Grewal Mortgage Inc. | Lansing - Okemos - Mid-Michigan

MortgageDaily.com - Mortgage News Headlines

1. HUD Clarifies HAMP Credits Toward Settlement
   While some principal reduction on mortgages with government loan modifications can be credited towards the recent mortgage servicer settlement, the vast majority of loans modified under the federal program won't be eligible.
   
   The Department of Housing and Urban Development says that incentives paid to servicers under the Home Affordable Modification Program cannot be used as credit towards the massive mortgage servicer settlement announced on Feb. 9.
   
   HUD was responding to a news article that an article in the Financial Times that, it says, argues HAMP subsidies are being used for credit under the settlement.
   
   

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2. Mortgage Bankers Raise Origination Outlook
   Home lenders cut their outlook for the volume of home purchases expected to be financed this year. But an increase in projected refinance production was enough to push the overall outlook higher.
   
   The latest mortgage production forecast has first-quarter residential originations 6 percent higher than was predicted last month.
   
   Even expected second-quarter financing was increased 2 percent.
   
   

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3. Apartment Loan Performance Leads CMBS Improvement
   Led by improving multifamily performance, past-due payments on securitized commercial mortgages retreated -- though so did the overall amount outstanding.
   
   Delinquency of at least 60 days on loans that are part of conduit-fusion commercial mortgage-backed securities was 2 basis points better during January than in December.
   
   But late payments on securitized commercial mortgages have worsened 29 BPS from January 2011.
   
   

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4. What's Next for Fannie and Freddie?
   The next phase in conservatorship for Fannie Mae and Freddie Mac has been laid out for legislators.
   
   The Federal Housing Finance Agency was established through The Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush in July 2008.
   
   By the time that the financial crisis reached a fever pitch in September 2008 and capital markets froze up, the government determined that it was time to place Fannie and Freddie under the conservatorship of FHFA, where both companies remain today after costing U.S. taxpayers more than $180 billion.
   
   

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5. Serious Delinquency Retreats
   Serious home-loan delinquency relented after ascending each of the prior four months. The rate in Dallas declined, while defaults in Miami climbed.
   
   Residential delinquency of at least 90 days dropped 11 basis points between December and January on first mortgages.
   
   Late payments already had been up each month since August.
   
   

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