According to company correspondence provided to Inside Mortgage Finance, Green Tree's target date for exiting the wholesale/broker channel is mid-April.

Federal regulators have, for all intents and purposes, completed their work on the qualified residential mortgage standard. This means the final rule’s release could be imminent.

The nation’s third largest FHA servicer also admitted that it failed to inform the government mortgage insurers when its own internal reviews discovered more than 500 defective loans that never should have been submitted for coverage.

“This situation consisted of sexually charged behavior and comments from the supervisory staff and participating mortgage bankers, which resulted in a sexist and uncivil atmosphere,” the EEOC said of the JPM workplace.

Morgan Stanley notes: “The agreement in principle is subject to final approvals by the parties. In connection with the settlement, the company will record an addition to legal reserves of $150 million, which will have the impact of reducing income..."

The starting salary for the CEO is said to be about $450,000 plus benefits, which is roughly double what the new director of the Federal Housing Finance Agency, Mel Watt, earns.

A veteran player in the jumbo ARM market said one investment bank in particular has “had lots of layoffs.”

An organization chart of the post-deal company provided to IMFnews has RFC’s Michael Isaacs being put in charge of “consumer direct” at PMAC.

JPMorgan Chase is the dominant holder of non-agency MBS among depositories, accounting for almost 36 percent of the bank investment market.

The HUD chief told Hispanic real estate professionals that in today’s market, mortgage credit is too hard to obtain for consumers with low credit scores.