What We’re Hearing: President Trump and GSE Reform / The NEC and Treasury, Cheek-to-Cheek on Fannie and Freddie? / Time to Hire an Investment Banker / Tim Who? / Altisource Unloads a Division / Odeon Hires Bove March 29, 2019 Paul Muolo Wells Fargo ranks first among home lenders and servicers – and with or without Tim Sloan, that’s not likely to change anytime soon…Read More
Thanks to SCOTUS, a Bump in the Road for Non-Judicial Foreclosure-Related Damage Claims March 29, 2019 Brandon Ivey The Supreme Court based its decision on the wording of the FDCPA and the legislative history of the statute.Read More
Short Takes: What Happened to the GSE Rally? / Time for Treasury to Hire an Advisory Firm? / Trump Serves Notice to HUD as Well, HECMs a Big Concern / Where Did All the Senators Go? / Hugh Frater’s Other Job March 28, 2019 Paul Muolo and Yemeng Yang President Trump is concerned about the HECM program...Read More
President Trump Directs Treasury to Draft GSE Overhaul; White House Wants Final Say March 27, 2019 Paul Muolo “For each administrative reform, the Treasury housing reform plan shall include a timeline for implementation,” Trump writes.Read More
Fannie Makes it Official, Names Interim CEO Hugh Frater Permanent Chief March 27, 2019 Paul Muolo Although Frater will lead Fannie, which earned $16 billion in 2018, his salary will be capped at $600,000 per year...Read More
Subservicing Continues to Grow but Landscape is Shifting March 27, 2019 Paul Muolo Thanks to its bankruptcy filing, Ditech’s future as a subservicer is in doubt…Read More
Bank Mortgage Repurchase Volume Falls to Record Low March 27, 2019 John Bancroft Bank of America reported $1.04 billion in mortgage repurchases last year, or 45.3% of the industry’s total.Read More
Hearings Commence on GSE Reform. NAHB Worries About ‘Administrative’ Changes, Academic Trashes Crapo’s Ideas March 26, 2019 Paul Muolo Georgetown Law Professor Adam Levitin: “I am deeply concerned about the basic direction of the chairman’s housing-finance reform proposal outline..."Read More
MBA Research: A Net Origination Loss of $200 Per Loan in 4Q18 March 26, 2019 Paul Muolo Added MBA’s Walsh: “On the servicing side of the business, mortgage servicing impairments resulting from December’s drop in interest rates hurt profitability.”Read More
Short Takes: Stearns Issues Expensive Debt / Counter-Cyclical? Not Always / MSR Impairments a Factor / Alterra Seeks a Controller / CFPB Taking Advisory Board Applications March 26, 2019 Paul Muolo Usually, mortgage banking is a counter-cyclical business, but not always...Read More