The Securities and Exchange Commission has broadened the scope of an exemption for registering as an investment company to include sponsors of multiple securities that hold whole mortgages.
Fannie Mae and Freddie Mac shareholders who are contesting the government’s net worth sweep may have few options left now that the Supreme Court of the United States has rejected their plea for appeal of lower court rulings that went against them.
A few years back, Pinto and AEI unveiled a new mortgage product called the Wealth Building Home Loan, which was intended to provide an affordable mortgage option for low- and middle-income borrowers.
Acting Ginnie Mae President Michael Bright: “If they don’t have money to make principal and interest payments to investors every 20th day of the month, then Ginnie MBS are in trouble.”
Ocwen disclosed this warning: “Non-compliance with the laws and regulations of India or the Philippines could result in restrictions on our operations in these countries, fines, penalties or sanctions or reputational damage.”
General Electric is exploring the possibility of a settlement with the Department of Justice to resolve an ongoing federal investigation of its discontinued pre-crisis subprime mortgage business, known as WMC.
Pete Carroll, an executive at CoreLogic, noted that many Democrats in Congress will not support a housing finance reform bill unless such provisions are included.
The firms that have been warned by Ginnie are: Cardinal Financial, Flagstar, Freedom Mortgage, JG Wentworth, loanDepot, Nations Lending, New Day Financial, SunWest Mortgage and Texas Capital Bank.
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