Delinquency rates were mixed in the second quarter for commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report. The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest since the series began in 1997. Delinquency rates for other groups remain below levels seen in the early 1990s, some by large margins.Read more

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has announced an agreement with the nation’s top mortgage lenders to offer selected state and local governments, and non-profit organizations a “first look” or right of first refusal to purchase foreclosed homes before making these properties available to private investors. The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust).Read more

The Federal Housing Finance Agency (FHFA) has released its first Conservator’s Report on the Enterprises’ Financial Condition. The Conservator’s Report provides an overview of key aspects of the financial condition of Fannie Mae and Freddie Mac (the government-sponsored enterprises) during conservatorship. The report will be released on a quarterly basis following the filing of the Enterprises’ financial results with the Securities and Exchange Commission (SEC).Read more

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae, has officially opened a new branch in Waldorf, Md. The branch is located at 2255 Crain Highway and is managed by Frank Nesbit. Nesbit has more than 12 years of mortgage branch management experience. With a combined 60 years of mortgage lending experience, the Waldorf team is members of the Southern Maryland Association of Realtors. Vice President Joe Beacher who also oversees the Wilmington, Del.Read more

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, announced that it has begun offering Streamline 203(k) loans. In a release, the company said the loans cover a variety of home improvements and repairs and allow borrowers to take out a single mortgage covering the purchase and rehabilitation of a dwelling. Much like other FHA loans offered by the company, the FHA insures the 203(k) loan in a partnership with Embrace Home Loans.Read more

Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises have released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac.Read more

The following is a transcript of U.S. Treasury Secretary Timothy Geithner's comments to the Conference on the Future of Housing Finance regarding Fannie Mae and Freddie Mac, the nation's government-sponsored enterprises (GSEs). In his testimony, Geithner virtually calls for the end of Fannie Mae and Freddie Mac as ineffective.

"It is not tenable to leave in place the system we have today, "said Geithner in his testimony. The following is the remainder of Geithner's remarks:Read more

Fannie Mae has issued Selling Guide Announcement SEL-2010-11, which clarifies that lenders are not required to obtain a second credit report just before loan closing. Rather, Fannie Mae is reminding lenders to have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process.Read more

As percentages for permanent modifications in the government's Home Affordable Modification Program (HAMP) have continued to increase over the past several months, Fifth Third Mortgage Company's modification rates are continuing to excel beyond the national average.Read more

Earlier this year, Fannie Mae’s Loan Quality Initiative (LQI) was announced and implemented. One aspect of the program requires a major change in the pre-closing process of many lenders and originators. This change is due to the need to confirm that no “undisclosed liabilities” or new credit have been established between the time of the loan application and closing, or the loan may be subject to buyback.Read more