Redwood Trust is set to issue its second non-agency jumbo MBS of the year, a $666.13 million security, according to a presale report released today by Kroll Bond Rating Agency. The MBS will largely consist of 30-year fixed-rate mortgages, with 51.4 percent of the originations from First Republic Bank. Plus other mortgage news briefs.
With the rules for nonprime lending established – for the most part – under the Consumer Financial Protection Bureau’s recently finalized ability-to-repay requirements, at least four lenders have stepped up their plans to enter the nonprime origination market, a business that has been long dormant with certain exceptions.
After including a significant amount of ARMs in its first issuance of the year, the second non-agency jumbo mortgage-backed security of 2013 from Redwood Trust will consist largely of 30-year fixed-rate mortgages, according to a new presale report released by Kroll Bond Rating Agency.
Fourteen months after the White House signaled its intention to make Carol Galante the nation’s next housing commissioner, the Senate on Sunday afternoon finally confirmed her nomination.
Industry veteran Jon Daurio, who’s trying to raise $250 million to start a new nonprime lender, is hoping to have much of the work tied to his capital raise completed by the end of the first quarter of 2013.
Sen. Bob Corker, R-TN, a key member of the Senate Banking Committee, has secured a commitment from Acting FHA Commissioner Carol Galante to toughen agency rules to put the insurance fund on a sounder financial footing.
The Department of Housing and Urban Development late in the first quarter will auction off a package of up to 15,000 severely delinquent FHA-insured mortgages. A portion of the loans will be offered in Neighborhood Stabilization Outcome (NSO) pools in targeted areas.
Carrington Mortgage is contemplating the origination of non-agency mortgages to serve borrowers whose credit has been damaged during the Great Recession, company officials told Inside Mortgage Finance
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