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Ginnie Scrutinizing ‘Changes of Control’ More Closely, Guidance on the Way

October 8, 2014
Paul Muolo
More clarity on the matter is expected later this month when Ginnie is set to release new guidance at the annual convention of the Mortgage Bankers Association.
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The ‘Brain Drain’ at the GSEs Will Continue. Here’s Why

October 7, 2014
Charles Wisniowski
Are Fannie Mae and Freddie Mac executives just wage slaves? And is there something wrong with that?
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Treasury Resisting Calls to Increase Scrutiny of HAMP Servicers

October 7, 2014
Brandon Ivey
The watchdog arm of Congress noted that the Treasury hasn’t implemented 6 out of 24 recommendations relating to housing programs funded by the Troubled Asset Relief Program.
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$600 Million of Fannie/Freddie and FHLB MSRs Up for Grabs

October 7, 2014
Paul Muolo
In other servicing-related auctions, The Prestwick Group is working on three bulk deals and three flow transactions.
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Specialty Servicer Wingspan Cuts Jobs in LA, But Not Saying How Many

October 7, 2014
Paul Muolo
Wingspan is a specialty servicer, a space that is looking increasingly crowded these days.
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Short Takes: Student Lender Enters Jumbo Mortgage Space / How are Mortgage Lenders Feeling? Not So Good / Ralph Nader Unhappy with GSE Decision / Why is Johnson-Crapo Even on the Senate Legislative Calendar?

October 7, 2014
Brandon Ivey, Paul Muolo, and Charles Wisniowski
Quick question: What’s the difference between student loan debt and mortgage debt? One is impossible to extinguish by going through bankruptcy.
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Nonbank ‘Working Group’ Includes Ocwen, Probably Nationstar, but No Quicken

October 6, 2014
Paul Muolo
The initiative – which is being spearheaded by The Collingwood Group – comes at a time when the share prices of publicly traded mortgage companies have reached new lows.
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Short Takes: 3Q (Mortgage) Earnings Blues for the Megabanks? / Mr. Ackman, Would You Like to Restate That Prediction? / Rudy Orman Leaves RCS / A ‘Friends of Tony’ Mortgage? / Auction.com Selling Loans and MSRs

October 6, 2014
Paul Muolo
Back in May, Pershing Square founder William Ackman said the common stock of Fannie Mae and Freddie Mac could be worth at least $23 a share. Huh?
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Guess What? Credit Rating Shopping is Still Going On – Mostly in the CMBS Sector

October 3, 2014
Brandon Ivey
Calvin Wong of Morningstar noted that rating shopping is most obvious in the commercial MBS market
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Strong Growth, Regulatory Concerns for MBS Backed by Nonperforming Loans

October 3, 2014
The market for non-agency MBS backed by nonperforming and re-performing home loans has grown exponentially in recent years. However, the sector remains relatively small and regulatory concerns persist regarding servicing practices. At the ABS East conference produced by Information Management Network last week in Miami Beach, Susan Valenti, a director at Wells Fargo Securities, said $1.0 billion of non-agency MBS backed by nonperforming loans and re-performing loans was issued in 2011, followed by $2.0 billion of such issuance in 2012, $5.7 billion in issuance in 2013 and $5.2 billion in issuance thus far in 2014. Most of the deals aren’t...
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