Top nonbank servicers continued to expand their agency MSR positions in the second quarter via acquisitions and organic growth. Wells Fargo, U.S. Bank and BofA were the only top-10 agency servicers to shrink.
Low interest rates and a growing refi market helped Fannie Mae and Fred-die Mac post robust earnings. The GSEs expect to send a combined $5.2 bil-lion to Treasury as dividend.
Mortgage Grapevine: MSR auctions have been few and far between of late, but all that may soon change. Meanwhile, Stearns Lending has secured the cooperation of its largest bondholder, PIMCO, to reduce its debt load. Now, it's just a matter of time and working with the bankruptcy court.
Is the White House getting cold feet on administrative reform of Fannie and Freddie? Maybe, maybe not, but it appears the Federal Housing Finance Agency may not release its GSE capital rule until December.
Mortgage Grapevine: Rushmore is buying another origination platform, a sign that mortgage M&A could be on the rise again. Meanwhile, Fannie Mae is offering buyout packages to a select group of employees.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
In his first report to Congress as director, Mark Calabria describes how new accounting standards, credit-risk transfers and high interest rates cut into profits at the GSEs.
It's common knowledge in the industry that the Treasury Department is working on a recap-and-release plan for Fannie Mae and Freddie Mac. To pull off such a massive undertaking the government will need an investment banker. But who?
The bureau's latest regulatory agenda includes plans to address the fate of the qualified mortgage "patch," but drops items regarding the use of disparate-impact theory in fair lending laws.
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