It’s been several years since a top-10 ranked lender changed hands, but it could happen this year with speculation falling on PHH Mortgage and Flagstar Bancorp. Both firms own large servicing portfolios but have sold servicing “strips” while retaining a subservicing relationship with the consumer. Investment banking sources and competitors familiar with the two say a sale of either is...
One of the complications of the federal government’s takeover of Fannie Mae and Freddie Mac has been the injection of uncertainty over whether the two government-sponsored enterprises can foreclose by advertisement due to Uncle Sam’s control of the companies. That has bred some novel legal arguments against the GSEs’ ability in this regard, but they have met with mixed results thus far. “Over the past several months, one of the newer arguments challenging foreclosure by borrowers is...
In supplemental materials to his speech, President Obama referenced the GSEs' “failed business model,” adding that taxpayers should never again be “on the hook for bad loans and bailouts.”
Industry consultant Joe Garrett is telling clients that, “We’ve heard of at least one company that uses a fake rate sheet when recruiting loan officers. As you can guess, it shows really great rates, all fake, of course.”
The fast growing nonbank servicer/lender also disclosed a preliminary fourth quarter profit in the range of $101 million to $106 million, a 50 percent jump from the prior period.
Mortgage topics don’t always make the President’s State of the Union speech, but President Obama Tuesday night may touch on the issue of credit availability and whether the government has “gone too far.”
In fact, 10 of the 17 banks tracked by Inside Mortgage Trends posted increased mortgage-banking income during the final three months of 2013, and all of them reported a positive showing.
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