New optimism about the possibility of plans to address Europe’s fiscal concerns boosted most industry stock values.
A little after noon, the Dow was up roughly 300 points and increases in mortgage-related stocks ranged from roughly 2% to 8%.
Companies like mortgage insurer Radian experienced gains on the upper end of that range while title insurance and services provider Fidelity National Financial registered gains on the lower end of that range.
Also the rate-indicative 10-year yield, which at one point Friday had fallen below 1.9% before recovering a bit, was back above 2% at press time.
Daily Briefing | Monday, November 28, 2011
New Home Sales Up in October, but Prices Remain Weak
New home sales rose 1.3% in October after September sales were revised downward, according to new government figures released Monday.
Rep. Barney Frank to Retire Next Year
Rep. Barney Frank, D-Mass., will announce today that he will not seek re-election next year, capping a 32-year career in Congress, a spokesman said Monday.
Kirchmeyer Offers Valuation Insurance
Kirchmeyer Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.
Quicken Waiting on MIs for HARP 2.0 Guidance
Quicken Loans says it is waiting for mortgage insurance companies to issue guidance before it starts refinancing GSE loans with existing MI policies under the new Home Affordable Refinance Program.
FHA Floating NPL Pool in Early December
The Federal Housing Administration in early December will seek bids on a small pool of defaulted single-family loans and plans to conduct additional auctions in April and September of next year.
New York Fed: Mortgage Balances Decline 1.3%
Mortgage balances on consumer credit reports dropped by about $114 billion or 1.3% during the third quarter, according to the Federal Reserve Bank of New York’s latest report on household debt and credit.
Banks Likely to Gain FHA Relief Under Servicing Settlement
Government officials are likely to lessen large banks’ liabilities over how they handled delinquent Federal Housing Administration-insured mortgages as part of a settlement with the largest mortgage servicers, according to people briefed on the negotiations.
DebtX to Sell $400 Million in HUD and Bank Loans
DebtX is currently selling $416 million in performing and nonperforming loans for 14 financial institutions and the Department of Housing and Urban Development.
Mortgage MA May be Heating Up
Even though the residential mortgage industry has been through the wringer the past four years outside money is continuing to eye the sector, but is being choosey about what it buys — and how much it spends on both companies and servicing rights.
Maryland Multifamily Lender Hires KeyBank, GMAC Veteran
Walker Dunlop, LLC, Bethesda, Md., on Monday announced that it has hired Dale Brem as vice president and deputy chief underwriter for the firm’s FHA finance department.