During the subprime boom, HSBC owned Household Finance, a once-top ranked subprime lender and servicer that was later cited for lending and servicing violations.
Legacy RMBS-related legal action continued this week in both Washington, DC, and in New York City as the fallout from the financial crisis continues. In the nation’s capital, Morgan Stanley agreed to a second settlement with the Federal Deposit Insurance Corp., this time for $62.95 million, to resolve RMBS-related claims stemming from the failure of three financial institutions in the wake of the collapse of the mortgage market. The institutions are...
Colonial National Mortgage was a beta site for the IDR and Allen Maulsby, executive vice president of the bank, said the IDR process is very “legalistic…”
Among those hiring is Jordan Capital Finance, Chicago, which seeks to add new loan reps and a senior vice president of sales and business development...
Fannie Mae, Freddie Mac and Ginnie Mae produced a combined $88.96 billion of single-family MBS in January, a modest 1.4 percent decline from December, according to a new ranking and analysis by Inside MBS & ABS. Ginnie production was actually up 7.2 percent from the previous month, while both the government-sponsored enterprises posted declines in new issuance. January’s agency MBS production included...[Includes two data tables]
Jefferies Funding is underwriting a securitization of a revolving warehouse facility for agency mortgages originated by two nonbanks. The $225.0 million Station Place Securitization Trust 2016-1 received provisional Aaa ratings this week from Moody’s Investors Service. The rating service said the transaction is based on a “back-to-back” repo structure, with the three classes of notes scheduled to be paid off one year after issuance. The proceeds from the sale of the notes will be used by the issuer to purchase eligible mortgages and participation certificates from the repo seller. The revolving warehouse facility will be sponsored...
The outlook for publicly traded real estate investment trusts that invest in agency MBS and related products is starting to improve, in part, because competing investments are looking ugly. That might seem like a small consolation prize for REITs, but several are posting decent earnings, even though the book value of their common stock is relatively weak. Meanwhile, while certain investors shun their stocks, many companies have engaged...
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