Items Tagged with 'James Lockhart'

ARTICLES

  • The behind-the-scenes push to get rid of Edward DeMarco

    A couple weeks ago I was having a beverage with a former comrade from the trenches of mortgage research (He's now a big money manager). My comrade took me to task for criticizing outgoing Federal Housing Finance Agency Acting Director Edward DeMarco's performance at a September congressional hearing on the GSEs. What did I expect? he asked. Congressional Banking Committee leadership had just sandbagged DeMarco for courageously going after the banks that issued the private-label mortgage securities rotting in Fannie and Freddie's portfolios.
    Read More
  • VIEWPOINT: The Wrong Way to Think About the Fate of the GSEs

    A big topic in MBS markets right now is the scheduled end of the Fed’s pass-through and agency debt purchase programs at year end. But the elephant in the room is the fate of Fannie and Freddie. To a degree not well understood in the public discussion, the Fed’s purchases have replaced the GSE portfolio purchases that in the past helped to maintain a floor on MBS pricing in periods of peak supply and high market volatility (and consequently a ceiling on mortgage loan rates).
    Read More
  • FHFA's Lockhart Teams with Wilbur Ross on Distressed Investments

    Yet another housing official has found a new role in the financial market. James Lockhart III, chairman and CEO of the Oversight Board of the Federal Housing Finance Agency (FHFA), will soon become vice chairman of WL Ross & Co., the distressed investment affiliate of Invesco [stock IVZ][/stock]. He takes the role in September.
    Read More
  • GSEs Stay Cool on High LTVs in First Refi Report

    [Update 1: Clarifies the share of HARP refis over 80% LTV] Mortgage giants Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] as of July refinanced more than 2.9m mortgages so far in 2009, according to a new monthly report by the Federal Housing Finance Agency (FHFA).
    Read More
  • Lockhart to Leave FHFA Soon

    [Update 2: adds Lockhart's statement on his resignation, Williams' statement on DeMarco's appointment.] Federal Housing Finance Agency director James Lockhart said Thursday he will leave his post as head of the agency.
    Read More
  • FHFA Sees 0.9% Rise in US Home Prices in May

    US home prices rose 0.9% on a seasonally adjusted basis from April to May, according to a house price index (HPI) released Wednesday by the Federal Housing Finance Agency. The regulator of mortgage giants Fannie Mae [stock FNM][/stock], Freddie Mac [stock FRE][/stock] calculates its index from purchase prices of houses backing mortgages sold or guaranteed by the agencies.
    Read More
  • FHFA Pushes Home Affordable Refis in Strategic Plan

    The Federal Housing Finance Agency (FHFA) released its first 5-year strategic plan to tackle a market riddled with collapsed home prices and increased foreclosures. It's the first such strategic plan formed since its creation a year ago by the Housing and economic Recovery Act (HERA) of 2008. “Safe and sound housing government-sponsored enterprises (GSEs) will better contribute to stabilizing the mortgage markets by further reducing foreclosures and assisting borrowers who are at risk of losing their homes,” said James Lockhart, director of FHFA, in the plan.
    Read More
  • HUD Allows 125% LTV in Home Affordable Refis

    [Update 1] The administration expanded its Home Affordable Refinance Program to include borrowers current on payments but whose mortgages are worth up to 125% of the house's value. US Department of Housing and Urban Development (HUD) secretary Shaun Donovan announced the LTV limit expansion today while touring a Las Vegas neighborhood--a befitting venue for the reveal, considering 67% of homeowners there are underwater on their mortgages.
    Read More