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Fifth Third CFO Calls for ‘Empirical Study’ of Basel III Impact

In a testimonybefore two House subcommittees, Fifth Third Bancorp CFO Daniel Poston (speaking on behalf of the American Bankers Association) urged the withdrawal of Basel III's "standardized approach" in light of the burdens it would bring to banks and to the overall economy. In his testimony, Poston said that most banks have no problem with capital requirements and noted capital levels are already high. The problem, he said, lies in the "arbitrary--and excessive--risk weights that will hurt banks, our customers, and the U.S. economy overall."

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Mortgage Fraud Instances Decline, Per-Case Value Rises in Third Quarter

Fraud

Mortgage fraud cases declined by 15 percent over the third quarter of this year, while the dollar amount involved in mortgage fraud cases declined by just 6 percent, according to the Third Quarter 2012 Mortgage Fraud Index released Monday by MortgageDaily.com. This disparity in declines points to an increase in the amount of money involved in each case during the quarter, according to Mortgage Daily. The total dollar amount of loans involved in mortgage fraud cases in Q3 was $1.7 billion, up from $1.3 billion in the same period last year.

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GMH Mortgage Services Hires SVP of Capital Markets

New

Pennsylvania's GMH Mortgage Services LLC announced the addition of Bill Bogle as SVP of capital markets. Bogle has worked in the mortgage industry for more than 15 years, having served most recently at New Penn Financial as VP of secondary marketing.

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U.S. House Passes Extension of G-Fee Increase for Immigration Reform

A controversial bill that would extend an increase on guarantee fees (g-fees) on mortgages backed by the GSEs or the Federal Housing Administration (FHA) has passed in the House of Representatives. The bill, H.R. 6429 (STEM Jobs Act of 2012), proposes reforms for immigrant visas offered to immigrants who possess advanced training in science, technology, engineering, or mathematics. A section added to the bill calls for a one-year extension of g-fee hikes to help pay for the program, changing the end date on the fee increases from October 2021 to October 2022.

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Mortgage Insurance Shows Renewed Strength in October

After experiencing a one-month lull, mortgage insurance activity picked up in October. According to data from Mortgage Insurance Companies of America (MICA), member companies wrote 42,833 insurance policies in October. In dollar volume, members reported $11.5 billion in insurance written throughout the month. October's volume was a significant step up from September, which saw 37,554 policies totaling $10.1 billion. A year ago, member companies reported 26,293 policies written for $5.1 billion.

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