Mortgage News

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

Study Supports Need for Better Mortgage Disclosure

May 29, 2008 No Comments »

A new study conducted by former HUD chief economist Susan Woodward reveals the need for improved disclosure of home loan terms and associated fees. Woodward’s “A Study of Closing Costs for FHA Mortgages” analyzed 7,500 mortgages originated between May and ... Read More »

Countrywide Shares Fall 20 Percent Amid Deal Concerns

May 9, 2008 No Comments »

Shares of the nation’s top residential mortgage lender slid more than 20 percent this week as warnings from analysts and investor jitters took their toll on the company. Countrywide stock ended the week at just $4.76 a share, down 20.4 ... Read More »

Freddie Mac: Cash-Out Refinances at Four Year Low

May 2, 2008 No Comments »

The percentage of refinances that were used for cash-out fell to the lowest level in four years during the first quarter, according to Freddie Mac’s quarterly refinance review. The government-sponsored entity said just 56 percent of new loans it owns ... Read More »

FDIC Offers Up Home Ownership Preservation Loans

FDIC Offers Up Home Ownership Preservation Loans
April 30, 2008 No Comments »

The FDIC has whipped up a new proposal that would allow the Treasury Department to modify approximately one million loans for at-risk borrowers who are currently underwater on the mortgage. The so-called Home Ownership Preservation (HOP) loans would pay down ... Read More »

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 »

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 »