Is Ed DeMarco unimpressed with Fannie and Freddie's return to profitability? “…we should keep the recent reports of positive net income in perspective,” he told the audience of the Bipartisan Policy Center this week. “Much of it has been related to one-time adjustments..."
The refrain from bank management was virtually unanimous: mortgage production dropped significantly and gain-on-sale margins narrowed. Although mortgage servicing right values continued to climb, that doesn’t always translate into improved earnings on that side of the business.
Legislative sources say the partial government shutdown did not significantly impede the Senate Banking Committee’s work toward finding a solution to Fannie Mae and Freddie Mac.
The securitization of income-property mortgages in 2013 remains on track to be the best year since the financial market meltdown, but new issuance dropped sharply during the third quarter. A total of $33.16 billion of commercial MBS – including agency MBS backed by multifamily mortgages – were issued during the third quarter of 2013, a new Inside MBS & ABS analysis reveals. That was down 24.5 percent from the second quarter, but it brought year-to-date issuance to $123.89 billion, just shy of the total securitized in all of 2012. Commercial mortgage securitization through the first nine months of 2013 was...[Includes one data chart]
A total of $33.16 billion of commercial MBS – including agency MBS backed by multifamily mortgages – were issued during the third quarter of 2013, a new Inside MBS & ABS analysis reveals.
Roughly 4,100 people have registered to attend the annual convention of the Mortgage Bankers Association, which launches Sunday night in Power City USA.
Speaking at the Bipartisan Policy Center in Washington Thursday afternoon, FHFA Acting Director Edward DeMarco gave no hint how much of a reduction might be in store. He also took no questions from the audience.
Mortgage lenders far and wide have been laying off full-time staffers by the thousands over the past month as the industry adjusts to both lower originations and a lighter workload tied to the servicing of problem loans. The latest casualties include Wells Fargo, which recently announced plans to cut an additional 925 mortgage “team members” across the U.S.; SunTrust (800 positions); Mortgage Investors Corp. (500); and CashCall (486). Wells cut 5,300 mortgage workers in the third quarter alone, but that figure does not include the latest bloodletting. JPMorgan Chase estimates by the time 2013 ends it will have cut 11,000 mortgage-related jobs. Moreover, according to officials at executive search firms, now mortgage vendors are...
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