The Newsletter for the Top Mortgage Originators |
|||
Conference CalendarNovember 5 - 6 March 14 - 18 Find Out When MT Is Available OnlineMost people who read this newsletter also want to know when Mortgage Technology magazine becomes available online in PDF format. Sign up for our monthly reminder email by clicking here. Featured Buyer's Guide Category:Commercial BrokersFind a commercial broker in your area. For online listing info for the Buyer's Guide, Call Steve at 866-752-7966 or send an email to steven.gallego |
What We're Hearing DailyBy Paul MuoloWith the abysmal jobs number for October finally unveiled, there is some good news for mortgage bankers: the Federal Reserve isn't likely to raise short term rates any time soon. Moreover, some analysts are saying it won't be until 2011, maybe 2012 before we see a rate hike on the short end. This also means that mortgage origination profit margins should remain strong for at least the next year. Servicing revenues, though, could come under pressure as refinancings continue to cause a runoff in receivables and delinquencies gallop along. Of course, if the jobs situation improves rapidly by midyear (which some Pollyanna analysts think) then all bets are off. In other words: it's all a crap shoot. Meanwhile, the new employment figures offered no relief for the mortgage brokerage sector. Broker-related employment fell to 66,900 positions, a 1,100 loss from the previous month. For the full story see National Mortgage News Online later today... See Paul's weekly column here. Follow Us on Twitter!Get the latest breaking news and reading recommendations via Twitter. News HeadlinesFreddie Losses Driven by Credit IssuesNovember 6, 2009 Freddie Mac had credit-related expenses of $7.5 billion for the third quarter, which was the leading driver of its $6.3 billion net loss to common stockholders. Click here for more.HUD Imposes Penalties on Two FHA-Approved LendersNovember 6, 2009 The Department of Housing and Urban Development's Mortgagee Review Board is imposing civil money penalties totaling $27,000 on two Federal Housing Administration-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. Click here for more.Fannie Regulator Clears Sale of Tax CreditsNovember 6, 2009 The Federal Housing Finance Agency has cleared Fannie Mae to sell roughly $2.6 billion in low-income housing tax credits to unidentified third-party investors believed to include Goldman Sachs & Co. and Berkshire Hathaway. Click here for more.Fannie Loses $18.8 Billion in QuarterNovember 6, 2009 Fannie Mae posted yet another stunning loss in the third quarter, $18.8 billion, noting that it now owns or guarantees close to $200 billion in nonperforming assets. Click here for more.PMI Posts Another Loss, but Sees ImprovementNovember 6, 2009 Driven by charges and adjustment expenses in its domestic mortgage insurance business, The PMI Group Inc., Walnut Creek, Calif., posted a net loss of $93 million for the third quarter, a marked improvement over the same period last year when it lost $229 million. Click here for more.Related NewslettersDaily Briefing
|
||
1 State Street Plaza, 27th Floor New York, NY 10004 © 2009 Broker magazine and SourceMedia, Inc. All rights reserved. Use, duplication, or sale of this service, or data contained herein, is strictly prohibited.
This message was originally sent to %%emailaddr%%. |
|||