Articles by Diana Golobay

DebtX to Sell $234m HUD Commercial Mortgage Portfolio

Boston-based loan sale advisor DebtX will sell $234m of multifamily and healthcare loans for the US Department of Housing and Urban Development (HUD). DebtX -- through its KDX Ventures partnership with Hillsborough, NC-based boutique investment banking firm KEMA Advisors -- will accept bids on the HUD portfolio until 1 p.m. ET on Sept. 9, 2010. Investors are able to bid on individual loans or pre-determined loan pools.
Read More

FHA Postpones Premium Changes until October

Last week, Federal Housing Administration (FHA) commissioner David Stevens announced plans for implementing FHA's new mortgage insurance premium structure. Based on industry feedback to the announcement, the FHA postponed the premium fee changes on all new case numbers for one month, and will now implement them on Oct. 4, 2010.
Read More

Obama Administration Preps $3bn in Aid for Unemployed Borrowers

Finance and housing regulators are preparing a combined $3bn of financial assistance to aid mortgage borrowers in states most affected by unemployment levels. The Obama Administration is launching a new $2bn assistance program for unemployed borrowers. The aid, provided through the Treasury Department-implemented Hardest Hit Fund, will go to state Housing Finance Agencies (HFAs) with programs for borrowers struggling to make payments due to unemployment.
Read More

Analysts Warn MBS Supply May Outstrip Demand With Fed Paydowns

The Federal Open Market Committee (FOMC) said this week it plans to reinvest proceeds of maturing mortgage-backed securities (MBS) held by the US central bank into long-term Treasurys. Analysts are warning that the paydowns will in the long run boost supply of MBS, while demand may lag behind in the absence of the Federal Reserve's purchases -- which ended in March.
Read More

Mortgage Application Volume Sinks 34.1% Since 2009: MBA

The total volume of mortgage applications submitted in the week ending August 6 ticked up a seasonally adjusted 0.6% from the previous week as interest in both refinance and purchase mortgages remained essentially flat, according to the Mortgage Bankers Association (MBA). The total volume of applications for purchase mortgages is now 34.1% below the same time last year, MBA said. At the same time, a separate survey measuring household mortgage application rose 1.4%.
Read More

OCC Replaces Deputy Chief Counsel

Karen Solomon was selected to succeed Jeff Gillespie as deputy chief counsel of the Office of the Comptroller of the Currency (OCC). Gillespie retires effective later this year. Solomon will report to chief counsel Julie Williams. She will oversee three divisions in the OCC's law department: Legislative and Regulatory Activities, Bank Activities and Structure, and Securities and Corporate Practices.
Read More

FHA Short Refinancing Program Likely to Have Low Impact on Housing: KBW

The "FHA Short Refinance" program recently detailed by the Federal Housing Administration (FHA) and the US Department of Housing and Urban Development (HUD) is likely to have only a moderate impact on the mortgage market, according to a research note today by Keefe, Bruyette & Woods (KBW). The program -- which essentially requires the approval of mortgage holders for principal forgiveness -- is also likely to have a minimal impact on private-label mortgage-backed securities (MBS) and even less of an impact on agency MBS.
Read More

Risk of House Price Decline Slightly Shrinks in PMI Index

The overall risk of future house price decline slipped in the first quarter of 2010 (Q110), compared with the previous quarter, according to the latest data from PMI Mortgage Insurance Co. — the principal operating subsidiary of The PMI Group [stock PMI][/stock]. Despite the results, PMI finds that more than half of MSAs still remain at high risk of house price decline.
Read More