Bank and thrift holdings of adjustable-rate mortgages have increased significantly in recent years, according to an analysis by Inside Mortgage Finance, driven in part by originations of jumbo mortgages. Banks and thrifts held $647.42 billion in ARMs in portfolio as of the end of 2013, according to call-report data. The total ARM portfolio increased by 0.7 percent last year, the third annual increase in a row, while the aggregate bank and thrift retained portfolio of first-lien mortgages fell 3.0 percent. ARMs accounted for 37.1 percent of the bank/thrift mortgage portfolio at the end of 2013, compared to just 31.9 percent at the end of 2011. Lenders have to keep generating...[Includes two data charts]
When conflicts of interest were unearthed, Aurora terminated the contract in 2012, leaving $28 million in unpaid bills. But Allonhill wanted its money.
The report, conducted by Alvarez & Marshall, was making the rounds in Washington Wednesday morning. John O’Neill, a managing director in the evaluation firm of Alvarez & Marsal, confirmed to IMFnews that his company conducted an evaluation on the GSEs for the Blackstone Group.
W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.
Richmond's mayor said the new rehabilitation program can be completed in addition to eminent domain. However, significant opposition to ED from mortgage industry participants appears to have changed how the city plans to implement its latest plan.
M&A specialists believe that some lenders obtain their Ginnie approvals merely for the purpose of increasing their franchise value without having solid plans to issue securities.
Movers & Shakers: Assistant Director Carroll to Depart CFPB for Wells Fargo. It looks like the name of Pete Carroll can be crossed off the list of candidates to head the common securitization platform joint venture of Fannie Mae and Freddie Mac. Carroll, who currently serves as assistant director for mortgage markets at the CFPB, has accepted a job offer from Wells Fargo, the nation’s largest residential lender and servicer, sources told IMFnews, an affiliated publication. At Wells, Carroll is expected to become a senior vice president within the capital markets group, coordinating strategy with industry trade groups and consulting with policy makers on housing finance issues. That post at Wells was recently held by Bob Ryan, who left the megabank to take a senior advisor position at the Federal Housing Finance Agency.
Assessments levied on the Federal Reserve Banks for the CFPB came to $563.2 million for calendar-year 2013, up from $385.2 million for 2012, an increase of 46.2 percent, according to a new report from the Fed Office of Inspector General. The assessments are based on each Reserve Bank’s capital and surplus balances. Also, the bureau transferred to the Fed funding for the operations of the OIG in the amounts of $10 million and $3 million in 2013 and 2012, respectively. “Beginning in 2014, the bureau’s funding share of OIG operations will be adjusted based on actual OIG expenses and work allocation from the previous year,” the report said.
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