Interest Rate Markets September 15, 2008

→   Federal Conservatorship of Fannie Mae and Freddie Mac
Federal Conservatorship of Fannie Mae and Freddie Mac In the wake of the Federal Conservatorship of Fannie Mae and Freddie Mac, we at MIAC generally expect a `business as usual` environment. However,. there are nuances to the terms of the conservatorship that may produce micro-level changes, as well as some macro-level changes to the landscape of the industry in the near-term. While we await clarity on the implementation of these nuances, this Special Edition of MIAC Perspectives identifies a few areas for continued discussion, observation, and focus to determine what might happen, along with our recommendations for how mortgage bankers can best position themselves going forward...Read Article. For further information on MIAC, please visit www.MIACAnalytics.com. -- Mortgage Industry Advisory Corp.,Dan Thomas,New York New York  09/11/2008



→   Mortgage Applications Increase In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  09/03/2008



→   FORMER HUD SECRETARY CISNEROS CITES HOUSING DECLINE AS UNPRECEDENTED DRAG ON US ECONOMY; CALLS FOR NEW STIMULUS PACKAGE WITH STRONG HOUSING MEASURES
FHLBank San Francisco DNC Forum Releases New Demographic Data on Sub-Prime Borrowers -- The Federal Home Loan Bank of San Francisco,,Denver CO  08/28/2008



→   Mortgage crisis: Blame the bank?
Banks have played a big role in the mortgage crisis, not only because they issued loans to suspect borrowers, but because many originated and sold bad loans to other lenders, says a University of Michigan business professor. -- Bernie DeGroat,Purnanandam,Ann Arbor MI  08/28/2008



→   Mortgage Applications Increase Slightly In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 421.6, an increase of 0.5 percent on a seasonally adjusted basis from 419.3 one week earlier. On an unadjusted basis, the Index decreased 0.9 percent compared with the previous week and was down 31.2 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  08/27/2008



→   Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia  08/26/2008



→   MBA Releases White Paper Outlining Fundamental Data Management Concepts for the Real Estate Finance Industry
The Mortgage Bankers Association's (MBA) Residential Technology Steering Committee (RESTECH) today released a white paper that details the key fundamental concepts of industry data management, one of the most important components in the mortgage banking process. The goal of the paper is to provide an overview of fundamental strategies for assessing and improving overall data management practices while also providing measurement benchmarks and references. -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia  08/26/2008



→   Mortgage Credit News - August 22, 2008
Mortgage rates bottomed again at 6.50%, as they have since May, maintaining a consistently wide spread to the 10-year T-note, likewise bottomed at 3.80%. It will take a substantial negative economic event or news to break below these rates. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado  08/25/2008



→   Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.9, a decrease of 1.5 percent on a seasonally adjusted basis from 432.6 one week earlier. On an unadjusted basis, the Index decreased 2.2 percent compared with the previous week and was down 36.9 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia  08/18/2008



→   Mortgage Credit News - August 15, 2008
Mortgage rates are falling, almost 6.50% with the lowest fees. All other interest rates are headed down as well, on glide path parallel to the global economy: the 10-year T-note to 3.83% (traded 4.10% only a week ago), and the 2-year down to 2.37% acknowledges zero probability of a Fed rate hike from its current 2% overnight rate. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado  08/18/2008



→   MBA Study Shows Government-Insured Share of Mortgage Applications for July Tripled in the Past Year
The government-insured share of mortgage applications tripled in the past year according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. Of all mortgage applications accepted during the month of July 2008, 29.1 percent were for government-insured loans (consisting of mostly FHA loans) compared to 8.4 percent in July 2007. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  08/18/2008



→   Mortgage Credit News - August 8, 2008
Mortgage rates are a hair lower, under 6.75% now, but spreads to Treasurys have widened despite overt Treasury backing of Fannie and Freddie. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado  08/08/2008



→   Pending Home Sales Rise, Wider Gains Anticipated as Buyers Tap Housing Provisions
Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors(R). -- National Association of Realtors®,Walter Molony,WASHINGTON DC  08/08/2008



→   Mortgage Applications Slightly Increase In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  08/06/2008



