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Fairholme Lawsuit Also Seeks to Void Government ‘Sweep’ of GSE Profits

July 10, 2013
Charles Wisniowski
Just as with the Perry GSE litigation, Fairholme’s suit demands that the Treasury amendment to the preferred stock purchase agreement be voided.
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Nomura Enters the Jumbo MBS Arena, Bond Heavy on California Loans

July 10, 2013
Brandon Ivey
The jumbo MBS market has another new issuer: Nomura. But the credit enhancement on its first deal was increased due to geographic concentration risk.
Read More

VA Urges Servicers to Consider Principal Reduction for Distressed VA Loans

July 9, 2013
George Brooks
In recently issued guidance, the VA said reduction of principal in connection with a loan modification may produce a higher expected return for a servicer than termination of the loan.
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'Data-Driven' CFPB Defends Data Collection Efforts

July 9, 2013
Thomas Ressler
Testifying before a House subcommittee, the CFPB's Antonakes emphasized the fundamental importance of data analysis to the bureau’s mission.
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PennyMac Financial Services Gets $200 Million Repo Line

July 9, 2013
Paul Muolo
PMFS, an affiliate of PennyMac Mortgage Investment Trust, said the repo line will be used to fund new residential originations.
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Mortgage Employment Begins to Fall, But FBR is Bullish on Lending

July 9, 2013
Paul Muolo
Any lender that has refis greater than 50 percent could be at risk for layoffs, said one industry consultant.
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Short Takes: It’s Gain-on-Sale Confession Time / Treasury Illegally Glomming onto GSE Profits? / Foreclosures Fall 27 Percent, But… / More Details from Richey May on Mortgage Comp

July 9, 2013
Paul Muolo, George Brooks, and Charles Wisniowski
A few days the megabanks will reveal 2Q earnings, letting us know how gain-on-sale margins are holding up.
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Credit Unions Increase MBS Holdings in First Quarter

July 9, 2013
John Bancroft
Agency MBS accounted for 98 percent of credit union investments in mortgage securities, according to Inside MBS & ABS.
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Short Takes: How Much Does Your Mortgage CEO Make? / Georgia Lender Blows Up? / The Fear of Eminent Domain Lives On / Total Mortgage Services Plans to Buy a New HQ Building

July 8, 2013
Paul Muolo and George Brooks
New report sheds light on how much nonbank mortgage workers earn.
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Springleaf Shifts to Delinquent Mortgages in Latest Non-Agency MBS

July 8, 2013
Brandon Ivey
As with previous MBS issued by Springleaf, the mortgages in the security were originated by firms owned by Fortress Investment Group.
Read More
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