Countrywide Home Loans
"Countrywide Financial Corp. boosted October loan production by 4 percent over the previous month, to $22 billion, funneling more than 90 percent of loan production through its banking division.
Nonpurchase loans represented the majority of mortgage loans funded in October, at $12.7 billion, with Countrywide facilitating an additional $9.3 billion in purchase loans.
Compared to a year ago, October loan production was down 48 percent, and delinquencies and foreclosures in Countrywide's $1.47 trillion loan servicing portfolio continued to grow, the company announced today.
Delinquencies as a percentage of unpaid principal balance rose to 5.94 percent, compared with 3.97 percent a year ago. Foreclosures pending rose to 1.28 percent, more than double the 0.58 percent registered at the same time last year.".....Countrywide Loan Production Increases in October
Tuesday, November 13, 2007
PMI Insurers may owe thanks to Piggy Back Mortgages
"The PMI companies pressured Congress and did get a limited short-term income tax deduction for PMI premiums but borrowers continued to flock to piggy-backs.
Well, talk about dodging a bullet. There were probably hundreds of thousands of buyers who opted for a piggy-back arrangement rather than PMI in the last half dozen years. The Federal Reserve has reported that 22 percent of new loans written in 2005 and 2006 used the second mortgage approach. Think of all of the potential foreclosures for which the PMI companies are not going to be on the hook....." Private Mortgage Insurance
Well, talk about dodging a bullet. There were probably hundreds of thousands of buyers who opted for a piggy-back arrangement rather than PMI in the last half dozen years. The Federal Reserve has reported that 22 percent of new loans written in 2005 and 2006 used the second mortgage approach. Think of all of the potential foreclosures for which the PMI companies are not going to be on the hook....." Private Mortgage Insurance
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