It could cost Goldman Sachs between $800 million and $1.25 billion to resolve government claims that it sold faulty mortgage-backed securities to Fannie Mae and Freddie Mac leading up to the financial crisis, according to recent reports. Goldman Sachs is currently negotiating with the Federal Housing Finance Agency, which has recovered approximately $16.1 billion in agreements with other banks with respect to legacy MBS sold to the GSEs.In September 2011, the FHFA filed 18 separate lawsuits against some of the nation’s biggest banks, accusing them of misrepresenting some $180 billion in toxic subprime MBS.
Fannie Mae and Freddie Mac issued $57.9 billion in single-family mortgage-backed securities during the month of July, a 12 percent increase from June, continuing an off-and-on monthly rebound that started in April, according to a new Inside The GSEs analysis.However, MBS issuance through the first seven months of 2014 was down 59.0 percent from the same period a year ago Top-ranked Wells Fargo’s Fannie and Freddie securitization, at $7.91 billion, rose by 8.5 percent on a monthly basis but dropped 71.6 percent year-to-date.
PennyMac Financial Services on Wednesday reported net income of $51.4 million for the second quarter of 2014, prompted by strong originations and servicing.
Mortgage origination volume was up in all three major production channels during the second quarter of 2014, according to a new Inside Mortgage Finance analysis and ranking. Retail originations remained the biggest source of new business, accounting for 61.0 percent of second quarter production. Total volume in the channel – which includes consumer-direct lending and traditional branch-office production – increased by 27.7 percent to an estimated $180 billion during the second quarter. Retail’s increase was higher than the overall 25.5 percent growth in total originations, nudging its share of the market slightly higher. Third-party originations were...[Includes four data charts]
Fannie Mae, Freddie Mac and Ginnie Mae each recorded double-digit increases in single-family business in July, marking the fourth straight monthly gain, according to a new ranking and analysis by Inside MBS & ABS, an affiliated newsletter. The three produced $85.3 billion of single-family mortgage-backed securities last month, an 11.6 percent increase from June’s volume. The biggest increase was at Fannie, where production was up 12.6 percent for the month. The steady gains in production starting in April have not been...
Mortgage-bond trustees – including Bank of New York Mellon and U.S. Bank – have agreed to accept JPMorgan Chase’s $4.5 billion settlement offer on behalf of a majority of aggrieved trusts.
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