The Senate opted to leave town this week for its five-week August recess without calling a vote on President Obama’s nominee to head the Federal Housing Finance Agency. Two weeks ago, Rep. Mel Watt’s nomination cleared the Senate Banking, Housing and Urban Affairs Committee along a straight party-line vote, with some key Republicans vowing to block the North Carolina Democrat’s confirmation. Until the mid-week announcement by Senate Majority Leader Harry Reid, D-NV, that Watt’s nomination would not be taken up for debate before Congress returns from its recess on September 9, Capitol Hill watchers were wary of another potential nomination showdown between Dems and the GOP.
Freddie Mac's CFO said the "true value" provided by the government-sponsored enterprises isn't billions of dollars in profits. Meanwhile, firms continue to pursue mortgage servicing rights.
Ocwen will have plenty of "high touch" loans to work on when it finally takes control of the OneWest portfolio. Meanwhile, the second lien market is heating up.
Some of the nation’s largest banks – including Bank of America, JPMorgan Chase and Wells Fargo – have begun cutting mortgage production workers as refi applications decline. But it remains to be seen just how many of the 215,000 full-time mortgage-related positions – excluding loan brokers – will see pink slips over the rest of the year. “What we’re seeing is a natural outcome of contraction as the market slips and changes to a purchase business,” said Dave Stevens, president of the Mortgage Bankers Association. He declined to give any job cut estimates, but predicted that residential lenders of all different charters and types will move to “right-size their organizations.” Some bearish industry officials believe...
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