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A look at stories across HousingWire's weekend desk.with more coverage to
come on bigger issues:

Regulators closed four banks, bringing the running 2010 total to 68 failed
banks so far. The closures, located in Arizona, California, Florida and
Minnesota, are expected to cost the Federal Deposit Insurance Corp. (FDIC)
Deposit Insurance Fund (DIF) a total $213.7m. Last week, regulators shut
down seven banks
at
a cost of more than $7.33bn.

The California Department of Financial Institutions closed 1st Pacific Bank
of California. City National Bank will purchase essentially all $335.8m in
assets and will pay the FDIC a 1.62% premium to assume all $291.2m of
deposits from the failed bank. The FDIC and City National Bank entered a
loss-share transaction on $275.7m of the failed bank's assets. The closure
is expected to cost the DIF $87.7m.

The Florida Office of Financial Regulation closed the Bank of Bonifay. First
Federal Bank of Florida did not pay the FDIC a premium for all $230.2m of
deposits and $78.1m of the failed bank's $242.9m of assets. The failure is
expected to cost the DIF $78.7m.

The Arizona Department of Financial Institutions shut down Towne Bank of
Arizona. Commerce Bank of Arizona will purchase essentially all $120.2m of
assets and pay the FDIC a 0.3% premium to assume all $113.2m of deposits
from the failed bank. The FDIC and Commerce Bank of Arizona entered a
loss-share transaction on $80.1m of the failed bank's assets. The closure is
expected to cost the DIF $41.8m.

The Minnesota Department of Commerce shut down Access Bank. PrinsBank will
buy essentially all $32m of assets and will pay the FDIC a 0.02% premium to
assume all $32m of deposits from the failed bank. The closure is expected to
cost the DIF $5.5m.

According to a JP Morgan (JPM : 41.82
+2.60%) research note, while historical modifications result in re-default
rates as high as 70%, Home Affordable Modification Program (HAMP) workouts
could result in a much lower occurrence of re-defaults.

Historically, modifications relied on the capitalization of arrears, and
actually increased monthly payments for already struggling borrowers,
researchers wrote. Other modifications cut monthly payments but failed to
address negative equity and left underwater borrowers at risk of defaulting.
The post-mod loan-to-value has hovered (LTV) around 130% for rate mods done
in the past year.

HAMP, however, addresses several of these problems, according to the JPM
research.The program targets a 31% debt-to-income ratio and could reduce
most borrowers' LTV to 115. Although there is currently no historical data
on HAMP re-defaults, the program's structure should result in lower
re-default rates going forward:

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Government-sponsored enterprise (GSE) Fannie Mae (FNM
: 1.06 +2.91%) on Friday reported a
gross mortgage portfolio of more than $764.8bn in March, from just under
$725.9bn in April.

The GSE's total book of business grew at an annualized growth rate of 13.3%
in March, to $3.26trn. The jump in Fannie's book of business arrived partly
due to $40bn of loans purchased in March from mortgage-backed security (MBS)
trusts that will not be reported as liquidated until the April report.
Excluding these loan repurchases, Fannie said, the compound annual growth
rate would have been only 2.3% this month.

Fannie reported $36.8bn of MBS issuances in March, down from nearly $44bn in
February.

The seriously delinquent rate of Fannie's single-family mortgages rose seven
basis points (bps) to 5.59% in February. At the same time last year, the
rate was 2.96%. The multifamily delinquency rate rose four bps to 0.73%. in
February 2009, the multifamily delinquency rate was 0.32%.

Fannie said in April it will continue to purchase mortgage loans
secured by properties in flood-prone areas,
despite a lapse in national flood insurance. Meanwhile, Congress is putting
together several bills to revive the insurance program.

House Financial Services Committee chairman Barney Frank (D-MA) introduced
legislation that is the second piece of a two-pronged approach to assure
continuity and stability in the National Flood Insurance Program (NFIP),
according to an e-mailed statement.

"The flood insurance program has lapsed twice this year," said Rep. Maxine
Waters (D-CA), chairwoman of the Subcommittee on Housing and Community
Opportunity, in an e-mailed statement Friday. "For each day the program was
inactive, up to 1,400 homebuyers seeking to buy homes in flood plains were
unable to close on their homes. This program is too critical to our housing
recovery to be allowed to lapse."

Waters previously introduced a NFIP reform bill, the Flood Insurance Reform
Priorities Act of 2010 or House Resolution (HR) 5114.

"Chairman Frank's bill will make sure the flood insurance program continues
through September, giving us that much longer to push through the five-year
extension and essential program reforms that are included in my
legislation," Waters said. "With his bill and his support of my legislation,
Chairman Frank is demonstrating this Committee's commitment to stabilizing
the flood insurance program."

Frank's bill, the Stable Flood Insurance Authorization Act of 2010, would
extend the NFIP's authority to write and renew flood insurance polices from
its current May 31 deadline through September 30, 2010.

Write to Diana Golobay.

Disclosure: the author holds no relevant investments.

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