To date, FCA/FHA settlements have netted the federal government roughly $5.0 billion.

Too many nonbanks have their net worth tied up in servicing rights. And that’s a problem…

Ocwen gets an upgrade, but there are doubters...

It’s not clear how many of the consumers with unauthorized accounts had mortgages with Wells, though the megabank and its peers have put an emphasis on cross-selling financial products to jumbo customers.

The GSE conundrum in perspective: "The mortgage finance system is working so consumers are somnambulant; media occasionally write about it, but don’t get fired up; courts don’t seem to be upset over unprecedented Treasury bullying and revenue abuse..."

Another reason for the cut in fees: rural housing delinquencies and foreclosures are at record lows.

It's hard out there for a hedge fund (suing the government regarding the GSEs)...

Tennessee Lender Agrees to $70 million Settlement to Resolve Alleged FHA Violations. Franklin American Mortgage of Franklin, TN, has agreed to pay the federal government $70 million to resolve allegations of failing to comply with FHA requirements. Specifically, the direct endorsement lender allegedly engaged in improper underwriting of FHA loans between Jan. 1, 2006, and Dec. 31, 2012, which later resulted in submission of claims and substantial losses to the FHA insurance fund. Franklin entered into a settlement agreement with the Department of Justice and the Department of Housing and Urban Development’s Inspector General. As part of the settlement, Franklin acknowledged “it engaged in certain conduct in connection with its origination, underwriting, and quality control of certain single-family residential mortgage loans insured by FHA.” The settlement was neither an admission of ...

Candidate Clinton noted: “But when community banks and credit unions offer mortgages, they’re looking to invest in their neighborhoods and communities to help them grow and prosper…”

Lone Star Funds is preparing to issue a $216.97 million MBS backed by newly originated nonprime mortgages, according to presale reports published this week. The deal will help the market for new nonprime MBS outpace issuance of jumbo MBS, at least momentarily. Last month, Deephaven Mortgage issued a $154.33 million MBS backed by new nonprime mortgages and Angel Oak Capital Advisors issued a $132.65 million MBS, neither of which received credit ratings. Lone Star’s COLT 2016-2 is scheduled to close next week. Two jumbo MBS were issued...