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Origination News Headlines

Freddie Losses Driven by Credit Issues

November 6, 2009

Freddie Mac had credit-related expenses of $7.5 billion for the third quarter, which was the leading driver of its $6.3 billion net loss to common stockholders.

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HUD Imposes Penalties on Two FHA-Approved Lenders

November 6, 2009

The Department of Housing and Urban Development's Mortgagee Review Board is imposing civil money penalties totaling $27,000 on two Federal Housing Administration-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards.

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Fannie Regulator Clears Sale of Tax Credits

November 6, 2009

The Federal Housing Finance Agency has cleared Fannie Mae to sell roughly $2.6 billion in low-income housing tax credits to unidentified third-party investors believed to include Goldman Sachs & Co. and Berkshire Hathaway.

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Fannie Loses $18.8 Billion in Quarter

November 6, 2009

Fannie Mae posted yet another stunning loss in the third quarter, $18.8 billion, noting that it now owns or guarantees close to $200 billion in nonperforming assets.

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PMI Posts Another Loss, but Sees Improvement

November 6, 2009

Driven by charges and adjustment expenses in its domestic mortgage insurance business, The PMI Group Inc., Walnut Creek, Calif., posted a net loss of $93 million for the third quarter, a marked improvement over the same period last year when it lost $229 million.

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Featured Story

MBA: Profit Per Loan Up

By Brian Collins

Brian Collins

WASHINGTON-Reduced origination costs for mortgage bankers and (in some instances) a reduction in competition are helping residential lenders post their best per-loan profit margins in years, as shown by a sixfold increase in the first quarter.

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Origination Views

Where the FHA Stands

By David H. Stevens

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Mr. Stevens, assistant secretary for housing/Federal Housing Administration commissioner for the U.S. Department of Housing and Urban Development, testified before the U.S. House Financial Services Committee's subcommittee on housing and community opportunity in October 2009 on the soundness of the FHA. The following are excerpts from his remarks.

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