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Tag Archives: FHA

Analysts: U.S. Default May Crimp GSEs, Close FHA

With recent reports signaling a throwback for public officials involved in debt-ceiling negotiations, housing analysts and market watchers worry about the possible fallout for government-backed mortgages in a default scenario come August. If the federal government defaults on its debt, analysts say, still-brittle mortgage markets will splinter as mortgage rates follow spikes in Treasury yields. Concerns continue to grow after a series of breakdowns between Congress and the White House.

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Ginnie Mae Backs Carrington Mortgage Services

On Tuesday Ginnie Mae gave the green-light to mortgage lender and servicer Carrington Mortgage Services, LLC to issue single-family mortgage-backed securities, allowing the company to package and securitize FHA loans.

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New Bill May Extend Conforming Loan Limits

On Monday lawmakers introduced a bill that would extend the current conforming loan limits for another two years a deal that could continue federal insurance for homeowners with high conforming jumbo loans. Rep. John Campbell (R-California) and Rep. Gary Ackerman (D-New York) co-sponsored the bill, titled the Conforming Loan Limits Extension Act, which would fix the limit for jumbo loans backed by GSEs Fannie Mae and Freddie Mac and the Federal Housing Administration at $729,750.

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Galante Now Acting FHA Commissioner

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In a statement released Tuesday, HUD announced the move by multifamily housing deputy assistant secretary Carol Galante to her new role as acting commissioner of the Federal Housing Administration. President Barack Obama picked Galante for the position, with rumors circulating around the Capitol that the affordable housing veteran may receive a nomination for the top role, too.

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Prudential Mortgage Venture Aims for $1B in CMBS

On Friday lending giant Prudential Mortgage Capital Company announced a joint venture with Perella Weinberg Partners that will allow the two companies to store and originate future commercial mortgage-backed securities (CMBS). Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena, David Twardock, president of Prudential Mortgage, said in a statement.

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Ginnie Mae Offloads $26B in MBS

According to a recent report, Ginnie Mae issuers put up over $26 billion in mortgage-backed securities for sale on the secondary market over the course of May, reflecting a 4 percent overall decline from April. HUD released a report indicating the placement of 99.5 percent of FHA-insured loans and 97 percent of VA-backed loans in Ginnie Mae packages over the course of 2010, with an end-point in September. Ginnie Mae also securitized $770 million worth in FHA-insured reverse mortgages and $1.6 billion in multifamily loans over the course of May.

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Analysts Fear FHA Shutdown in U.S. Default

With total U.S. debt soaring past $14 billion in May and negotiations over a controversial ceiling raise splintering at the highest levels, analysts worry that the Federal Housing Administration may shut down if the federal government defaults on August 2 -- a crisis scenario that would wreak havoc in housing markets, tightening the credit supply and spoiling a recovery. Analysts suggest that a default by the government would unfairly and adversely impact minority homeowners.

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