He may know how to run a decent race, but does economics professor David Brat – the man who beat Rep. Eric Cantor in the GOP primary in Virginia – know the history of the mortgage meltdown?
Fannie Mae’s and Freddie Mac’s housing goal performance exceeded the benchmark levels for all of the single-family and multifamily goals set for the two government-sponsored enterprises in 2012, but preliminary figures show that Freddie is struggling to hit the mark for 2013, according to a new Federal Housing Finance Agency report. The FHFA’s annual report to Congress, released late last week, reveals official figures on each GSE’s goal performance in 2012 and preliminary data on goal performance in 2013. Both GSEs hit...[Includes one data chart]
The market for large packages of “legacy” mortgage servicing rights is ice cold these days, throwing a monkey wrench into the aggressive growth plans of Ocwen Financial, Walter Investment Management and Nationstar Mortgage. The reason is simple: regulatory scrutiny from the New York Department of Financial Services of Ocwen’s planned purchase of $39 billion in highly delinquent MSRs from Wells Fargo has dampened both auctions and sales. “Legacy packages are still out there,” said one buyer of mortgage receivables, “but I don’t see many of them and they’re not very large.” He added...
The CFPB's Steve Antonakes revealed that the agency did not start training many of its examiners about the new rules until the first half of this year.
Home-equity lending fell off sharply during the first quarter of 2014, but the sector may be poised for a rebound in the months ahead. Home-equity originations totaled an estimated $13 billion during the first three months of this year, down 18.8 percent from the previous quarter. That was up 8.3 percent from the first quarter of 2013, and a handful of lenders reported increased home-equity activity in early 2014. Most closed-end seconds and home-equity lines of credit are retained...[Includes three data charts]
But the CFPB's Richard Cordray said people are misinterpreting the formal Federal Register notice which unveiled the expansive scope of the database project.
One competitor to Prospect described Mike Williams as a “great technical guy.” He added that having Prospect go public is “the next step” in Sterling’s exit strategy.”
At the FHFA, Singh was involved in strategic planning to help attract private capital to the mortgage industry, a key goal of former Acting Director Edward DeMarco…
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