Blog Title: Housing Wire

Hope Now Sees Slower Climb in Repayment Plans

HOPE NOW, the private sector alliance of mortgage servicers, non-profit counselors and investors touted 249,000 completed workout solutions for struggling borrowers in May. The figure represents a 4% decline from April. Modifications slipped 16.3% from April while repayment plans — including refinancings — rose 6.1% in May after jumping 21.45% in April, indicating at least read more..

BofA Sees Residential Investments Feeding Greener Shoots

Economic growth in the second half of the year is expected to come in “substantially” above previous consensus, according to economic commentary this week from Bank of America/Merril Lynch analysts. Lori Helwing, an economist at BofA/Merrill Lynch, says the analysts there now expect a 2.1% slip in real gross domestic product (GDP) in 2009, 30 bps read more..

Fitch Takes Action on Older Subprime Mortgage Securitizations

Economic growth in the second half of the year is expected to come in “substantially” above previous consensus, according to economic commentary this week from Bank of America/Merril Lynch analysts. Lori Helwing, an economist at BofA/Merrill Lynch, says the analysts there now expect a 2.1% slip in real gross domestic product (GDP) in 2009, 30 bps read more..

Beazer to Pay $53 Million in Mortgage Settlement

At least one home builder is still feeling the full effect of the mortgage bubble implosion — and this time, the wounds were self-inflicted. For builder Beazer Homes USA (BZH: 1.80 -1.64%), news Wednesday of a costly settlement was not the first sign of trouble out of its mortgage lending division. Beazer Homes and its mortgage read more..

In This Corner: Principia Partners EVP, Mark Kahn

Mark Kahn is an executive vice president at Principia Partners – a provider of operational software for the management of structured finance portfolios. In the latest installment of In This Corner, Kahn talks about dramatic shifts in both the landscape and scope of his business, which is leading us down the path of innovation. HousingWire: Your read more..

HUD Allows 125% LTV in Home Affordable Refis

[Update 1] The administration expanded its Home Affordable Refinance Program to include borrowers current on payments but whose mortgages are worth up to 125% of the house’s value. US Department of Housing and Urban Development (HUD) secretary Shaun Donovan announced the LTV limit expansion today while touring a Las Vegas neighborhood–a befitting venue for the reveal, considering read more..

Freddie Outsources SFM Custodial Work

Mortgage giant Freddie Mac (FRE: 0.65 +1.56%) selected asset manager and securities servicer Bank of New York Mellon (BK: 27.57 -3.90%) as custodian for documents related to its single-family mortgage business, effectively outsourcing the role after a three-month transfer period. As of October 1, BNY Mellon will begin receiving, reviewing and certifying documents for single-family residential read more..

Weekly Mortgage Refi Applications Plunge 30%

Mortgage loan application volume fell 18.9% in the week ending June 26 and sits 7.4% below its year-ago level, according a survey covering more than 50% of US residential mortgage applications and conducted by the Mortgage Bankers Association. Total refinance applications slipped 30% this week to its lowest level since November 2008, according to the MBA. read more..

5% of US Mortgages Seriously Delinquent: OCC, OTC Report

Serious delinquencies — mortgages 60 or more days past due and those delinquent but in bankruptcy — rose to 5% of US residential mortgages at the end of the first quarter 2009, up almost double from the 2.7% rate seen in the year-ago period, according to a joint report by the Office of the Comptroller read more..

Viewpoint: A TV Special: The House Bank of America Soap Opera

Call me a geek, but my favorite daytime TV is a Congressional hearing into the causes of and solutions to this financial crisis. Who needs The View when you can watch some of the most ill-informed and selfishly motivated folks in American public life grandstanding for voters back home. The hot ticket in June has read more..