The attorney for the lenders faced scrutiny from some of the liberal-leaning justices on the Supreme Court, including Justices Ruth Bader Ginsberg, Elena Kagan and Sonia Sotomayor
Deutsche Bank Securities said there’s been no new information to alter its view that the MIP would be cut this year. “However, we seem to be in the minority,” said research analyst Jeana Curro.
Almost six years after the initial foreclosure complaint was filed, the same borrower was facing a subsequent foreclosure action due to another default on the mortgage…
The CFPB did not like the idea of some lenders using an Internet-based tool that aggregates employer data and estimates income based upon each consumer’s zip code, job title, and years worked…
An affiliate of Shelter Growth Capital Partners issued its first nonprime MBS late last week, according to offering documents obtained by Inside MBS & ABS. The $113.71 million deal included non-qualified mortgages from a number of lenders. The mortgages in SG Residential Mortgage Trust 2016-1 were acquired by SG Capital Partners, an affiliate of Shelter Growth, an investment manager and hedge fund. SG Capital Partners started acquiring non-agency mortgages in January 2015. As of June 1, Shelter Growth had...
Fannie Mae this week, in partnership with “fintech” lender SoFi, rolled out a new cash-out refinance mortgage aimed at borrowers who want to tap home equity to pay down their college loans. According to interviews with Fannie officials, the rollout is driven by cutting guaranty fees that usually accompany Fannie Mae cash-out mortgages. Fannie’s average g-fee on new business was...
The Federal Reserve’s Open Market Committee appears to be repeating last year’s story line of promising multiple increases in interest rates at the start of the year, only to delay and delay until the final month, when it finally raised rates a bare minimum of 25 basis points. This month, the Fed passed on another opportunity to raise rates and suggested to many in the market that it finally will ratchet the federal funds target rate up a notch at its final meeting of the year in mid-December. The FOMC said the labor market has continued to strengthen and economic activity has picked up from the modest pace seen in the first half of this year. “Although the unemployment rate is little changed in recent months, job gains have been solid,” the committee said. Meanwhile, household spending has risen...
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