Thursday, March 31, 2011

Fed proposes rule tying executive compensation to risk

Fed proposes rule tying executive compensation to risk

Fannie Mae's gross mortgage portfolio drops 15.2%

Fannie Mae's gross mortgage portfolio drops 15.2%

Frank: new mortgage-securities rules should apply to Fannie, Freddie

Frank: new mortgage-securities rules should apply to Fannie, Freddie A key House Democrat said Wednesday he will work to pass legislation mandating that new rules for mortgage-backed securities apply to federally controlled mortgage giants Fannie Mae and Freddie Mac. The move by Rep. Barney Frank (D., Mass.), the top Democrat on the House Financial Services Committee, represents an effort to reverse a decision announced by bank regulators earlier this week. It also is a rare area of agreement with House Republicans on a potential change to the Dodd-Frank financial overhaul that bears his name.

Freddie Mac mortgage interest rates inch up this week

Freddie Mac mortgage interest rates inch up this week

Chief risk officer Bob Ryan to head up FHA

Chief risk officer Bob Ryan to head up FHA

Commercial and multifamily mortgage originations up 88%

Commercial and multifamily mortgage originations up 88%

Senate committee clears bankruptcy courts to set up foreclosure mediation

Senate committee clears bankruptcy courts to set up foreclosure mediation

Barney Frank says mortgage interest tax deduction is safe

Barney Frank says mortgage interest tax deduction is safe

Seriously delinquent mortgage volume hits two-year low

Seriously delinquent mortgage volume hits two-year low

Monday, March 28, 2011

Monthly pending home sales rise, still below 2010 levels

Monthly pending home sales rise, still below 2010 levels "Month-to-month movements can be instructive, but in this uneven recovery it's important to look at the longer term performance," Lawrence Yun, NAR chief economist, said. "Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit." "We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines," Yun said.

Sunday, March 27, 2011

Broker compensation rule captures more heat in federal court

Broker compensation rule captures more heat in federal court Broker compensation rule captures more heat in federal court by KERRI PANCHUK Two mortgage trade groups suing Fed over loan originator compensation National Association of Mortgage Brokers asks Fed for Reg Z delay MBA presses Fed on loan officer compensation rule NAMB applauds House committee probe on mortgage broker pay Mortgage Brokers' Association Sues HUD Over RESPA Friday, March 25th, 2011, 11:22 am The Federal Reserve Board is facing more opposition in federal court over new broker and loan officer compensation rules slated to take effect April 1. The Community Mortgage Banking Project and the Community Mortgage Banking Research Fund filed a brief with the United States District Court for the District of Columbia this week, voicing support for two existing lawsuits that seeks to overturn the "loan originator compensation and anti-steering rule" imposed by the Fed. The National Association of Mortgage Brokers and the National Association of Independent Housing Professionals both sued the Federal Reserve Board last week in an effort to stop the rule from taking effect. In the latest amicus brief, the Community Mortgage Banking Project says "the rule, unlike any known regulation of an entire lawful industry, micro-mandates the terms of employment of individual loan originators employed by mortgage bankers." The associations added that, "The final rule prevents mortgage bankers' employees from offering to consumers the full range of competitive loan pricing options." They wrote in their brief, "Incredibly, the final rule not only prohibits loan originators from arranging loan terms that result in higher consumer costs, the same prohibition applies to offering consumers lower cost mortgage loans to meet competition and to save the consumer money." The Fed's new guidelines on broker compensation have been under fire for several months. Regulation Z is of particular concern since it will change the compensation of brokers and loan officers by conditioning pay on the amount of credit extended. However, the parties attacking the Fed in court also contend the Fed Board overreached, violating its own authority under the Home Ownership and Equity Protection Act and the Administrative Procedures Act.