Mortgage News

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

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 »

Thornburg Unable to Meet Margin Calls, Will Restate Earnings

March 7, 2008 No Comments »

Thornburg Mortgage released a statement today saying it was unable to meet millions in margin calls and that’s its financial statements would need to be restated to account for a $427.8 million write-down to the value of its mortgage securities. ... Read More »

Many California Counties Get Maximum FHA Loan Limit

March 5, 2008 No Comments »

Thousands of California borrowers are likely to benefit from the higher loan limits backed by the FHA over the next year and change, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson said today in a number of speeches ... Read More »

NY Gov Proposes Mortgage Crisis Legislation

March 5, 2008 No Comments »

New York Governor Eliot Spitzer unveiled a plan aimed at providing meaningful aid to homeowners while stepping up anti-predatory lending laws and tackling mortgage fraud. “With thousands of New Yorkers impacted by this crisis, we must enhance protections against predatory ... Read More »

IndyMac Sees Rise in Delinquencies, Foreclosures

March 3, 2008 No Comments »

IndyMac Bancorp said delinquencies and foreclosures continued to rise in January as loan origination volume slumped. The Pasadena, CA-based mortgage lender said total loan production was $2.9 billion in January, down 33 percent from December and 66 percent from January ... Read More »