Mortgage Industry News  

5-6-2008...FannieMae, the nations largest investor of mortgage backed securities posted a loss of over two billion dollars in the first quarter of 2008 due to continuing problems with the housing markets.

4-28-2008...Countrywide, the nations largest mortgage servicing company today announced a net loss of almost $900 million dollars. The company increased it's loan loss provision to $1.5 billion dollars for the first quarter.

4-1-2008...National City, one of the Midwest's largest regional banks is said to be in discussion to sell to a larger national bank. The company has faced serious challenges from the falling real estate markets and their mortgage portfolio.

3-12-2008...The Fed's aggressive move to help bring liquidity into the market has been received favorably by lenders. The jumbo loan market was almost non existent and this should help bring some funds into this market

3-6-2008...A report released by the Federal Reserve indicates that homeowners are at their lowest levels of home equity in years. The ratio of equity to value is now less than 50%.

3-5-2008...Mortgage applications are up according to a recent survey from the mortgage bankers association. Interest rates have dropped around .25% over the past 3 weeks with the fallout in the stock market.

2-27-2008...The nations largest loan servicers had their caps lifted yesterday. This move will allow them to purchase more loans and should help the housing market.

2-26-2008... A report from RealtyTrac indicated that foreclosures are up almost 57% over their level in 2007. The housing market is struggling to find its bottom.

2-12-2008...Six of the nations largest mortgage lenders have agreed to temporarily halt home foreclosures for the next 30 days under the project lifeline program worked out with the government.

2-05-2008....The Senate is reviewing legislation that could lead to a reduction in the amount required for down payment on FHA loans to be reduced from 3% down to 1.5%.

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