Six months ago, New Residential Mortgage didn’t own any mortgage servicing rights, though it was active in the market as a buyer of excess servicing and in other forms. It ended March 2017 as the sixth-largest servicer in the industry, according to a new Inside Mortgage Finance ranking, and that is probably some kind of record. New Residential reported owned MSR on $252.0 billion of mostly Fannie Mae and Freddie Mac pools at the end of the first quarter. During the first three months of the year, it acquired $92.5 billion of servicing from CitiMortgage and smaller chunks from United Shore, Residential Credit Solutions and Walter/Ditech. Its reported first-quarter total appears to include a $67.0 billion buy from PHH Mortgage that has not yet closed. In addition, New Residential held...[Includes two data tables]
Denmar Dixon, who stepped down as CEO of Walter Investment Management Corp. last year, received $6.62 million in total compensation for 2016 while the company posted a net loss of $529 million.
Perhaps the new Treasury secretary finally looked at the numbers, realizing that Fannie and Freddie – wards of the government since September 2008 – forked over roughly $20 billion to Uncle Sam…
Since the fall of 2008, Treasury has controlled the senior preferred stock in Freddie and Fannie, making the U.S. government the de facto owner of the two - and the linchpin to the housing and mortgage markets.
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