Seven months ago, a fledgling nonprime lender called Deephaven Mortgage unveiled a $300 million investment in the firm by a global “alternative” hedge fund called Varde Partners, Minneapolis. But since then, not much has been heard about Deephaven. Then again, it might be said that the “new” nonprime industry is still trying to figure out how to operate in a world of tight regulation, non-QM lending and a securitization market that doesn’t want to touch its product. Matt Nichols, the former Goldman Sachs managing director who formed Deephaven two years ago, did not respond...
“U.S. Bank was asked why it wasn’t expanding in the mortgage business,” Gabriel said during a panel discussion. “Their answer was: ‘Did you see what happened to Bank of America?’”
Who might replace Lawsky? How about: Rohit Chopra, assistant director and student loan ombudsman for another agency that’s highly popular with mortgage executives: the CFPB.
In a ruling that may impact future fair-lending class actions, a federal district court judge in Manhattan has denied class certification in a lawsuit brought by the American Civil Liberties Union and National Consumer Law Center against global investment bank Morgan Stanley. Filed in October 2012, the suit was brought on behalf of African American borrowers in Detroit who obtained subprime loans from New Century Mortgage, a now-defunct originator that sold the loans to secondary-market purchasers, including Morgan Stanley, which then securitized them. New Century originated...
First Guaranty Mortgage Corp., Frederick, MD, originated $940 million of home mortgages in the first quarter, a 48 percent jump from the same period a year earlier.
According to the website ShortSqueeze.com, almost 30.2 million shares of Ocwen are presently being shorted by speculators or 46.48 percent of the float...
According to exclusive figures compiled by Inside Nonconforming Markets, roughly $320.0 billion in subprime mortgages were outstanding at March 31, 2015.
“This should be terrific for our company,” said Michael Nierenberg, New Residential’s president and CEO, during a recent conference call with investors. “We expect sustainable earnings as a result of our long-term deal pipeline.”
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