Secondary Market

With Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco considering lowering loan limits for the GSEs, congressional and industry leaders are speaking out against such a plan, saying it poses a threat of hindering the housing recovery. In the last week, the Mortgage Bankers Association, National Association of Federal Credit Unions, and 66 House representatives have all written to DeMarco, decrying the potential move and even questioning its legality.

Freddie Mac has made available a Spanish version of CreditSmart, the company's free online tutorial designed to educate families on building savings and personal credit, making wise financial choices, and becoming successful homeowners.

Multifamily lenders provided a total of $146.1 billion in new mortgages for apartments with five or more units--a 33 percent increase from 2011, according to data from the Mortgage Bankers Association (MBA). "In many ways we were in a golden age of multifamily finance in 2012, that to a large extent continues today," said Jamie Woodwell, MBA's VP of commercial real estate finance. "Low interest rates, strong property fundamentals and increasing multifamily property prices are all supporting a very favorable lending environment."

SunTrust announced Thursday that it has taken further steps to clear up its mortgage problems with the government and with the GSEs. On top of an agreement reached with Freddie Mac at the end of September, SunTrust has settled with HUD, the Department of Justice, and the Federal Reserve for allegedly unsound practices with respect to its servicing and origination operations. The Atlanta-based lender estimates its third-quarter earnings will take a $179 million hit as a result.

Wells Fargo and JPMorgan Chase both released their earnings summaries for the third quarter on Friday, revealing the full toll that legal expenses have taken on the latter's profits.

Mortgage Returns, a provider of customer relationship management (CRM) technology and automated marketing solutions, has launched its new Storefront marketing solution, an enhanced feature of the company's CRM system.

JPMorgan Chase will soon welcome Dana Deasy as its new CIO. He brings more than 27 years of experience to his new role.

Clayton Holdings LLC, a provider of loan due diligence, surveillance, and consulting services for the mortgage industry, announced that it has expanded its securitization group in preparation for the private market's return.

Atlanta-based Equifax announced the launch of a new tool designed to enhance underwriting and help lenders make predictive decisions based on consumer behavior.

Founded by what used to be the IT staff at National Default Exchange (NDeX), assured360 fully owns and operates two geographically diverse Tier 3 data centers: one in Farmington Hills, Michigan, and the other in Carrollton, Texas.