Denmar Dixon, who stepped down as CEO of Walter Investment Management Corp. last year, received $6.62 million in total compensation for 2016 while the company posted a net loss of $529 million.
Perhaps the new Treasury secretary finally looked at the numbers, realizing that Fannie and Freddie – wards of the government since September 2008 – forked over roughly $20 billion to Uncle Sam…
Bank of America has made a break from most of the other big banks in terms of sending conforming mortgages to the government-sponsored enterprises. Officials at the bank said BofA is retaining more of its GSE-eligible loans, though the strategy can result in short-term decreases to mortgage-banking income. “We believe retaining these mortgages will provide better economics over time, plus retention deepens our relationship with these customers,” Paul Donofrio, BofA’s chief financial officer ...
Holdings of non-agency mortgage-backed securities by most banks and thrifts are declining, according to a ranking and analysis by Inside Nonconforming Markets. Banks and thrifts held $63.00 billion of non-agency MBS as of the end of 2016, down 23.9 percent from the end of 2015. The holdings are concentrated among five banks, which accounted for 64.9 percent of all non-agency MBS held by the industry as of the end of 2016. JPMorgan Chase held ... [Includes one data chart]
Mortgage default rates for FHA and VA loans followed seasonal trends and shifted significantly lower in the first quarter of 2017, according to a new analysis and servicer ranking by Inside FHA/VA Lending. While both portfolios showed strong growth in the dollar volume of loans outstanding in Ginnie Mae mortgage-backed securities, there were also huge declines in the number of loans past due. Some $1.036 trillion of FHA forward mortgages were in Ginnie pools at the end of March, up 1.1 percent from the previous quarter. But delinquency rates for the less-severe categories of late payment were down sharply. The number of FHA loans 30-60 days past due, for example, declined by 28.4 percent, lowering the delinquency rate by 1.51 percentage points, leaving it just about where it was a year ago. The same thing happened in the VA sector. Total VA supply grew 3.2 percent to ... [Charts]