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

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 »

WaMu to Halt Wholesale Mortgage Lending

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 »

New Century and KPMG Accused of Improper Accounting Practices

New Century and KPMG Accused of Improper Accounting Practices
March 26, 2008 No Comments »

Defunct subprime mortgage lender New Century and its accounting firm KPMG were slammed in a saga of a report written by court examiner Michael J. Missal, released Wednesday. The 581-page document chronicles the rise and fall of the Irvine, CA-based ... 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 »

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 »

Fannie and Freddie Requirements Eased, Liquidity Boost Expected

March 19, 2008 No Comments »

The Office of Federal Housing Enterprise Oversight announced today that capital restrictions placed on mortgage financiers Fannie Mae and Freddie Mac will be eased to allow for improved liquidity in the struggling mortgage market. The current 30 percent capital cushion ... Read More »

Northern Rock to Cut 2000 Jobs, Sell Mortgage Assets

March 18, 2008 No Comments »

Northern Rock announced today on their website that it will reduce its current loan portfolio by about half and cut its workforce by a third in an effort to pay back its $50 billion emergency loan from the Bank of ... Read More »

Freddie Conforming Jumbo Loan Guidelines Released

March 12, 2008 No Comments »

Freddie Mac released an update today detailing the new guidelines for so-called “conforming jumbo mortgages” that the mortgage financier will soon begin to purchase. The new loan limits, as most probably know, allow a max loan amount of 125 percent ... Read More »

Thornburg Restates Financials, In Discussions to Meet Margin Calls

March 11, 2008 No Comments »

Thornburg Mortgage said today that it filed its amended financial statement with the SEC and was in discussions with its lenders to meet all outstanding margin calls in a timely manner. The company’s amended form 10-K/A now accounts for the ... Read More »