PMI Mortgage Insurance Co Seized by Regulator, Will Pay 50% On Claims Starting Monday.

Business Week story is HERE.

A prior related post from August 2011 is HERE and my Feb 2010 post HERE reports Oregon legislative authorization to Oregon DCBS to approve lower capital requirements for PMI's without public notice/ rule making.

Originally created and posted on the Oregon Housing Blog.

PMI Directed to Stop Insuring Additional Home Loans; Impacts on GSE and OHCS Existing Loans Not Clear.

WSJ story is HERE. Yahoo info on company is HERE.

I don't fully understand impact of action on existing loan guarantees, including those on loans held by the GSE's or originated by Oregon Housing and Community Services and other state housing finance agencies. 

Suffice it to say that I can't imagine that it bodes well for the ability of the company to pay claims on existing loans that turn sour.

I would suggest readers stay tuned for future developments, including any information about the impact from the GSE's or OHCS. 

Recent Oregon DBCS Waiver Rendered Moot.

Readers may recall that last year I posted story [HERE] about additional authority Oregon DCBS had been granted to waive capital requirements for private mortgage insurance companies without any public notice. I learned recently that Oregon's DCBS had done so for PMI though December 2011;  but I expect the Arizona regulator action Friday will render that recently granted Oregon waiver moot.

Originally created and posted on the Oregon Housing Blog.

State HFA Hardest Hit PUBLIC Outreach Prize, 1st Place, Oregon Housing and Community Services.

At the risk of being labeled a "homer" (no, NOT the "duh" HOMER), I think it is objectively true that Oregon Housing and Community Services has earned the highest ranking among Housing Hit State HFA's for the PUBLIC outreach they have done so far for the Hardest Hit program.

By my count OHCS staff has done 10 PUBLIC outreach sessions throughout the state, and they have at least 3 scheduled legislative briefings scheduled for the week leading into submission of their Hardest Hit plan. (If I am able to attend all 3 legislative meetings, I will have attended 7 of these 13 sessions). 

I have looked at all the Hardest Hit HFA website for all states and I have not found anywhere near this level of PUBLIC outreach in ANY other state.

While significant transparency issues DO remain (non profit scope, governance, and use of excess funds as described in my post HERE and posting of the actual plan submitted to Treasury) to date at least OHCS DESERVES the highest rating on PUBLIC outreach among the 10 states receiving Hardest Hit TARP funds. 

Congratulations to OHCS Director Victor Merced, OHCS Deputy Director Rick Crager, OHCS Communications Director Lisa Joyce, and other participating OHCS staff as well as Department of Consumer and Business Services Executive Assistant for Policy Lou Savage who also participated in all of these Hardest Hit outreach sessions.

Originally created and posted on the Oregon Housing Blog.