Quicken Loans CEO Bill Emerson ruled out any possibility of settlement with the Department of Justice over allegations of filing false claims on flawed FHA-insured mortgage loans, preferring instead a jury trial. During a recent interview with CNBC’s Squawk Box, Emerson said settlements are a business model that has worked well for the DOJ in its effort to recover taxpayer losses due to questionable FHA lending practices. Quicken Loans, however, will not cave in to agency…
Trade groups involved in home sales and appraisal issues are calling for a hearing in Congress regarding the future of appraisal regulation. The American Bankers Association, the Appraisal Foundation, the Appraisal Institute, the National Association of Home Builders and the National Association of Realtors made the requests in letters to Congress. …
Recent studies suggest reduced pricing and declining costs have given conventional mortgages with private MI an edge over FHA in the battle for high-quality borrowers...
Investor Unite’s Tim Pagliara said that a stay would prejudice him under Virginia law, where the case is to be “expedited” and could be resolved on the merits…
Industry participants are gearing up for non-agency MBS backed by non-qualified mortgages, but don’t expect a flood of volume anytime soon. Four non-agency MBS backed by new nonprime mortgages were issued in 2015, the largest of which was a $150.35 million deal from Angel Oak Capital Advisors. None of the deals were subject to risk-retention requirements that took effect at the end of 2015 and none were rated. A rating on a non-QM MBS could improve...
Angel Oak Capital Advisors is working on what should turn out to be its second nonprime mortgage securitization of the past six months, a deal that should be similar in size to its first offering of roughly $150 million, Inside MBS & ABS has learned. A source close to the company, who spoke under the condition his name not be used, could not commit to an exact issuance date except to say the security could be issued “soon.” To date, investor interest in the small amount of nonprime/non-qualified mortgage deals that have come to market has been...
Banks generally eased their lending standards for most types of residential mortgage loans in the first quarter of 2016, even as consumer demand for such credit increased, according to the Federal Reserve’s latest senior loan officer opinion survey. During the period ending March 31, a “moderate net fraction” of banks reported having eased standards on mortgages eligible for purchase by the government-sponsored enterprises, Fannie Mae and Freddie Mac, while a similar number of institutions indicated they had eased standards on “qualified mortgage” and non-QM jumbo mortgages, as well as on QM non-jumbo, non-GSE-eligible and on non-QM, non-jumbo residential mortgage loans. At the same time, banks left...
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