The National Credit Union Administration this week sued Deutsche Bank National Trust Co., alleging the bank violated federal and state laws by failing to carry out its duties as trustee for 121 non-agency MBS trusts. According to the complaint filed in federal district court in Manhattan, Deutsche Bank failed to protect five corporate credit unions – U.S. Central, WesCorp, Members United, Southwest and Constitution – that purchased $140 billion in RMBS issued from the trusts between 2004 and 2007. The securities lost...
And there could be some good news on lower LLPAs. Fannie said that come May 2015, it will change how it treats loans where there are two or more borrowers...
Mortgage delinquency rates kept falling across the country in the third quarter of the year, according to data provided by the Mortgage Bankers Association, Fannie Mae and Freddie Mac. The delinquency rate for mortgages on one- to four-unit residential properties declined 19 basis points, on a seasonally adjusted basis, to 5.85 percent of all loans outstanding as of Sept. 30, 2014, according to the MBA. This is the lowest level seen since the fourth quarter of 2007 and represents the sixth straight quarterly decrease, according to the trade group. In terms of product mix, the seasonally adjusted delinquency rate slipped 15 bps to 3.05 percent for prime fixed loans and decreased 45 bps to 4.83 percent for prime adjustable-rate mortgages. ...
We should point out that even though LoanDepot is doing the buying, the Mortgage Master brand name will survive. LD did the same thing when it combined forces with imortgage last year…
Although residential lenders are coming off a better than expected production quarter – and enjoying a decent last three months of the year – analysts and investors seem undecided on whether there’s opportunity in the market or it’s time to stay on the sidelines. Several high profile publicly traded shops that are considered “high touch” specialists – Nationstar Mortgage, Ocwen Financial and Walter Investment – continue to trade at steep discounts to their 52-week highs with all three facing possible class-action lawsuits from angry investors who’ve seen billions of dollars in stock equity evaporate over the past year. And then there’s...
For several months now, Arvest Bank has been working on a roughly $28 billion servicing sale with a subservicing component extended to the eventual buyer, but so far a deal has been allusive, according to investment banking sources familiar with the situation. “From what I can tell, the package is still out there,” said one source who was briefed on the situation. Arvest Bank services...
Some publicly traded nonbanks are facing possible class-action lawsuits from angry investors who’ve seen billions of dollars in stock equity evaporate over the past year.
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