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Mortgage News
from MortgageDaily.com

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COFI Sinks to 2-Year Low
In February, the cost of funds index was 3.56 percent, the Federal Home Loan Bank of San Francisco reported. The index was lower than the prior month and the prior year. COFI has fallen each of the past five months and is at its lowest level since January 2006.

Groups Weigh In on Treasury Blueprint
In an effort to improve market stability, the Treasury released its Blueprint for a Modernized Financial Regulatory Structure. The National Association of Mortgage Brokers had supported the blueprint as long as all mortgage originations are regulated, even those that subsidiaries of federally chartered banks use. The chairman of the Mortgage Bankers Association said in a news release that MBA is in favor of consistent regulation in the industry and shares the Treasury's desire to have oversight in mortgage proceedings.

Company Acquiring Lender, Brokers
Fortress Financial Group Inc. is in advanced negotiations to acquire a significant mortgage lending operation, according to an announcement. The purchase "will be immediately coupled" with a mortgage bank acquisition and a licensed lending company acquisition, Fortress said. "These acquisitions will be coupled with a planned large scale acquisition of independent mortgage brokers," the press release stated.

M.I. Apps, Delinquency Improve
During February, 139,077 mortgage insurance policies were written, the Mortgage Insurance Companies of America reported. The number of policies written increased over the prior month, MICA said. Primary insurance defaults improved in February from the prior month.

Jackson Steps Down
U.S. Department of Housing and Urban Development Secretary Alphonso Jackson announced he'll be stepping down. Jackson attributed the departure to the need to "attend more diligently to personal and family matters." HUD noted that he was confirmed as HUD secretary on March 31, 2004.