The nation’s largest mortgage investing REIT, Annaly Capital Management, reported a $627 million loss in the third quarter compared to a $900 million profit in 2Q.
“I don’t think it does a lot of good to play the ‘blame game’ and I don’t think that’s where the solution lies,” said Brian Benson, CEO of ClosingCorp.
A helpful piece of advice: MSA participants should avoid entering into agreements that provide for exclusivity, such as being named a preferred lender.
When it comes to trading in agency MBS, Deutsche Bank is heading for the exits as a lack of volume in a once-thriving profit center continues to head south. Granted, Deutsche’s departure from the space is part of a huge worldwide restructuring at the German-based bank, but with MBS trading volume falling to a 13-year low last year – and not looking much better this year – the decision was likely an easy one. Chris Whalen, senior managing director at Kroll Bond Rating Agency, said...
The Structured Finance Industry Group and Securities Industry and Financial Markets Association plan to file a “friend of the court” brief with the Supreme Court of the United States in support of a defendant in a case affecting consumer ABS – the severity of which is a matter of debate. In the case of Madden v. Midland Funding, the Second Circuit Court of Appeals back in May determined that a debt buyer who purchased defaulted credit card accounts from a national bank is not entitled to collect interest under the National Bank Act at the rate set in the cardholder agreement. About a month later, SFIG and SIFMA filed...
RSS