Just Home Mortgages

AP – Michigan voters frustrated over lost jobs, home foreclosures and budget deficits will vote in Tuesday’s primary election for leaders they hope can move the state out of its economic morass.

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Alacrity Lending Co. improperly underwrote home loans, the U.S. Department of Housing and Urban Development concluded in a recent audit.

The agency’s Office of the Inspector General examined 20 FHA loans originated by Alacrity.

The report recommended that the agency’s attorneys determine whether sufficient evidence exists to pursue legal action that could result in "civil enforcement action" totaling more than $3.3 million.

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Democratic Rep. Dennis Cardoza is taking steps to curtail travel by U.S. Department of Housing and Urban Development Secretary Shaun Donovan.

The California congressman noted that Donovan took a delegation to Rio de Janeiro in March for an international housing conference.

Cardoza said Donovan needs to first concentrate on the foreclosure rate in the U.S. before getting involved in international housing problems.

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The Cost of Funds Index increased 0.006 percent from May to June, the Federal Home Loan Bank of San Francisco reported.

The index jumped 20 basis points compared to a year earlier.

The index was calculated based on data from 11th District members.

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Fixed-rate issuance of Fannie Mae, Freddie Mac and Ginnie Mae MBS was $95 billion during July based on data reported by eMBS.

Volume was higher than $93 billion in June.

Volume has risen each month since March.

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Reuters – Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.

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U.S. News & World Report – The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government’s insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation’s top two reverse mortgage lenders.

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CQPolitics.com – The House passed legislation Friday to give the Federal Housing Administration flexibility to raise mortgage insurance premiums on the loans it guarantees.

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AP – Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.

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New business acquisitions at Fannie Mae declined 31 percent between May and June, according to monthly operational data.

Compared to a year earlier, volume was down 45 percent.

Residential delinquency of at least 90 days improved for the third consecutive month.

Multifamily delinquency of at least 60 days fell for the second consecutive month.

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