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

Credit Plus Inc., a leader in the credit information industry since 1928, has announced that it is offering a suite of products to help lenders comply with the more stringent selling requirements that Freddie Mac announced in its Aug. 16 Bulletin 2010-19. “Making the mortgage process easier for lenders is our focus at Credit Plus. New requirements and rules are constantly being introduced, which is why we are so vigilant about developing tools that keep lenders compliant.Read more

Freddie Mac has named Subha V. Barry to the position of chief diversity officer (CDO). In this position, Barry will lead the company's newly formed Office of Diversity and Inclusion, with overall responsibility for the combined functions of Diversity and Inclusion and Supplier Diversity.Read more

Freddie Mac has announced the results of its second quarter Conventional Mortgage Home Price Index (CMHPI). The Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series for the United States registered a 3.1 percent (13.2 percent annualized) increase in the second quarter relative to the first quarter on a not-seasonally-adjusted basis. U.S. home values fell 0.2 percent relative to the second quarter a year ago.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

The Government National Mortgage Association (Ginnie Mae) has announced that it will soon begin releasing monthly disclosure files on its outstanding mortgage-backed securities (MBS) approximately two weeks earlier than previously released. Ginnie Mae believes the expedited schedule will serve to maximize the value of its securities, which ultimately helps drive down mortgage rates for consumers.Read more

The Financial Industry Regulatory Authority (FINRA) has announced that it has fined HSBC Securities (USA) Inc. $375,000 for recommending unsuitable sales of inverse floating rate Collateralized Mortgage Obligations (CMOs) to retail customers. HSBC failed to adequately supervise the suitability of the CMO sales and fully explain the risks of an inverse floating rate or other risky CMO investment to its customers.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

From Greece to Korea to the Gulf. Does that just about cover the globe? When we talk about a “global economy,” now it has some specific meaning. In previous columns, I mused about how hard predicting the future really is. If anyone could predict the future, frankly they would be doing something else for a living. Most likely it would be on the beach. Let me ask you, how many predictions did you read that rates would be heading down to their absolute lows as the summer approached?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