When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.
The CFPB alleged that expense accounts were really “point banks” and that payments in the form of bonuses and commissions were based on mortgage profitability...