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2009-04-24
Regulatory Insight
In an annual letter to shareholders, JPMorgan Chase & Co.'s chairman called last year's collapse of Fannie Mae and Freddie Mac "perhaps the largest regulatory failure of all time." The U.S. Treasury secretary said in written congressional testimony that a financial recovery cannot be accomplished without bringing the regulatory and market infrastructure up to date. The chairman of the Mortgage Bankers Association testified that pending predatory legislation lacks a national standard and instead relies on a patchwork of state and local laws.
2009-04-24
SunTrust Delinquency, Originations Improve
First-quarter delinquency of between 30 and 89 days on residential mortgages fell 14 basis points from the fourth quarter to the third quarter at SunTrust Banks Inc., according to earnings data. Originations rose 86 percent during the same period. Compared to the first-quarter 2008, originations were up 15 percent.
2009-04-24
ARMs Higher Than Fixed Rates
The average 30-year fixed-rate mortgage was 4.80 percent in Freddie Mac's Primary Mortgage Market Survey for the week ending April 23. But the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.85 percent -- higher than the 30-year. The one-year Treasury-indexed ARM was also higher than the 30-year at 4.82 percent.
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