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MortgageDaily.com News Headlines

HUD Clarifies HAMP Credits Toward Settlement

While some principal reduction on mortgages with government loan modifications can be credited towards the recent mortgage servicer settlement, the vast majority of loans modified under the federal program won't be eligible.

The Department of Housing and Urban Development says that incentives paid to servicers under the Home Affordable Modification Program cannot be used as credit towards the massive mortgage servicer settlement announced on Feb. 9.

HUD was responding to a news article that an article in the Financial Times that, it says, argues HAMP subsidies are being used for credit under the settlement.

Mortgage Bankers Raise Origination Outlook

Home lenders cut their outlook for the volume of home purchases expected to be financed this year. But an increase in projected refinance production was enough to push the overall outlook higher.

The latest mortgage production forecast has first-quarter residential originations 6 percent higher than was predicted last month.

Even expected second-quarter financing was increased 2 percent.

Apartment Loan Performance Leads CMBS Improvement

Led by improving multifamily performance, past-due payments on securitized commercial mortgages retreated -- though so did the overall amount outstanding.

Delinquency of at least 60 days on loans that are part of conduit-fusion commercial mortgage-backed securities was 2 basis points better during January than in December.

But late payments on securitized commercial mortgages have worsened 29 BPS from January 2011.

What's Next for Fannie and Freddie?

The next phase in conservatorship for Fannie Mae and Freddie Mac has been laid out for legislators.

The Federal Housing Finance Agency was established through The Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush in July 2008.

By the time that the financial crisis reached a fever pitch in September 2008 and capital markets froze up, the government determined that it was time to place Fannie and Freddie under the conservatorship of FHFA, where both companies remain today after costing U.S. taxpayers more than $180 billion.

Serious Delinquency Retreats

Serious home-loan delinquency relented after ascending each of the prior four months. The rate in Dallas declined, while defaults in Miami climbed.

Residential delinquency of at least 90 days dropped 11 basis points between December and January on first mortgages.

Late payments already had been up each month since August.

MortgageNewsDaily.com Video News

Contemplating Life after Frannie

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For all the tough talk about getting rid of Fannie Mae and Freddie Mac, there is still no political will to change the housing-finance system, David Reilly reports on Markets Hub. (Photo: AP/Pablo Martinez Monsivais)
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Meredith Whitney on the Mortgage Market

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Low rates have not moved the mortgage market, says Meredith Whitney, Meredith Whitney Advisory Group founder/CEO, who adds low rates are not the solution and banks have not done anything to remedy the mortgage markets. Whitney says the United States housing policy should include banks working together to have an industry re-pricing.
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Hope for Housing Market Justified?

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Even though there are signs of life in the housing market, some pretty big headwinds remain, reports CNBC's Diana Olick.
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Over-Regulated America

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Every time I talk to a business person, there is a concern that the this regulatory environment is killing the traditional risk-taking appetite and ability to take big bets, says Matthew Bishop, The Economist U.S. business editor/NYC bureau chief.
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Santelli's Exchange: Bonds & Oil

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Discussing the market reaction to the Greek bailout, with CNBC's Rick Santelli.
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Home Depot Builds Q4 Profit

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A mild winter helped the home improvement chain beat the Street. Insight with Chris Horvers, J.P. Morgan retail-hardlines analyst.
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Former Citi Wealth Management CEO on Banking Industry

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The industry when done well, very much helps the economy and can be engines of growth, according to Sallie Krawcheck, former Bank of America Global Wealth Management president/former Citi Wealth Management CEO.
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Behind the Bank of America/Merrill Deal

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Insight on the acquisition of Merrill Lynch and her strategy to turn the business around, with Sallie Krawcheck, former Bank of America Global Wealth Management president.
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Finance Ministers Meet on Greek Deal

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The details on the Greek deal worth 130 billion euros, with CNBC's Silvia Wadhwa.
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$6T in Fake U.S. Bonds Seized in Italy

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CNBC's Steve Liesman has the details on the Italian police seizing about $6 trillion in fake U.S. Treasury bonds in Switzerland.
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Re-Thinking 'Too Big to Fail'

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John Stumpf, Wells Fargo chairman/CEO, discusses what would happen to the banking system if interest rates actually come up: "From a margins perspective, if rates rise, our deposits would rise."
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Wells Fargo's Stumpf on the Volcker Rule

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The Volcker Rule should not hurt customers, says John Stumpf, Wells Fargo chairman/CEO.
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Wells Fargo CEO: Putting Customers First

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Discussing why corporate culture and emphasis on customer satisfaction has helped his bank be successful, with John Stumpf, Wells Fargo chairman/CEO.
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Moody's Bank Review

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What impact will a Moody's downgrade have on banks and capital markets? Brad Hintz, Sanford Bernstein research analyst, provides perspective
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Home Foreclosures Rise Again

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After a year-long respite, foreclosures are back on the rise, reports CNBC's Diana Olick.
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