→   Mortgage Credit News - August 1, 2008
Mortgage rates are back down to 6.50% (low-fee), taken by sudden understanding that the economy probably passed its high point for the year in June. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado  08/04/2008



→   Pending Suitability Regulations Leave Mortgage Lenders Exposed to Potential Violations
Current and proposed regulations require lenders to select loans that are suitable to borrowers and watch out for their best interest -- Overture Technologies,Pete Maselli,Bethesda Maryland  07/30/2008



→   Second Half 2007 Mortgage Originations Show Preference for
Fixed Rate Products Over Adjustable Rate Products -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia  07/30/2008



→   Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1 percent on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased 13.7 percent compared with the previous week and was down 30.3 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  07/30/2008



→   Fannie Mae and Freddie Mac: A Fall From Grace
"The recent collapse in the stock prices of Fannie Mae and Freddie Mac is just one in a series of blows to the stability of U.S. financial markets. The threat created by the failure of these two institutions, however, could be even greater than that posed by the collapse of Bear Stearns earlier in the year," says Adolfo Laurenti, senior economist of Mesirow Financial, in his July issue of Themes on the Global Markets available at: http://www.mesirowfinancial.com/economics/laurenti/themes/globalmkts_0708.pdf. -- Mesirow Financial,Info,Chicago IL  07/25/2008



→   MBA's Quinn: HUD Takes Bold Step to Modernize FHA with Housing Tax Credit Program
-The Mortgage Bankers Association (MBA) today applauded issuance of HUD Mortgagee Letter 2008-19 which streamlines processing of FHA multifamily insurance applications with Low Income Housing Tax Credits. The Mortgagee Letter contains important changes to FHA processing which will provide flexibility and cut costs, making FHA insurance a very competitive financing vehicle for affordable rental properties with low income housing tax credits. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia  07/25/2008



→   MBA's Quinn: "This is the Most Important Housing Bill in a Generation"
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) hailed the House of Representatives passage of the omnibus housing bill. The bill, which passed the House by a vote of 272-152, will now go to the Senate - where leaders have indicated it will pass - and then to President Bush, who has stated he will sign it. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia  07/25/2008



→   Mortgage Credit News - July 25, 2008
Mortgage rates are still stuck near 6.75%, the financial markets confused and locked-up until a blast of argument-resolving data arrives next Friday. Oil down to $123 and natural gas to $9.25 helped stocks for a while, but they still fell apart on no-bottom housing news and a sinking job market. The economy is obviously weakening, but rates are held up by fear that inflation is the greater risk -- even the stock market’s Thursday elevator-shaft could not hold down long-term rates. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado  07/25/2008



→   Housing Rescue Package Will Have Global Impact
A full one year after the credit crisis began, Congress is in the final stages of approving HR 3221, the most comprehensive mortgage and housing legislation in decades. `This will have an enormous impact in the US housing and mortgage markets, as well as every major financial market all across the world,` said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. -- CMPS Institute,Josephine Nicholas,   07/24/2008



→   MBA`s Kempner Announces His Departure
Jonathan L. Kempner, President and Chief Executive Officer of the Mortgage Bankers Association, announced today that he will be stepping down from that role on December 31, 2008. Kempner was hired in March 2001 to lead MBA through a turnaround in its operations after three especially rough years. Under his leadership, the association doubled its revenues and operating reserve fund, while scoring a host of policy and advocacy victories. Major strides have been recorded in MBA`s various member-focused departments, including communications, research, conferences, education and technology - in both the realms of residential and commercial/multifamily real estate finance. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  07/23/2008



→   Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 489.6, a decrease of 6.2 percent on a seasonally adjusted basis from 522.2 one week earlier. On an unadjusted basis, the Index decreased 6.1 percent compared with the previous week and was down 19.6 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  07/23/2008



→   Acquired Mortgage Companies Increase as Failures Decline
Mortgage-related company failures have fallen as the number of acquisitions has grown, according to data tracked at http://www.mortgagegraveyard.com/, a journal of failed, ailing and acquired lenders. -- MortgageDaily.com,Sam Garcia,Irving Texas  07/21/2008