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Buyers Increasingly Using Cash to Purchase Homes, Some then Refi

December 20, 2013
Brandon Ivey
Some 29.3 percent of home purchases completed in November relied solely on cash. That was the third monthly increase in the share of cash transactions.
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DC Judge Approves $153 Million Fannie, KPMG Class-Action Settlement

December 20, 2013
Charles Wisniowski
A long running class-action fraud lawsuit on behalf of Fannie Mae investors and accounting firm KPMG was settled.
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Mortgage Securities Market Continued to Grow in 3Q13; Ginnie the Hottest Sector

December 20, 2013
John Bancroft
The amount of outstanding mortgage-backed securities increased again in the third quarter of 2013.
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Ocwen Enters Settlement with State AGs, Servicing Transfers a Concern

December 20, 2013
Brandon Ivey
State attorneys general extended the national servicing settlement to the nonbank sector with an extra emphasis on servicing transfers.
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Mortgage M&A: Large Bulk MSR Sales Pending from Citigroup, Flagstar; Another $200 Billion for Nationstar?

December 19, 2013
Sales of several bulk portfolios of mortgage servicing rights were still pending as yearend approached, with talk increasing about a busy year in the mergers and acquisitions market for 2014. As always, the driver of such talk was interest rates: Higher rates are causing MSRs to increase in value, while a slowdown in refinancing is scaring many under-capitalized nonbanks into considering the once-unthinkable: selling out or partnering with a competitor. Originations are...
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Fed Begins Taper But its Agency MBS Footprint Might Actually Increase

December 19, 2013
Thomas Ressler
The Federal Reserve will slightly decrease the amount of its monthly purchases of agency mortgage-backed securities but agency MBS issuance might decline by even more than the Fed's planned taper.
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Home-Equity Lending Gains Some Momentum in 2013

December 19, 2013
John Bancroft
Originations of home-equity loans are up in 2013, led by credit unions.
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OIG: Room for Improvement with FHFA’s Exam Efforts

December 19, 2013
Charles Wisniowski
Limited examination resources and staff turnover at the Federal Housing Finance Agency remain a concern, according to the FHFA's Office of Inspector General.
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Short Takes: Bexil Launches Correspondent Program / NJ Sues Credit Suisse / Optimal Blue Acquires LoanSifter / Congress Could Expand Access to NMLS

December 19, 2013
Brandon Ivey
Bexil American Mortgage partnered with a private real estate investment trust to launch a correspondent program. Meanwhile, New Jersey filed a lawsuit against Credit Suisse regarding non-agency mortgage-backed securities issued before the financial crisis.
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Flagstar to Sell $40.7 Billion in MSRs to Two Harbors, Remain as Subservicer

December 19, 2013
Brandon Ivey
Flagstar will sell the servicing rights on about half of its portfolio to the real estate investment trust and subservice the loans.
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