Increased compliance costs in recent years have done little to dampen demand for mortgage servicing rights, according to industry analysts. “The amount of capital has far outstripped the available supply,” said Dashiell Robinson, a managing director at Wells Fargo Securities, during last week’s ABS Vegas conference sponsored by the Structured Finance Industry Group and Information Management Network. William Roehrenbeck, chairman and CEO of Arvest Mortgage Company, said...
Concerns about the potential harmful effects that the Consumer Financial Protection Bureau’s qualified-mortgage standard might have in the manufactured housing sector struck like lighting at a hearing of the House Financial Services Committee this week, with CFPB Director Richard Cordray bristling at a perceived personal attack from a GOP member and demanding he be treated with respect. Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureau’s QM rules and restrictions on high-cost loans would pretty much exclude manufactured housing – and then accused Cordray of deliberately trying to squash lower-income families. “Fifty percent of the homes in New Mexico are...
Amid growing calls by lawmakers and policy advocates to divert some of Fannie Mae’s and Freddie Mac’s increasing profitability to an affordable housing commitment, industry observers speculate that new Federal Housing Finance Agency Director Mel Watt is seriously inclined to act that way. The Housing and Economic Recovery Act of 2008 requires the government-sponsored enterprises to make annual contributions to the National Housing Trust Fund and Capital Magnet Fund. Fannie and Freddie were put in government conservatorship before they ever made any contribution. Late last week, more than 30 Senate Democrats told...
In supplemental materials to his speech, President Obama referenced the GSEs' “failed business model,” adding that taxpayers should never again be “on the hook for bad loans and bailouts.”
Bank of the West executive Paul Wible said the lender believes, "A well-underwritten, interest-only mortgage can be a good choice for our customers" and are safe for the depository to hold in portfolio.
Back in September SLS – a subsidiary of the publicly traded Stewart Information Services – bought key assets of Allon’s Allonhill LLC for an undisclosed sum.
The settlement covers damages suffered by Fannie Mae from misrepresentations Lehman was alleged to have made regarding the quality of non-agency product it sold to the GSE.
Investment banking and mortgage executives believe the departures at MRP could mean that the industry’s battle against the use of eminent domain is over and that the strategy is now kaput.
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