Ocwen's share price fell 7 percent on the day, moving closer to its 52-week low of $33.54. Its high is a mouth-watering $60.18. In other words, its market cap has been almost halved.
During the first quarter of 2014, nonbank lenders accounted for 37.7 percent of originations, based on a market sample covering over three quarters of fundings during the period.
As far as pricing goes, if g-fees are raised Fannie and Freddie could earn more money – cash that ultimately would wind up at the Treasury Department, which sweeps most of their earnings each quarter.
Sen. Dan Coats, R-IN, has introduced the Community Financial Protection Act, legislation to provide smaller financial institutions such as community banks and credit unions with some regulatory relief from financial regulations enacted after the 2008 financial crisis that many complain are crippling their businesses. The Coats bill would modify the way in which the CFPB requests information from financial institutions with less than $10 billion in assets. Under the Coats proposal, the CFPB must use publicly available information or seek the requested information from existing banking regulators. Specifically, the Community Financial Protection Act would stipulate that the CFPB must use current and existing publicly available information and data prior to requesting any information from the prudential regulator. Also, if the...
The CFPB and the Federal Housing Finance Agency apparently are mailing $5 bills as “a small token of appreciation” to new homeowners to encourage them to participate in a survey associated with the agencies’ joint project to develop a national mortgage database, Inside the CFPB has learned. “I am writing to ask for your help with an important national survey of consumers about their mortgage loan experiences,” says a joint sample letter prepared with CFPB letterhead, with room for a signature for a representative from both agencies. “I understand that in the last 12 months you obtained a mortgage for your home (or a residence that is rented or otherwise occupied by others). Your recent experience is very important to...
Jumbo MBS issuers typically acquire their loans from a variety of sources. However, only three lenders contributed mortgages to each of the four jumbo MBS issued during the first quarter: Guaranteed Rate, PrimeLending and RPM Mortgage.
HUD Secretary Shaun Donovan said this week that housing finance reform can no longer be put off, but no more so than for the FHA which continues to play an “outsized role” in the mortgage market as private capital remains on the sidelines. Speaking in New York at an event co-hosted by the Bipartisan Policy Center, Donovan said the Obama administration is squarely behind the legislative proposal by Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID. “Despite its imperfections, does this bill represent progress? Absolutely,” said Donovan, seeking to win over housing advocacy groups disenchanted with the bill. “When looking for ways to improve [the bill], let’s not lose sight of its potential. Let’s not forget its importance to the housing market and its future.” The Johnson-Crapo legislative proposal calls for a wind-down of Fannie Mae and Freddie Mac and creation of a ...
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