Florida Mortgage News
Florida Mortgage news is updated daily.
Outlook Varies for CMBS and Nonconforming RMBS
Alt-A residential mortgage-backed securities performance has rapidly deteriorated because of the contraction in available capital, home-price declines and risk layering, Fitch Ratings said. Loans with a simultaneous seconds are seeing delinquency as much as 300 percent higher than those without seconds. Standard & Poor's Ratings Services reported commercial MBS have begun a modest uptick. But property market fundamentals, though softening, remain mostly healthy nationally, with selected pockets of weakness.
New FHA Premiums Slated for Summer
The U.S. Department of Housing and Urban Development announced Thursday that the Bush administration has issued final guidance on FHA mortgage insurance premiums. The statement noted risk-based premiums will ensure taxpayers do not assume the cost of the FHA expansion. Implementation of the new pricing is scheduled for July 14.
Freddie Cutting IL Jobs
Freddie Mac will layoff more than 100 people in Schaumburg, Ill., according to a filing with the state of Illinois. The layoffs are scheduled for June, the filing said. The office houses technology operations for the secondary lender.
Executives Shuffled as Mortgage Woes Continue
Lanty Smith has been named chairman by Wachovia Corp. Standard & Poor's Ratings Services Tuesday placed some ratings of Fannie Mae and Freddie Mac on CreditWatch Negative. American International Group Inc. reported a $7.8 billion first-quarter loss. David H. Rupp has been hired by Regions Financial Corp. to head its mortgage business line.
PHH Improves From Q4
First-quarter loan production was $10 billion at PHH Mortgage, according to earnings data reported by its parent. Originations improved from the fourth quarter and from a year earlier. Delinquency came in at 2.3 percent, improving from the prior quarter. An $8 million loss during the latest quarter was also an improvement from the fourth quarter.
