The planned transfer of servicing on two non-agency MBS from Ocwen Financial to Select Portfolio Servicing marks the first time in recent years that Ocwen will lose servicing due to a vote by investors. Analysts at Moody’s Investors Service said the servicing transfer on two deals issued by Barclays Capital in 2006 “set a negative precedent” for Ocwen. The transfer was prompted by a vote by investors in the non-agency MBS that came about because Ocwen experienced an event of default due to recent downgrades to the firm’s servicer ratings. “While most of Ocwen’s portfolio has not experienced [defaults based on servicer quality] that would allow for forced transfer, around 695 transactions do have...
Credit unions aren’t major players in the MBS market, and their aggregate holdings declined slightly in 2014, according to a new Inside MBS & ABS analysis of call-report data. Credit unions held $101.3 billion of residential MBS in portfolio at the end of last year. That was down 2.4 percent from the third quarter, and off 3.8 percent from the end of 2013. Most of the industry’s MBS holdings (97.4 percent) were...[Includes one data chart]
Altisource Residential and Altisource Asset Management abruptly cancelled their scheduled earnings calls this week as the firms work on modifying an asset management agreement. Both of the companies have ties to Ocwen Financial, which has faced its own operating issues in recent months. “Despite the negative headlines surrounding our primary mortgage servicer Ocwen, our performance has remained strong,” said Ashish Pandey, AR’s CEO. The real estate investment trust had ...
Most people who are not in straight-jackets believe the chances of GSE reform by 2016 are pretty much zero. Just in case you were wondering and needed a reminder…
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