The subservicer started charging the borrower various attorney fees after completing the modification and didn’t respond to the mortgagor’s questions about those fees in a timely matter...
In the announcement on dropping coverage, FBR quoted PHH management as saying “organic growth is hard to come by, strategic initiatives are taking longer to achieve, and prepayment speeds on the company’s MSR are still elevated…”
Clean-up calls were recently completed on three jumbo MBS issued by Redwood Trust in 2010 and 2011, marking the first such actions on post-crisis jumbo MBS. While MBS investors can take some losses when clean-up calls are completed, analysts suggest that’s not currently much of a concern for post-crisis jumbo MBS. Holders of clean-up call rights, typically servicers, have an option to purchase the remaining loans in an MBS when the outstanding balance of the deal falls below a certain threshold. Redwood completed...
Fannie Mae and Freddie Mac plan to ramp up their bulk sales of nonperforming loans in 2016 with the two government-sponsored enterprises ushering in the year by going to market with nearly $3 billion in NPL offerings in January. Freddie’s first NPL auction of the year was its largest so far, totaling $1.6 billion in unpaid principal balance and marketed in seven pools. The NPLs are serviced...
The plaintiffs argue that state law prohibits the preferred stock of a corporation from getting a cumulative dividend right equal to all of a company's net worth...
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