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Short Takes: Ocwen Registers More Stock / A 12 Day Wait to Announce / The Fidelity Empire / No Income Verification for Flippers / Norcom Hires Reverse Chief

May 30, 2017
Brandon Ivey and Paul Muolo
All Credit Considered Mortgage is offering investment-property mortgages that do not require verification of the borrower’s income or employment.
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NY Court Requires Higher Burden of Proof in Ambac MBS Case; Deutsche Bank Holds Former Execs Liable

May 26, 2017
A Manhattan appeals court raised the burden of proof for Ambac Assurance, which seeks to recover monetary damages from Bank of America in an insurance case involving $1.68 billion in securities backed by high-risk mortgages from now-defunct Countrywide Home Loans. Attorneys with Shepherd Smith Edwards & Kantas said a panel of the Appellate Division, First Judicial Department, ruled that Ambac may not use New York insurance law as the sole basis for arguing that it does not have to prove certain elements of fraud in its claims against BofA. The court also barred Ambac from using the statute to recover damages. The court held...
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What We’re Hearing: Don’t Bet on Court Outcomes / Randy May Want to Wait on the Curtains / No President, No Cry / About that $627 Million… / What About a Partial Capital Cushion for the GSEs? / A Busy Week for Incenter, Phoenix

May 26, 2017
Paul Muolo
If Trump is successful, presumably the money would flow through to the bottom line of Fannie and Freddie and counted toward earnings.
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Short Takes: Trump Copies Obama’s FHA Tech-Fee Idea / More Wholesale Lenders? / Home Point Deal Progresses / CHLA Presses for FHA Premium Cut / A New Director at Impac Mortgage

May 25, 2017
George Brooks, Brandon Ivey, and Paul Muolo
When’s the last time a publicly traded mortgage company was sold in a stock transaction?
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Short Takes: ABA Wants Explicit Guaranty on MBS / Does it Matter? / Trump Wants to Kill USDA Loan Program / Rep. Hensarling an Optimist but… / A Promotion at Arch MI

May 24, 2017
Paul Muolo and Thomas Ressler
In the new Trump budget, the White House takes an ax to the USDA’s rural single-family housing direct loan program.
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Appeals Court to Hear Oral Arguments Wednesday in PHH Corp. v. CFPB

May 23, 2017
Thomas Ressler
Sam Kazman, general counsel for the Competitive Enterprise Institute, says the hearing involves fundamental issues about the basic structure of our government…
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LendingHome Gets Fannie Mae Approvals, Hires Former Nationstar CFO

May 22, 2017
Paul Muolo
Since its founding in mid-2014, LendingHome has originated $1 billion in loans.
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Short Takes: How Well Do You Know Your Counterparties? / The Main Street GSE Reform Coalition / The Group Includes … / GSE AFH Money? / FSR Picks Government Affairs Chief

May 22, 2017
Paul Muolo
How well do you know your mortgage counterparties?
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CFPB Responds to Rep. Hensarling’s Accusation of Politicization

May 19, 2017
Thomas Ressler
CFPB Director Richard Cordray would love to sit in on a GOP caucus as well.
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What We’re Hearing: Let the M&A Party Begin? / Stocks Long Overdue for a Sell Off? / Walter's Tony Renzi Earns his Paycheck? / Caliber and Citadel Promote Non-QM Loans / A New Hire for Amherst

May 19, 2017
Paul Muolo
But can Walter/Ditech grow its lending business in a highly competitive market?
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