During the first nine months of 2013, there were 512 different companies that sold mortgages to the government-sponsored enterprises that had been originated by loan correspondents of mortgage brokers. Some 324 of these lenders were involved in the broker-wholesale channel.
Elsewhere, in the report FHFA claims significant progress has been made on the development and initial testing of the GSEs’ common securitization platform.
As a group, banks and thrifts reported net earnings of $4.76 billion on their mortgage-banking activity during the third quarter, a 42 percent drop from the second quarter.
The IG's office of the Federal Housing Finance Agency is working with various U.S. Attorneys on reviews of lenders’ loan origination practices to determine their compliance with enterprise requirements.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these aren’t just any LOs – the group in question ranks among the top producers in the nation.
According to an analysis from Inside MBS & ABS, barring a sudden, unexpected shift in strategy, the Fed by the end of this year will exceed the total MBS holdings of commercial banks and thrifts.
In just a matter of days, JPMorgan Chase agreed to two separate settlements totaling $17.5 billion to resolve federal and state civil claims as well as representation and warranty and servicing claims involving residential MBS. On Nov. 19, the Department of Justice, along with other federal and state agencies, announced a $13 billion settlement with JPMorgan, which acknowledged making misrepresentations about billions of dollars in MBS sold to investors prior to Jan. 1, 2009. The settlement is said to be the largest combination of damages and civil fines for a single entity in U.S. history. Most of the damage was inflicted...
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