Ohio-based Go Mortgage has accused its former director of capital markets of changing passwords to key company accounts and bad-mouthing the company to major counterparties, including the GSEs.
According to some critics, the Federal Reserve’s mark-to-market losses on its securities holdings is approaching $1.0 trillion. One option would be to sell off agency MBS, even at a loss.
Investment management company Principal Asset Management suggests short duration, high-quality consumer ABS could be in high-demand if a recession hits later this year.
A proposal floated by federal regulators seeks to base capital requirements for mortgages held in portfolio at big banks on loan-to-value ratios. Banks expressed grave concerns about the proposal.
For years, banks have been dominant players in the non-agency jumbo space. One strategy: Originate a loan, place it in portfolio and earn a spread. But thanks to rising rates and increased regulatory scrutiny, the economics aren’t as attractive.
A New Jersey jury this week agreed with LoanCare’s counterclaim that Freedom Mortgage fraudulently transferred funds when terminating a subservicing agreement.
The MBA said the proposal lacks a provision for a cost-benefit analysis and dispenses with assessing the likelihood that a firm would experience material financial distress in making the designation.