The FHA Wire Risk-based mortgage insurance premiums on loans insured by the Federal Housing Administration will be suspended on Oct. 1 for at least one year, a notice from the Department of Housing and Urban Development said. HUD said upfront premiums will be 1.75 percent on purchase-money mortgage and full-credit qualifying refinances beginning on Oct. 1. In other FHA news, Interthinx Inc. announced it provides fraud-prevention and compliance services designed specifically for FHA loans. NAMP Publishing Group has released the 2008 FHA/VA Survival Kit, which it says provides proven methods, tips, and step-by-step instruction on FHA topics, a press release said.
Net Branch Winding Down Carteret Mortgage Corp. is in the process of shutting down, according to an e-mail sent to all employees from the company's chief executive officer. The company is expected to be totally closed by the end of September. At the end of 2002, according to Carteret's Web site, the net branch was operating in all 50 states and the District of Columbia with more than 2,000 loan officers
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.
