Mortgage Blog Headlines

October 29th, 2007

Mortgage Blog Headlines

by admin

MortgageDaily.com - Mortgage News Headlines
Mortgage Industry News for the Mortgage Industry

Exec Shakeup at Fannie
David C. Hisey was named chief financial officer of Fannie Mae, an announcement said. Peter Niculescu has assumed the duties of chief business officer, the company said. In addition, Michael Shaw was named chief risk officer.

Thrift Performance Sinks
Thrifts originated $108 billion in the second quarter, the Office of Thrift Supervision reported. Production decreased from the first quarter and tumbled from a year earlier. One- to four-family mortgage delinquency of at least 90 days was 3.8 percent in the second quarter, jumping from the first quarter. Net income for the sector was a $5.4 billion loss for the second quarter.

Jumbo RMBS Performance Pulled Down With Nonprime
First- and second-lien pools within a wide credit spectrum are being impacted from difficult market conditions, Moody's Investors Service said in a mid-year update announced today. Delinquencies and losses have recently continued to rise. While Alternative-A, junior-lien and subprime transactions continue to be the worst performers, recent jumbo activity is prompting Moody's to review all jumbo issuances from 2006 and 2007.

Foreclosures, Workouts Continue Higher
During July, 197,000 U.S. foreclosures were started, HOPE NOW announced. Foreclosure starts rose from the prior month and July 2007. But U.S. mortgage servicers prevented a record 192,034 foreclosures through loan workouts in July, the press release said. Workouts were up 11,000 from a revised June and 54 percent higher than July 2007.

More Thornburg Warnings
Thornburg Mortgage Inc. said in a Securities and Exchange filing that it is still trying to gain access to $200 million that was part of a recent financing transaction. Three escrow release conditions remain before it can have access to the funds. "The uncertainty as to the outcome of these events, the available sources of liquidity and the availability of financing for certain of the company's ARM assets continue to raise substantial doubt about the company's ability to continue as a going concern for the foreseeable future," the filing said.