The aggregate dollar volume of homeowner equity in real estate has almost returned to pre-crisis levels, but borrowers are no longer using their homes as ATMs, according to industry analysts. Between 2003 and 2007, homeowners were extracting more than $350.0 billion in home equity per year via home-equity loans and cash-out refinances, according to researchers at the Federal Reserve Bank of New York. While home prices and equity have largely recovered, equity extraction remains below $50.0 billion per year. William Dudley, president and CEO of the NY Fed, said...
Nationstar said it expects to board $144 billion of additional contracts in 2017, $111 billion of which is subservicing for New Residential Investment Corp.
Consequently, top-tier banks that offered FHA-insured mortgages have opted to either restrict their government business or exit the program altogether…
Market watchers must be wondering just how long investors will continue to believe in the GSE “bet” made by hedge fund manager Pershing Square Capital Management.
“This is a fair and just settlement for California consumers,” said CDBO Commissioner Jan Lynn Owen. “The terms will hold Ocwen accountable for widespread violations of laws that harmed borrowers in our state.”
David Stevens, MBA president and chief executive officer, said the FHA’s newer books of business have great credit quality, which makes the spike in 30-day delinquencies more surprising.
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