Joe Garrett of Garrett, McAuley & Co. wonders whether the day is coming when the CFPB will take up residence at some of the nation’s largest nonbank lenders.
FMC bought these current loans out of Ginnie pools at lower prices applicable to delinquent loans, the SEC said. But in reality, the mortgages were really current…
A new jumbo MBS from Redwood Trust will mark the second non-agency MBS to include mortgages subject to the TRID mortgage disclosure rule. The real estate investment trust plans to issue a $344.89 million deal next week, according to a presale report from Kroll Bond Rating Agency. The rating service said 366 mortgages, accounting for 74.8 percent of the loan pool, are subject to the combined Truth in Lending Act/Real Estate Settlement Procedures Act rule. Redwood will issue...
First Mortgage Corp., a privately-held mortgage company based in Ontario, CA, and six executives have agreed to pay the Securities and Exchange Commission $12.7 million to resolve charges they concocted a scheme to defraud investors in Ginnie Mae MBS, the SEC announced this week. According to the SEC’s complaint, from March 2011 through March 2015, FMC repurchased current loans from Ginnie pools that it claimed were delinquent. FMC bought...
HSBC Bank has filed a summons with notice in the New York State Supreme Court on Bank of America and Merrill Lynch to appear and face charges alleging complicity in the origination and sale of toxic mortgage loans that led to millions of dollars in losses to investors. Filed last week, the summons alleges that BofA, Merrill Lynch and Countrywide Home Loans were aware of the defects in approximately 1,359 residential mortgage loans that were securitized and sold to investors in 2007. The loans had an aggregate principal balance of $564.8 million. According to filing documents, Merrill Lynch purchased...
The letter is meant to counteract correspondence sent earlier in the week to Watt from 10 trade organizations and community groups that want the GSEs to build capital...
Redwood Trust is preparing to issue a $344.89 million jumbo mortgage-backed security next week, according to a presale report from Kroll Bond Rating Agency. Most of the mortgages in the planned deal are subject to the TRID mortgage disclosure rule. The combined Truth in Lending Act/Real Estate Settlement Procedures Act rule from the Consumer Financial Protection Bureau took effect in early October. Since then, only one jumbo MBS has included TRID loans ...
FHA lenders are breathing a sigh of relief in the wake of a legal opinion from the Department of Housing and Urban Development which effectively invalidates the Inspector General’s position on FHA loans with downpayment assistance provided by state and local housing finance agencies. HUD Deputy Secretary/FHA Commissioner Edward Golding’s recent memorandum left no doubt as to the eligibility of loans partially financed through HFAs’ downpayment assistance programs for FHA insurance. The memo also refuted the IG’s views on downpayment assistance involving “premium pricing” and rejected the severe financial penalties the IG had recommended against the lender. The dispute arose from a 2015 IG audit of NOVA Financial & Investment Corp. The audit report concluded that gift funds obtained through an HFA downpayment assistance program and used to help pay for ...
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