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Report: Mortgage Industry Hirings Surge

Mortgage industry hirings skyrocketed during the first quarter of the year, according to figures published on PR Newswire Monday. The report showed that mortgage companies hired 8,877 people from January to March – a monumental increase from 925 industry new hires in the fourth quarter of last year and 1,199 in the first quarter of 2008.

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Connecticut Home Sales at Slowest Pace in 22 Years

Sales of single-family homes in Connecticut for the first quarter and for the month of March fell more than 20 percent from last year’s levels, according to a report released Monday by New England real estate researcher The Warren Group.

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Fed Purchases $23B in Agency MBS

The New York Federal Reserve Bank purchased $23.142 billion in mortgage-backed securities (MBS) from government agencies this week. Of the Fed’s new commitment to buy $1.25 trillion in MBS this year, its purchases now stand at $404 billion.

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Obama's First 100 Days Pave Road for More Regulation

The first 100 days of President Barack Obama’s administration have been marked by pressure to stabilize and reverse the nation’s financial crisis, and in doing so, establish regulatory reform within the financial and lending communities.

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Cramdown Bill Fails in Senate

The U.S. Senate has voted down legislation that would allow bankruptcy court judges to modify the interest rate, terms, or even principal balance owed on primary-residence mortgages. After passing by a good margin in the House in early March, the cramdown bill failed in the Senate on Thursday by a vote of 45 to 51.

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Woodward Asset Capital Launches OfferSubmission.com For REO Sales

Southfield, Michigan’s Woodward Asset Capital, LLC has announced the launch of OfferSubmission.com, a proprietary web-based software program that allows mortgage asset owners to control the REO disposition process, while providing transparency for real estate agents and institutional sellers.

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Report: Delinquencies Lowest in 12 Months

Jacksonville, Florida’s Lender Processing Services (LPS), Inc. released its latest LPS Mortgage Monitor this week, which provides mortgage industry performance indicators as of March month-end. Among the findings, LPS reported that the number of newly delinquent loans declined in March to 7.

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Regulator Lowers GSEs' Housing Goals

Fannie Mae’s and Freddie Mac’s regulator, the Federal Housing Finance Agency (FHFA), submitted a proposed rule to the Federal Register this week to revise the GSEs’ housing goals for the year.

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GSEs Differ on Refinancing Rules

The government has said its Home Affordable Refinance Program will lower monthly mortgage payments for four to five million homeowners. The initiative targets those home loans that are held by Fannie Mae and Freddie Mac, and the administration has expanded the eligibility pool by allowing borrowers to refinance even if they owe 5 percent more than the home’s current market value.

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Senate Passes Mortgage Fraud Bill

The U.S. Senate approved a bill this week that will give federal investigators new resources and additional funding to combat mortgage crimes and housing scams. According to officials, an estimated 5,000 new mortgage fraud cases are reported every month.

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