The Royal Bank of Scotland is shutting down its U.S. mortgage trading desk as it proceeds with a new plan to reposition its U.S. business. The announcement came after RBS reconsidered its initial plan disclosed five months ago to pare the mortgage trading unit by two-thirds over the next two years, cutting hundreds of jobs in the process. The plan also included an initial public offering of RBS’ Citizens Financial Group unit. The plan changed...
Top mortgage finance professionals and government officials gathered in New York City last week to discuss the prospects for the non-agency MBS market, and their assessments were all over the board, a sign of the uncertainty many participants have about trying to resuscitate a stagnant sector. “It’s been seven years since the financial crisis, and certainly a lot of things have changed,” said Rui Pereira, managing director at Fitch Ratings, during a panel at the non-agency MBS reform symposium sponsored by the Structured Finance Industry Group and Information Management Network. He then cited...
Other changes include: providing flexibility for servicers to comply with certain force-placed insurance and periodic statement disclosure requirements.
Regarding Nationstar’s financial condition, Fitch previously referenced the financial condition of Fortress Investment Group, which owns 74 percent of the nonbank lender/servicer.
Two years ago, Ross’ WL Ross & Co. sold its mortgage banking operation, Homeward Residential, to Ocwen for $750 million in cash and convertible preferred stock.
In regard to misrepresentations, relief will not be offered if it can be proved that a borrower was misled by the originator. And, of course, any mortgage subject to fraud must be bought back.
A GSE bill? Since Congress and President Obama have such a strong track record of working together on legislation we know how that’s going to turn out…
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