According to court filings, Wachovia Capital Markets, which served as one of the underwriters and book-runners for the NovaStar deals, provided investors with misleading statements in its SEC registrations and offering documents.
The $29.42 billion of refinance mortgages sold to Fannie Mae and Freddie Mac was up 30.2% from April and marked the biggest monthly volume since December 2017.
But Moody’s sees it differently, stating “more competitors could lead to weaker underwriting standards or price competition, both credit negatives for the GSEs’ creditors. How negative this would be depends on how quickly, and predictably, their market share declined.”
Quicken Loans signed a $32.5 million agreement with the federal government to settle FHA underwriting allegations that accused the nation’s largest direct lender with fraud. As part of the deal, the privately held nonbank – the creation of Midwestern businessman Dan Gilbert – did not admit any wrongdoing and will continue to originate and service FHA loans…
The collateral consists of 1,732 seasoned performing HELOCs totaling $277.7 million of outstanding draws. The lines have seasoned for an average of 5.5 years...
Commercial banks held a combined $1.673 trillion of MBS at the end of the first quarter, maintaining their position as the largest investor class in the market...
Among the top three Ginnie Mae servicers at March 31, just three were banks: Wells Fargo, U.S. Bank and JPMorgan Chase. Among those ranked 11 to 20 four are depositories, including one credit union...
According to Craig Knutson of mortgage REIT MFA, yields on non-qualified mortgages are currently around 5% while yields on fix-and-flip loans are around 7%. Which would you choose?
Issuers say they receive better execution on GSE-eligible investment-property loans in the non-agency market rather than delivering the collateral directly to Fannie and Freddie...
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