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When Will the ‘Single’ GSE MBS Be Ready? Answer: 18 Months at the Earliest

August 13, 2014
Paul Muolo and Charles Wisniowski
The CSP, formally known as Common Securitization Solutions LLC, does not have a chief executive office or chairman.
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Ocwen Says Financials for 2013 and 1Q14 Are Not GAAP Compliant

August 12, 2014
Paul Muolo
Is Ocwen Financial's accounting adjustment much ado about nothing or a potential regulatory headache?
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Birch Hedge Fund Increases Stake in Walter Investment

August 12, 2014
Paul Muolo
FBR lowered earnings projections for Walter Investment, citing “increased regulatory uncertainty."
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FHFA IG: Fannie Servicers Failed Certain Metrics on Short Sales

August 12, 2014
Charles Wisniowski
The IG also found that a Fannie Mae remediation plan does not hold servicers fully accountable for the resulting losses.
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Ability-to-Repay Rule is Definitely Having an Impact – on Non-Agency Production

August 12, 2014
John Bancroft
But almost 48 percent of senior loan officers said approval rates for prime jumbo borrowers were lower...
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FHFA Steps Up Creation of Single GSE MBS, But No ‘Comingling’ at First

August 12, 2014
Paul Muolo and Charles Wisniowski
Fannie-backed MBS, in general, trade better than Freddie participation certificates (PCs), which has resulted in guaranty fee pricing differentials between the two.
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Surprise: FHA Chief Carol Galante Resigns, Effective This Fall

August 11, 2014
George Brooks
In late July Galante met with the press to discuss working with FHA lenders. But now she's handed in her resignation. Why?
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SIFMA: The Playing Field is Slanted Against Non-Agency MBS

August 11, 2014
Brandon Ivey
SIFMA noted that in recent years both the FHFA and Congress have increased the GSEs’ guarantee fees in an effort to reduce their market share and make non-agency MBS issuance more competitive.
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Short Takes: Why is Galante Leaving FHA? / Not All Lenders are Suffering (Compared to Last Year) / Stonegate Has to Spend Money to Make Money / Caliber Hires Builder Chief

August 11, 2014
Paul Muolo
Stonegate Mortgage last week posted a meager second quarter profit of $300,000.
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SFIG Proposes Standards for Non-Agency MBS, Seeks Industry-Driven Solution for Stalled Market

August 8, 2014
The Structured Finance Industry Group this week proposed the first in a planned long line of standards aimed at increasing transparency for non-agency MBS investors and boosting new issuance. The first edition in the SFIG’s series of “green papers” covers certain representations and warranties, triggers for repurchase, due diligence and communication with investors. Richard Johns, SFIG’s executive director, said about 200 individuals from about 50 organizations involved in the non-agency MBS market have participated in Project RMBS 3.0. “The goal here is...
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