Roughly $24.0 billion of home-equity lines-of-credit and second mortgages were originated during 2Q, up 23.1 percent from the first three months of the year.
Former Fannie executive Tim Rood, now chairman and founder of the Collingwood Group, said "the current posture by the administration is pretty indefensible.”
The Blackstone Group, which has been gobbling up mortgage banking franchises of late, may have its eye on the mortgage insurance space. But for now it does not appear that it plans to rebuild what’s left of PMI Mortgage insurance as a going concern. As usual, the investment banker is saying little about what it plans to do with its “strategic investment” in The PMI Group, a once top-ranked MI that was placed into receivership back in 2012. PMI isn’t talking either. The investment, revealed last week, was made through the Blackstone Tactical Opportunities Fund. When the announcement was first unveiled, both analysts and MI professionals were left...
The Mortgage Bankers Association ended its last fiscal year in the black with $7.7 million in net assets, a marked improvement from the negative $3.8 million it had when the year began. However, according to a review of MBA’s past tax returns by Inside Mortgage Finance, the trade group has its work cut out if it wants to return to the halcyon days before the housing bust when it boasted $63.3 million in net assets, a cushion that was depleted thanks to the industry’s downturn and a disastrous investment in a new headquarters building back in 2010. MBA officials continue...
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