PHH subsidiary is large seller of loans
A subsidiary of PHH Corp. of Hunt Valley was one of the biggest sellers of loans to Freddie Mac and Fannie Mae in 1994, according to Home Mortgage Disclosure Act data. PHH Mortgage Banking Services sold some $1.7 billion in loans to Freddie Mac, and it sold $1.2 billion in loans to Fannie Mae.
This made it the sixth-largest seller to Freddie Mac and the 15th-largest to Fannie Mae, according to an analysis by Geosegment Systems Corp., reported by the newsletter Inside Mortgage Finance.
Fannie Mae -- the Federal National Mortgage Association -- is a quasi-governmental agency set up to purchase a variety of mortgage loans made by primary lenders. Freddie Mac -- the Federal Home Loan Mortgage Corp. -- primarily buys conventional mortgages.
City's housing market ranked 35th in nation
Baltimore's housing market isn't sizzling like Las Vegas' but it isn't as sleepy as Los Angeles, according to a new survey by Lomas Mortgage Co., one of the nation's largest lenders. In the latest issue of its U.S. Housing Markets, Baltimore was given a "hotness" of 4.8 for the past 12 months, ranking it 35th among major markets.
The "Hotness Index" represents the number of new housing units permitted per 1,000 population. Las Vegas, which has the sixth-highest number of single-family permits and the fifth-highest number of multifamily permits over the first half of 1995, was given a "hotness" of 24. Washington had a 6.5 "hotness," making it 27th among major markets. Philadelphia had a 2.8, making it 46th.
Los Angeles, which had 2,574 single-family home permits issued in the first half of 1995 compared with the Baltimore market's 4,909, had a "hotness" of 0.9, last in the nation and barely losing out to New York-Long Island, which had a 1 "hotness."