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Tag Archives: Investors

Freddie’s Outlook Portrays a Roller Coaster Housing Market

Mortgage giant Freddie Mac released an economic outlook Tuesday that portrays the housing economy as one cramped by recent turmoil, with less-than-favorable signs for a recovery despite historically low interest rates and home prices. Comparing the economy to a roller coaster, the outlook forecasts a long ride ahead for a gasping recovery, with interest rates and home prices sure to remain low. The outlook cites employment numbers, economic growth, mortgage rates, and home prices.

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Bank Failures Hearing Goes After Regulators

With the latest bank failure tallying up numbers for 2011 at 64, lawmakers convened a field hearing in Georgia Tuesday to determine whether risk-wary authorities are to blame for folding institutions and federal rescues. Appearing as witnesses, several bank presidents complained of a stifling regulatory environment, which federal regulatory authorities, in turn, portrayed as needed and helpful in the wake of the financial crisis. According to the FDIC, this year's 64 failures followed 157 from last year, which built on 140 failures over 2009, totaling 380 failures since 2008.

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Ellie Mae Makes Major Acquisition

Ellie Mae. is growing its customer base and mortgage origination facilitation through the acquisition of Del Mar DataTrac, Inc. The recently announced transaction is projected to increase Ellie Mae's market share, putting them on track to originate nearly 30 percent of all residential mortgages in the U.S. this year.

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WFG Welcomes New VP

WFG National Title Insurance Company has a new vice president of sales and marketing, with the hiring of Wendy Lunt. Lunt├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós appointment is WFG├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós most recent step in growing its newly acquired Puget Sound division.

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NAHB: Few Gains in Homebuilder Confidence

The market remains a dim one for new single-family homes, according to an index jointly released by Wells Fargo and the National Association of Home Builders. The index registered confidence at 15 on a 0-to-100 scale, staying largely the same since July. The low confidence follows a hit taken by homebuilding companies in the stock market last week. Analysts and economists weighed in with MReport about how slowing momentum in home construction and sales, as reflected by homebuilder confidence, impacts job creation and consumer confidence.

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New Jersey Honors Mortgage Pros

New Jersey loan specialist, Shelley Solari, has been honored among the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós top mortgage professionals. New Jersey Monthly├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós New Jersey 2011 Mortgage Professionals list recently honored Solari for her service.

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New Director for MuniMae

A new director is taking over at Municipal Mortgage & Equity, LLC. Frederick W. Puddester was recently announced as the company's new director and was also appointed to its audit committee.

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BofA Sells Mortgage Rights to Fannie Mae

In an endeavor to get ahead of mortgage-related woes from the financial crisis, mortgage giant Bank of America has offered to sell a chunk of its mortgage portfolio servicing rights to GSE Fannie Mae, according to the Wall Street Journal. The sale of bad loan rights to the government entity may shift new bulk onto federal balance sheets at a time when the GSE recently posted second-quarter losses and announced plans to petition the government for more taxpayer funds.

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Investors Rush to Scoop Up GSE Mortgage Debt

While Treasury yields plummeted on low notes sounded by investors over panicked markets, recently downgraded GSEs Fannie Mae and Freddie Mac continue to see spikes in interest from investors over their mortgage-backed debt. The Financial Times attributes the investor rush to the market bonanza created by the Federal Reserve, which decided Tuesday to keep interest rates at historically low levels until 2013. Some analysts say the investor rush to agency debt could crimp financing for U.S. federal debt and potentially frustrate mortgage rates.

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Super Committee May Axe Home Benefits, Agency Debt

On the heels of Standard & Poor's controversial downgrades for U.S. debt ratings, Congress passed the deficit reduction axe to a bipartisan, six-member "super-committee" for each chamber, with both parties finally naming lawmakers to the commission Thursday. Capitol watchers say important housing laws and provisions may await the congressional guillotine, with the mortgage tax rate deduction, mortgage debt, and other housing-related giveaways in line. The appointments follow a recent deduction-slashing proposal.

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