The head of a group of disenfranchised Fannie Mae and Freddie Mac investors has called on Federal Housing Finance Agency Director Mel Watt to end conservatorship of the two GSEs and undo what stakeholders consider the illegal government “net worth sweep” of Fannie and Freddie profits. Tim Pagliara, executive director of Investors Unite, followed Watt to Atlanta to seek a meeting with and to put pressure on the director to acknowledge the concerns of GSE shareholders.

The increased market share for first-time homebuyers is part of a seasonal trend that has occurred in each of the past three years.

The second-quarter rebound in mortgage profits was linked to an increase in new lending and loan sales.

Most servicing advisors – and stock analysts – continue to believe Ocwen will complete the Wells deal, probably sometime this fall. “Who else is willing to buy it?” said one source.

Franchise deals – where stock and licenses change hands – could dominate the M&A market for the remainder of the year.

Another concern was that out-of-state call center lenders might not know the local lending laws, which can result in delayed closings.

“I’m wondering how many people buy homes outside of buying them with cash,” Ryan said during the webinar. “To me it’s that serious.”

Over the past year, several top ranked depository lender/servicers have cut staff, but there has been less bloodletting at the nonbanks.

Many banks are beginning to shy away from the product as the Inspector General of the Department of Housing and Urban Development and Justice Department take banks to task for underwriting flaws.

Trustee responsibilities, the role of the government-sponsored enterprises, deal documentation, loan-level disclosures, servicing, ratings, assignee liability, regulatory uncertainty, lien priority, bondholder communication and incentives for banks. These are just a few of the issues that need to be addressed for non-agency MBS issuance to resume in a meaningful manner, according to industry participants. About 25 comment letters were submitted after a request from the Treasury ...