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?
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.
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.
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.
PHH Mortgage has been on the auction block for well over two months now and at least three nonbank buyers have looked at the firm, according to industry advisors close to the company. However, it remains to be seen whether a deal can get done during a year in which residential production could plunge by 30 percent or more. Industry advisors have identified as possible buyers Carrington Mortgage and Ocwen Financial. Both are growth-oriented nonbanks that have been selective buyers of servicing rights and production assets the past few years. At least one other potential buyer has been mentioned...
Hisey, a former Fannie Mae executive, has been given the title of chief strategy and external affairs officer, a newly created position at the nonbank lender/servicer.
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