New Residential has purchased several servicing portfolios over the past year, acquiring rights from CitiMortgage, Walter/Ditech and United Shore, among others.
“This new trove of documents conclusively shows that the net worth sweep was designed solely to boost Treasury’s coffers and prevent the GSEs from rebuilding capital or exiting conservatorship,” said Investors Unite, a shareholder rights group.
Fannie said that about 3 or 4 percent of DU applications with DTI ratios ranging from 45 percent to 50 percent had been deemed ineligible because they failed the overlay test…
New issuance of MBS backed by income-property mortgages during the second quarter rebounded from a lull in early 2017, according to a new analysis by Inside MBS & ABS. A total of $51.03 billion of commercial mortgages were securitized in the second quarter, a gain of 12.1 percent from the first three months of 2017. That brought year-to-date commercial MBS issuance to $96.54 billion, 12.4 percent ahead of the pace set in 2016. But CMBS production was...[Includes one data table]
Flagstar Bank priced its first post-crisis jumbo MBS this week and other big banks could start issuing deals this year, according to industry analysts. Since 2010, the main issuers in the fledgling jumbo MBS market have been nonbanks, with banks content to hold jumbos in portfolio. In recent years, the only bank to issue prime non-agency MBS has been JPMorgan Chase, which has packaged jumbos with some mortgages eligible for sale to the government-sponsored enterprises in its deals. The $443.8 million Flagstar Mortgage Trust 2017-1 follows...
A recent ruling by the Supreme Court of the United States affirmed a three-year statute of repose for certain securities-related lawsuits. The ruling will likely limit the claims that can be brought by investors in faulty MBS and ABS. The case of California Public Employees’ Retirement System v. ANZ Securities involved an attempt by CalPERS to opt out of a class-action lawsuit against securities underwriters and file a separate claim in a timeframe beyond a three-year limitation. In a 5-4 decision at the end of June, the Supreme Court affirmed rulings by lower courts that determined that CalPERS’ action was untimely under the three-year statute of repose in the Securities Act of 1933. The majority opinion written by Justice Anthony Kennedy said...
Fannie Mae and Freddie Mac shareholders claimed that recently unsealed government documents support their contention that the main goal of the Treasury Department’s quarterly sweep of the government-sponsored enterprises’ earnings was to keep the two GSEs in conservatorship. Officials from Treasury have consistently said that the sweep was designed to prevent the two mortgage giants from collapsing. But the latest batch of 33 confidential emails and memos released under court order in the case of Fairholme Funds vs. United States seems to illustrate otherwise. The documents were unsealed...
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