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Treasury mum on halting mortgage-security purchases

Treasury mum on halting mortgage-security purchases

Honestly, I forgot the U.S. Treasury Department was buying mortgage-backed securities (MBS), since its program is much smaller than that of the Federal Reserve. Here’s an update from National Mortgage News (bold added): The Treasury Department has purchased over $200 … Read More

Are covered bonds the answer to credit shortage?

Are covered bonds the answer to credit shortage?

The House Financial Services Committee is expected to hold a hearing today on covered bonds backed by high-quality mortgages and consumer loans. Such bonds are used in Europe and some U.S. legislators think the bonds could help revive lending here, … Read More

Five people charged in $3 million loan fraud

Five people charged in $3 million loan fraud

The Orange County District Attorney said today it has charged five people, including four in Orange County, of grand theft or related crimes for allegedly defrauding banks of $3.6 million. A married Fountain Valley couple and a mortgage broker in … Read More

Low mortgage rates get nudged

Low mortgage rates get nudged

I didn’t hear any buzz this week as mortgage rates dipped as low as 4.5% with a one-point fee. Maybe its the holidays, or maybe there aren’t many people left who could benefit from a refinance unless rates fall even … Read More

Big mortgage-rate jump coming in spring?

Big mortgage-rate jump coming in spring?

The Wall Street Journal online reports on a talk by Brian Sack, the guy at the Federal Reserve who implements many of its market-tinkering programs. Sack’s group estimates the Fed’s $300 billion in Treasury purchases helped push down rates on … Read More

Banks forced to buy back more loans

Banks forced to buy back more loans

The credit crisis rolls on with this tidbit from National Mortgage News: Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9 billion in the previous quarter. Federal … Read More

Will the Fed let mortgage rates rise?

Will the Fed let mortgage rates rise?

I’m seeing more news reports quoting people who think the Federal Reserve should, once again, extend its purchases of securities backed by mortgages issued by Fannie Mae and Freddie Mac. The Fed is supposed to stop by March 31. The … Read More

Regulators tap Pimco to assess mortgage bonds

Regulators tap Pimco to assess mortgage bonds

Newport Beach-based Pacific Investment Management Co. was picked by the National Association of Insurance Commissioners to help assess companies’ portfolios of residential mortgage-backed securities, reports Bloomberg. Here’s more: Pimco will help evaluate about 18,000 RMBS owned by U.S. insurers, the … Read More

Jumbo loans to return in four years, banker says

Jumbo loans to return in four years, banker says

It is still hard but not impossible to get a jumbo home loan — that’s a mortgage too big to be sold to Fannie Mae or Freddie Mac. In his latest column, Paul Muolo of National Mortgage News writes about … Read More

Do we want shadow banking back?

Do we want shadow banking back?

The Mortgage Bankers Association yesterday released a statement to a Senate subcommittee saying the system of turning loans into securities needs to be fixed and returned to its former glory. Securitization provides liquidity and disperses risk, according to the association. … Read More