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Citi Proceeds With Mortgage Layoffs
CitiMortgage advised about 100 mortgage servicing employees in Iowa this week that their positions would be eliminated by June, a spokeswoman told MortgageDaily.com. In addition, she said 80 Montana employees were also advised they would be laid off. The job cuts are part of 17,000 positions the New York-based company said it planned to eliminate in an announcement last April.
Residential Ratings Activity Contrasts Commercial
Fitch Ratings cited a deterioration of credit enhancement relative to future expected losses in negative actions taken on residential Alt-A transactions issued between 2004 and 2007. Moody’s Investors Service downgraded classes from BankUnited Trust deals from 2005 backed by negatively amortizing adjustable-rate Alt-A loans based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. But defeasance of 15 percent and pay down of 15 percent since its last review led Fitch to upgrade two classes for $30.9 million of Credit Suisse First Boston Mortgage Securities Corp.’s commercial mortgage pass-through certificates.
Depression Era Solution to Foreclosures
Senate Banking Committee Chairman Christopher J. Dodd is proposing the Federal Homeownership Preservation Corporation to purchase delinquent mortgages at steep discounts. Lenders and investors would take a "haircut" and the discounts would be passed to borrowers in the form of new, lower-balance, 30-year fixed-rate mortgages backed by the Federal Housing Administration or the government-sponsored enterprises. Dodd’s proposal appears to be modeled after a Depression era program that, according to a recent report, was very successful.
FHA Limits Set
The single-family loan limit on FHA-insured loans has been established at $362,790 for 2008, the U.S. Department of Housing and Urban Development has announced. The limit is unchanged from last year. But the limit might increase based a proposed economic stimulus package announced by the Bush administration this week.
Emergency Action May Boost Loan Limits
An economic stimulus package was announced by President Bush. House Speaker Nancy Pelosi is calling for the conforming limit on government sponsored enterprises purchases to be raised to $729,750 for one year, according to a statement from her office. She is also proposing that FHA loans limits be raised permanently to 729,750.
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