One veteran mortgage trade group official, a staunch Republican no less, told us that Lawsky is an “honest and bright guy,” adding that he understands the issues.
A federal judge last week dismissed claims brought by the state of Massachusetts that Fannie Mae and Freddie Mac violated state law by putting limits on the sale of pre- and post-foreclosure homes. State Attorney General Martha Coakley filed suit in June against the Federal Housing Finance Agency, as GSE conservator, alleging that Fannie and Freddie are violating state law by refusing to negotiate lower terms for distressed Bay State homeowners.
The share price of Ocwen Financial recently fell to a 52-week low of $18.47, a 70 percent decline that has wiped out at least $5 billion in market equity.
Although most of the mortgage-servicing sales in recent months have been flow transactions of new production, more banks – especially mid-tier institutions – are expected to unload servicing in response to regulatory constraints, according to experts at last week’s Mortgage Bankers Association annual convention in Las Vegas. Many banks continue to focus on capital risk management and serving their core customers, said David Hisey, executive vice president of Nationstar Mortgage, during a panel session on servicing. Many servicing transfers are driven by a desire to deal with one or both of those issues, he added. Most mortgage servicing rights transfers now are...
Ocwen Financial has a huge mismatch between the size of its $400 billion servicing portfolio and its new originations. Then again, its MSRs are running off...
The SIGTARP said that since the beginning of 2013 it has received complaints from “nearly 100” borrowers regarding issues with servicing transfers, and that 84 of the calls came in 2014.
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