Short Takes: Zero-Down Mortgages for Up to $650,000 / Sandler No Longer in Total Love with Wells / National Housing Trust Fund Robbed by Regulators? / GOP Up in Arms Over Big Brother CFPB / New FHA Bill? July 10, 2013 Paul Muolo, Thomas Ressler, and Charles Wisniowski Need a zero-down mortgage for $650,000? Another Washington-area credit union steps up to the plate.Read More
Credit Unions Increase MBS Holdings in First Quarter July 9, 2013 John Bancroft Agency MBS accounted for 98 percent of credit union investments in mortgage securities, according to Inside MBS & ABS.Read More
PennyMac Financial Services Gets $200 Million Repo Line July 9, 2013 Paul Muolo PMFS, an affiliate of PennyMac Mortgage Investment Trust, said the repo line will be used to fund new residential originations. Read More
Mortgage Employment Begins to Fall, But FBR is Bullish on Lending July 9, 2013 Paul Muolo Any lender that has refis greater than 50 percent could be at risk for layoffs, said one industry consultant.Read More
Short Takes: Its Gain-on-Sale Confession Time / Treasury Illegally Glomming onto GSE Profits? / Foreclosures Fall 27 Percent, But / More Details from Richey May on Mortgage Comp July 9, 2013 George Brooks, Paul Muolo, and Charles Wisniowski A few days the megabanks will reveal 2Q earnings, letting us know how gain-on-sale margins are holding up.Read More
Smaller Banks Catch a Few Breaks with Basel III July 8, 2013 Thomas Ressler Most banks carry their MBS in the Available for Sale accounting category, carried on the balance sheet at fair value. Read More
Springleaf Shifts to Delinquent Mortgages in Latest Non-Agency MBS July 8, 2013 Brandon Ivey As with previous MBS issued by Springleaf, the mortgages in the security were originated by firms owned by Fortress Investment Group.Read More
Ocwen Completes Massive Subprime MSR Transfer to Affiliate July 8, 2013 Paul Muolo The sale price breaks down as follows: $2.43 billion for the servicing advances and $241 million for the MSRs.Read More
PennyMac Agrees to Buy NPLs From Citigroup July 8, 2013 Paul Muolo Citigroup, which runs an active NPL trading desk, acquired the assets from a large money-center bank. Read More
Judge Dismisses Suit Against S&P Over Fannie Mae Stock Rating July 8, 2013 Charles Wisniowski The suit was filed in December 2012 on behalf of hundreds of thousands of investors who bought stock in an offering by Fannie in May 2008, four months before the GSE was taken over by the government. Read More