The House of Representatives Tuesday afternoon passed a bill that reforms the Rural Housing Service’s single-family program, extending it through Sept. 30 to prevent a shutdown.
FHA single-family originations stabilized in March at the $22.7 billion level with the “seriously delinquent” ratio falling below 9% for the first time since November.
Ed Raice, a former president of EMC Mortgage Corp., the nonprime mortgage arm of Bear Stearns, has raised private equity money and is in the hunt for a bank, preferably one near his home in Connecticut.
Issuance of Ginnie Mae mortgage-backed securities fell 24% to $22.8 billion in March with consumers taking a more cautious approach to the housing market.
The Federal Reserve Board will hold four public hearings this summer to see if its Home Mortgage Disclosure Act regulations need to be updated.
The Senate is moving closer to voting on a financial services regulatory reform bill and industry groups are pressing hard on the risk retention issue to get a qualified mortgage exemption.
The first private-label security backed by “new” originations seen since 2008 marks the start of the residential mortgage-backed securities market’s comeback, but pending regulation and other challenges mean its full return is likely to take some time, according to the American Securitization Forum.
