Fannie Mae and Freddie Mac and the government-sponsored enterprise model are flawed beyond repair, so expect comprehensive housing finance reform to remain stalled until lawmakers and the chief executive take action, according to the former head of the Federal Housing Finance Agency. Speaking at an American Enterprise Institute forum this week, former FHFA Acting Director Edward DeMarco, now a housing fellow at the Milken Institute, said the structure of the GSE conservatorships and the Treasury support agreement backing them requires Congressional intervention. “The answer to the question ‘what happens next?’ is...
Although residential lenders are coming off a better than expected production quarter – and enjoying a decent last three months of the year – analysts and investors seem undecided on whether there’s opportunity in the market or it’s time to stay on the sidelines. Several high profile publicly traded shops that are considered “high touch” specialists – Nationstar Mortgage, Ocwen Financial and Walter Investment – continue to trade at steep discounts to their 52-week highs with all three facing possible class-action lawsuits from angry investors who’ve seen billions of dollars in stock equity evaporate over the past year. And then there’s...
For several months now, Arvest Bank has been working on a roughly $28 billion servicing sale with a subservicing component extended to the eventual buyer, but so far a deal has been allusive, according to investment banking sources familiar with the situation. “From what I can tell, the package is still out there,” said one source who was briefed on the situation. Arvest Bank services...
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