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DeMarco Touts Common Securitization Platform on His Way Out

April 16, 2014
Charles Wisniowski
With Mel Watt remaining silent, Ed DeMarco used one of his last days at the Federal Housing Finance Agency to reminisce.
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SHORT TAKES: FCI Continues to Expand its Servicing Base / Wells Fargo and JPM Take a Rest on MSR Markups / Jumbo Expansion? / Mods and Foreclosures / FDIC Throws Cold Water on Consolidation Theory / New Office for Interlinc

April 13, 2014
Brandon Ivey and Paul Muolo
The MBA said applications for purchase-mortgages with high loan balances have increased in recent months while applications for lower-balance mortgages has declined…
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What We’re Hearing: Mel Watt Doing His Homework? / Coming Soon (Maybe) From FHFA: LLPA Relief / RIP: The First-Time Homebuyer / Blame Sandra Thompson? / Bank of America Loan Officers Getting Cherry-Picked / Ocwen Hangs Up on Borrower

April 11, 2014
Paul Muolo
FHFA Director Mel Watt may have something to say soon on the topic of Fannie Mae/Freddie Mac loan level price adjustments, commonly known as LLPAs. As for the GSE 'Scorecard'...
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Short Takes: More Meddling by FHFA in MSRs? / Will JPM’s Dimon Ever Love Mortgages Again? / PHH Finds a Way to Reduce Turnover / MI Looking Up / Homebuilder Expands License Base of MB Sub

April 10, 2014
Brandon Ivey and Paul Muolo
Did the FHFA late last summer/early fall raise concerns regarding a certain nonbank servicer’s capital in regard to a huge portfolio of mortgage servicing rights that it had bought earlier in the year from a megabank?
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Short Takes: A Good Year for Lenders One, But… / Ocwen MSR Purchase Update / Ex-Provident Exec to Get Senior Post at Ethos / Citigroup’s Subprime Past / A Soggy Spring for Mortgage Applications

April 9, 2014
Brandon Ivey and Paul Muolo
Will the Ocwen-Wells MSR deal ever get approved? In time, but...
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Ocwen Increases Maximum Bonus Amount for Executives; Will Pay for Their Move to VI

April 7, 2014
Paul Muolo
Meanwhile, Ocwen’s board recently increased the maximum bonus amount for senior level executives to $3 million per year from $2 million.
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Short Takes: Ocwen Sees Payroll Costs Spike / Help Save the 30-Year FRM and GSE Shareholders Too! / Fairholme Wins Again / Delinquencies Fall, Again / Fannie Tweaks HomePath Program

April 7, 2014
Paul Muolo and Charles Wisniowski
Ocwen's stock has been floundering of late, but its payroll is headed north on a rocket.
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What We’re Hearing: The Sound of Mortgage Bankers Dying / Why the CFPB is Hated / Prospect Stealing Loan Officers From a Top Five Lender / Should Ellie Mae Call the FBI? Has it Already? / Ocwen Goes For Some Force-Placed Insurance Profits

April 4, 2014
Paul Muolo
One ad on the radio sounds like The 60 Plus Association is doing the Lord’s work for the pension funds of fire fighters and policemen. After all, public pensions owned GSE stock prior to the crash and lost a bundle.
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Former FHFA Acting Director DeMarco Resigns from Agency

April 4, 2014
The former acting director of the Federal Housing Finance Agency tendered his resignation from the FHFA last week in order to “seek other opportunities.” Edward DeMarco, who served as the agency’s “temporary” head from September 2009 until January 2014, submitted his resignation – effective April 30 – to his successor, FHFA Director Mel Watt. Far from unexpected, DeMarco’s exit from the agency was seen within many industry circles as inevitable once the Senate confirmed Watt to a five-year term as director.
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House Democrats Want Expanded Inquiry Into Alleged Discrimination by CFPB Against Employees and Whistleblowers

April 3, 2014
George Brooks
What does the CFPB think of Martin’s allegations and Raucci’s report backing her up? An agency spokeswoman did not return a media inquiry from IMFnews.
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