Government

Denver, Colorado-based LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced on Monday that it has successfully launched its first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation’s top four servicers.

The New York Federal Reserve Bank purchased $32.9 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $303 billion.

Fannie Mae and Freddie Mac are planning to follow through with the payout of retention bonuses to more than 7,500 employees. The two companies plan to award $159 million to executives and key staff members over the next 18 months, on top of the nearly $51 million already paid out in 2008.

The leaders of the world’s largest economies pledged $1 trillion to fight the global economic downturn at the Group of 20 (G20) meeting in London this week. President Obama committed $100 billion from the United States, but the investment must still be approved by Congress.

The Senate Appropriations Subcommittee held a hearing on Thursday to discuss the financial viability of the government’s mortgage insurer the Federal Housing Administration (FHA). According to the Associated Press:http://www.

On May 1st, the Home Valuation Code of Conduct (HVCC) is scheduled to take effect, mandating that all new loans sold to Fannie Mae and Freddie Mac comply with strict rules established to mitigate the risk assumed by the two GSEs.

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, showing that mortgage rates dropped again this week, hitting yet another record-breaking low for all loan products in the GSE’s study.

The Mortgage Bankers Association (MBA) sent a proposal to House and Senate leaders last week calling for the establishment of a new federal regulatory framework for mortgage lending that the association says would better protect borrowers nationwide.

Minneapolis, Minnesota-based Wolters Kluwer Financial Services announced last week that the company is expanding the reach of its CompliSource solution to the community banking marketplace. The tool, which was previously only available to larger lenders, now offers community banks a means for managing state and federal compliance law governing consumer finance, indirect lending, and mortgage lending.

Freddie Mac is now offering Reverse REMIC Giant PC securities – a new mortgage-related security intended to provide additional liquidity to the U.S. residential mortgage market and give new options to investors.