Will investors in GSE stock sue the federal government for "sweeping" earnings out of Fannie Mae and Freddie Mac? Meanwhile, PennyMac worries about its "Countrywide" problem.
One of the things that is unusual about this housing recovery is the extent to which it has been supported by investors – and not just individuals looking for rental property. Institutional investors have jumped into the rental home market in a way not seen before, and that is benefitting some industries you might not expect, or in ways you may not have anticipated. “In traditional housing recoveries, individuals and households provide the bulk of the demand the market needs to rebound,” said ...
Officials at Ocwen Financial were highly critical of the accounting methods used by other servicers that have acquired significant holdings of mortgage servicing rights recently. Ocwen might also soon have more cash than necessary for its planned acquisition opportunities, with officials considering initiating a stock buyback. William Erbey, Ocwen’s chairman, said his company is considerably less leveraged than other servicers. He noted that Ocwen carries most of its MSRs at market value rather than ...
Fannie Mae is set to "give back" $50.6 billion to the U.S. Treasury by June 30, thanks to stellar earnings and accounting treatment of deferred tax assets.
Fannie Mae, Freddie Mac and their government overseer are considering adding new features to the common securitization platform in addition to the major components in the initial design, according to officials speaking at the Mortgage Bankers Association Secondary Market Conference in New York this week. A potential addition to the project would include “life flow data” about the mortgage transaction, said Manoj Singh, associate director in the Federal Housing Finance Agency’s Office of Strategic Initiatives. The common securitization platform, or CSP, has been focused on the securitization function, but feedback from the industry has raised the prospect of expanding it to house all the data points that could be needed over the life of the loan, including foreclosure disposition, if it comes to that. Once the government-sponsored enterprises start...
Two months ago, if you asked a broker of mortgage servicing rights how the market was doing, he would have said “decent.” But today, it’s a different story with the words “great” and “hot” getting muttered frequently. Over the past 60 days, several large flow and bulk MSR deals have been sent out for bid, many of which have been non-legacy offerings. Sellers are more willing to part with new MSR packages, product that is deemed to be of the highest quality with little chance of prepaying thanks to the ultra-low interest rates of today. And just how hot is the market? Interactive Mortgage Advisors, Denver, is wrapping up...
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