Fannie Mae chief economist Doug Duncan on Monday raised his 2011 origination forecast to $1.2 trillion, up from a recent forecast of $1.09 trillion.
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Meanwhile, new survey figures compiled by National Mortgage News and the Quarterly Data Report show that both FRM lending and refinancings slipped in the second quarter.
Fixed-rate mortgages accounted for 84% of all new loans in 2Q, the weakest reading since the third quarter of 2008. The balance was ARMs.
Refis accounted for 57% of production in the second quarter, compared to 71% in 1Q. The refi reading was the weakest registered since 2Q 2010.
Daily Briefing | Monday, September 19, 2011
OCC: Independent Reviews Coming Soon for Foreclosure Victims
Any borrower who believes they were harmed by a foreclosure initiated by 14 major servicing banks soon can seek out an independent review of their case, according to Comptroller of the Currency John Walsh.
FHFA Chief Unveils New G-Fee Hikes/Volume Discounts May End
Fannie Mae and Freddie Mac will hike their guarantee fees some time next year to better reflect “that which would be anticipated in a private competitive market,” FHFA acting director Ed DeMarco said Monday morning.
AmRes Founder Robbins On Verge of Launching New MB
Industry veteran John Robbins, who exited the business six years ago, next week will announce that he’s reentering mortgage banking with a new retail/wholesaler lender.
Obama Refi Plan Being Held Back By Investor Concerns?
The White House plan to refinance upwards of $2 trillion of problematic GSE loans is running into a roadblock: MBS investors, in particular foreign buyers that are allies of the U.S.
Trade Groups Make Last Pleas for Maintaining GSE Loan Limits
It appears as though lower GSE loan limits may soon become reality, but that hasn’t stopped housing, realty and mortgage trade groups from promoting the issue.
CEO of Failed IndyMac Lashes Out Via His Blog
Mike Perry, who led IndyMac Bancorp until its collapse in 2008, is trying to rehabilitate his image, waging a public campaign rarely seen from an executive of a once high flying mortgage lender.
GNMA Issuance Continues to Rise
Residential lenders issued $27.8 billion of Government National Mortgage Association MBS in August, a slim gain of just $14 million from the prior month, according to new figures released by HUD.
Foreclosure-to-Rental Program Great in Theory, Tough in Practice
What seems like a no-brainer turning the hundreds of thousands of vacant, foreclosed homes controlled by the federal government into rental units is going to be tough to accomplish.
Home Builder’s REO Unit Takes Charge, but Still Contributes
Rialto Investments, the distressed asset arm of home builder Lennar Corp., took a $10 million charge relating to its joint venture with AllianceBernstein LP in the third quarter.
NAHB Sentiment Index Continues to Drag
The National Association of Home Builders said Monday that its index of builder sentiment fell in September to a reading of 14, one point below the prior month.