For the week ending June 22, the Refinance Index declined 8% to 4955 from 5386 - its highest level since April 2009. Over the previous two weeks, the index jumped 20% largely as a result of a surge in the Government Refinance Index as pre-June 2009 borrowers took advantage of a drop in mortgage insurance premiums on streamlined refinances that became effective June 11. Also, as a percent of total application activity, refinance share slipped to 79% from 81% previously.
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The automobile finance firm has acquired subprime auto loan lender Resurgent Auto Finance and has secured fresh capital for growth.
August 15 -
Small servicers would essentially be subject to many of the same requirements that came out of the $25 billion mortgage settlement.
August 15 - Europe
The German bank placed a synthetic securitization backed by mezzanine risks worth €120 million.
August 15 -
Stabilizing fundamentals and favorable performance so far this year has reduced Fitch’s concerns over potential losses for life company mortgage investments.
August 15
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A CMBS bond from the top of the cashflow waterfall in a JPMorgan conduit deal was hit with an interest shortfall this month.
August 15 -
Six federal financial regulatory agencies are looking over a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans."
August 15 -
The proposals are a potential credit negative for RMBS if they cover securitized loans, according to a Standard & Poor's note released this morning.
August 15 -
The debate inside the Republican Party over the future of Fannie Mae and Freddie Mac has taken a right turn with Mitt Romney's selection of Rep. Paul Ryan as his running mate.
August 15 -
The Mortgage Bankers Association reported its Refinance Index declined 5.1% to 5077.3 in the week ending Aug. 10.
August 15 -
Rahm Emanuel on Tuesday shot down the idea of the city's plan to seize underwater mortgages, the Chicago Tribune reported.
August 14 -
Moody's said that the increasing number of consolidated loans will lessen excess spread availability to cover loan losses from poorer-quality borrowers.
August 14