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housing market remains hot, which is good news for the mortgage guaranty insurance industry.
The primary and secondary mortgage markets play a critical role in the U.
5 trillion in mortgages were refinanced over the last two years, and another $1.
For example, some lenders allow consumers to obtain home loans or refinance mortgages on the basis of assets rather than credit rating.
The financial institutions that bear the credit risk in mortgage lending are critical because without such participants, mortgages cannot be made.
The diversity of the participants' goals and strategies also complicates the task: The government mortgage insurers that account for most of the risk-bearing activity in the government mortgage system are nonprofit and accept nearly all the credit risk of the mortgages they insure; the mortgage originators, insurers, and purchasers that make up the conventional mortgage system are profit-seeking and generally act to spread the risk throughout the system.
Such taxpayers are likely to purchase more expensive homes with larger mortgages, which are not addressed by the planning suggestions below.
GMAC Mortgage will provide interim subservicing for the company's full line of first mortgages, closed-end seconds and HELOCs.
Securitization of mortgages changed the typical savings and loan from an integrated institution which originated, held and serviced mortgages to maturity--with all the attendant risks--to one in which a large part of the mortgage originations are immediately passed on to an investment bank or government agency, where they are securitized.
Like a purchaser of mortgages, however, a depository institution that holds a mortgage may not bear the full risk of default associated with it but may instead share the risk with a mortgage insurer.
5 million first mortgage and a $3 million line of credit for Doric Apartment Corporation, a 434-unit co-op located at 100 Manhattan Ave.
1 million first mortgage and a $300,000 second mortgage for the 235-unit co-op located at 345 W.