Items Tagged with 'The MBA'

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  • Application Volume Falters as Rates Inch Upward

    Raw mortgage application volume decreased 9.8 percent for the week ending Jan. 16, according to a weekly survey released Thursday by the Mortgage Bankers Association. The MBA's refinance index also showed a decrease of 12.4 percent in raw refi applications, which have been gaining in popularity as mortgage interest rates crept downward in recent months. The refi share of raw mortgage activity decreased to 83.3 percent from the 85.3 percent reported for the previous week.
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  • REO Sales Boost Mortgage Applications

    Mortgage applications bounced last week as distressed mortgage sales appear to have driven much of an increase in applications, with the Mortgage Bankers Association reporting Thursday morning that its composite index of refinance and purchase application volume rose 11.9 percent on a seasonally-adjusted basis to 425.0 for the week ended Nov. 7.
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  • MBA's Robbins: 'We should learn from our mistakes'

    In testimony before the U.S. House of Representatives today, MBA chairman John M. Robbins offered a surprisingly strong and personal take on the recent troubles in the subprime market, going so far as to admit that the lending industry made a mistake in underwriting thousands of subprime mortgages during the recent housing boom. The MBA chairman's collective mea culpa represented a stark departure from the trade organization's earlier positions, which largely characterized troubles in the mortgage market as within industry expectations. “While we must ask what lessons we should learn from our mistakes, it is equally important for those in positions of authority to help current home owners stay in their homes,� said Robbins. “Working together, I suggest we must accomplish three things. We must stabilize the subprime mortgage credit system; provide assistance for homeowners facing foreclosure; and finally prevent this from ever occurring again."
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