Short Takes: Genworth Executive Bolts for Servicer / Hedge Funds Get Cold Shoulder from the GSEs? / Chimera Continues to Have Reporting Problems / The Cordray Saga Continues / PLS Modifications at 45 Percent March 20, 2013 Paul Muolo and Thomas Ressler Genworth is losing a top MI executive to a mortgage servicer. And more woes for Chimera...Read More
Kondaur Active in the NPL Market Again: Sources March 19, 2013 Paul Muolo It would appear that Kondaur Capital of Orange, CA, is once again actively seeking out portfolios of nonperforming loans.Read More
Short Takes: HUD Ready to Slash Contractors / CoreLogic Sees Improvement in Underwater Homes / Two Harbors Raises $673 Million / HSBC Planning the Mother of All NPL Auctions? March 19, 2013 Paul Muolo HUD may be forced to cut some of its vendors due to the federal sequester. Meanwhile, Two Harbors raises $673 million.Read More
Residential Loan Sales by Banks Increased 37 Percent in 2012 March 18, 2013 John Bancroft Mortgage banking units owned by banks and thrifts generated $1.55 trillion in loan sales during 2012, a 36.9 percent jump from the previous year. Read More
IRS Issues Conflicting Opinion on Deductibility of REO Costs March 18, 2013 Brandon Ivey Historically, many banks have deducted expenses associated with REO, but all that may soon change thanks to a new IRS ruling.Read More
Citibank Hikes Repo Line to PennyMac March 18, 2013 Paul Muolo Citibank continues to finance PennyMac and its affiliates. The bank recently increased a repo line it had with the publicly traded REIT. Read More
Short Takes: New York AG Schneiderman and Other AGs Want DeMarco Replaced Now / Federal Reserve Banks Tapped for CFPB Expenses / Hallmark Enters Wholesale Arena / Two New Wholesale AEs for 360 Mortgage March 18, 2013 Paul Muolo and Thomas Ressler Nine Attorneys General, unhappy with the pace of loan modifications, are calling for the immediate dismissal of acting FHFA director Edward DeMarco. Read More
Sources: FHFA Blocked Fannie Tax Deferral Which Couldve Topped $60 Billion March 18, 2013 Paul Muolo Fannie Mae could be in line to book $60 billion in assets, money that could be counted as net worth and change its immediate financial outlook. Read More
Former ASF Members, Including Wells Fargo, Working on New Trade Group March 15, 2013 Brandon Ivey Several members that recently bolted from the American Securitization Forum are forming a new trade group.Read More
Are the Loan Modification and Due Diligence Sectors Toast? / MBS Supply Barely Grows, the Federal Reserve Continues to Hog it Up / The Fannie Mae Earnings Mystery / A Penalty of $7,500 per Mortgage? / Daurio Still Working on Subprime Capital Raise March 15, 2013 Improving loan quality is sparking a major shake-out in the due diligence sector. Can jumbo production and MBS save the day? Meanwhile, the supply of MBS expanded slightly in the fourth quarter.Read More