During the worst of the buyback storm in late 2012 and early 2013, the GSEs reported over $18.51 billion of unresolved repurchase requests and as much as $13.22 billion in buybacks during a single quarter.
What year-end slow down? Michigan Mortgage is searching for 14 new employees for ten of its 28 locations. A majority of the jobs are for loan officers and underwriter positions...
The refinance market was soft as well. The agencies securitized $37.48 billion of refinance loans during November, down 12.3 percent from the previous month.
Edward Pinto, former chief credit officer of Fannie Mae who now studies housing trends for AEI, disputes NAR’s data and describes the first-time buyer market as “booming.”
A non-agency MBS sponsored by CarVal Investors issued this week includes a new fee-based compensation structure for one of the servicers involved in the $474.2 million transaction. Mill City Mortgage Loan Trust 2015-1 is backed by re-performing mortgages that had seasoned for nearly nine years, on average. Some 90.1 percent of the loans had received modifications and almost all of the mortgages in the deal were current at the time of issuance. Shellpoint Mortgage Servicing will service...
PIMCO led non-agency MBS investors in the filing of a class-action lawsuit against Citibank last week, alleging that Citi didn’t adequately perform trustee duties on MBS issued before the financial crisis. The lawsuit claims violations of New York’s Streit Act, which has been cited in several other lawsuits against trustees. PIMCO et al v Citibank was filed in New York’s state supreme court. Other investors involved in the filing include AEGON, Kore Advisors, Prudential and Sealink Funding Limited, and the plaintiffs aim to include all that have invested in 25 non-agency MBS where Citi is the trustee. The deals were issued...
Fannie Mae and Freddie Mac saw a huge drop in new single-family business in November, according to a new Inside The GSEs analysis of loan-level mortgage-backed securities data. The two companies produced just $50.94 billion of new single-family MBS last month, a 25.2 percent decline from October’s level. November 2015 was the slowest month in GSE MBS issuance since May 2014. MBS issuance was down 30.6 percent at Fannie and off 17.4 percent at Freddie. The sharp drop in monthly production had a distinctly seasonal tone. GSE securitization of purchase mortgages fell a whopping 33.2 percent from October to November, and purchase mortgages accounted for less than half of Fannie/Freddie business last month.
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