The group’s combined production-related income fell a lot more than their actual origination volume, which was down 5.8 percent from the second quarter...
The Ginnie Mae share of total mortgage debt outstanding hit a record 15.2 percent at September 30, according to exclusive survey figures from Inside Mortgage Finance...
The share of home-purchase transactions that closed on time in November declined compared with October for all six loan types tracked by HousingPulse...
A precedent-setting court case decided in May has disrupted the MBS and ABS markets, according to the Securities Industry and Financial Markets Association and the Structured Finance Industry Group. The trade groups filed an amicus brief to the Supreme Court of the United States late last week, calling for the court to hear an appeal of the ruling in Madden v. Midland Funding. In May, the U.S. Court of Appeals for the Second Circuit ruled that federal preemption under the National Bank Act doesn’t apply to nonbanks that purchase loans from banks. The Madden ruling subjects nonbank purchasers of loans originated by banks to state usury laws. If a bank’s preemption from such laws isn’t transferred when a nonbank acquires a loan originated by a bank, the loan can be...
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