In a new public disclosure, General Electric said it could face legal action from the Justice Department following an investigation into WMC Mortgage, a mortgage firm it once controlled...
The House last week passed a bill that industry participants insist will add stability to the secondary market. It would effectively overturn a 2015 court ruling that has introduced uncertainty for MBS and ABS, according to the Structured Finance Industry Group.
The average daily trading volume in agency MBS totaled $236.1 billion in January, the highest reading of the past year, and a sign that liquidity is strong. Compared to the month prior, trading activity increased by 12.8 percent, according to the Securities Industry and Financial Markets Association.
In direct rebuke to Richard Cordray’s interpretation, the court held that a reasonable payment is bona fide regardless of whether a referral was also involved in the transaction.
A number of lenders are trying to grow the expanded-credit mortgage market, but top producers in the sector saw an overall decline in originations last year, according to a new ranking by Inside Nonconforming Markets. The 15 top lenders originated $40.96 billion of expanded-credit mortgages last year, down 16.3 percent from 2016. The ECM category consists mostly of non-qualified mortgages and nonprime/Alt A loans that aren’t eligible for sale to the agencies ... [Includes one data chart]
Servicers of jumbo mortgages posted significant increases to their portfolios in 2017, according to a new ranking by Inside Nonconforming Markets. Among a group of 30 servicers, the combined jumbo portfolio increased by 9.5 percent on an annual basis to $984.28 billion as of the end of 2017. The growth in jumbo servicing outpaced the increase in total mortgages outstanding. The total unpaid principal balance of outstanding residential mortgages ... [Includes one data chart]
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