Flagstar Job Loss Could Top 300, Large MSR Sale in the Works July 18, 2013 Paul Muolo Flagstar hopes to unload $30 billion in residential servicing rights, but is contemplating selling even more in the way of MSRs.Read More
Cole Taylor Mortgage in Detailed Sale Talks With PE Firms July 18, 2013 Paul Muolo Three years ago Cole Taylor Bank had no presence in the mortgage market until Willie Newman joined the bank and started a residential division.Read More
Short Takes: Nationstar Lays Groundwork for Another BofA MSR Deal / PHH Revises Warehouse Agreement with RBS / The Fed Will Keep Gobbling Up MBS / The CFPB’s Cordray is Finally Street Legal / An OIG For CFPB? July 17, 2013 Paul Muolo and Thomas Ressler Nationstar Mortgage is issuing $250 million of debt, hinting that it may buy more MSRs from Bank of America.Read More
PREO Mortgage Bought by First Key, a Cerberus Unit July 11, 2013 Paul Muolo Cerberus' purchase of PREO Mortgage of Atlanta could be the beginning of something big for the company.Read More
Carrington Mortgage EVP Rick Sharga Departs for Auction.com July 11, 2013 Paul Muolo Over the years Sharga has briefed government organizations such as the Federal Reserve and Senate Banking Committee.Read More
How Hot Are Mortgage Servicing Rights? 25 New Investors Since January July 10, 2013 Paul Muolo A year ago, only two to four bidders would show up for an MSR auction. But those days are long over. Read More
Short Takes: It’s Gain-on-Sale Confession Time / Treasury Illegally Glomming onto GSE Profits? / Foreclosures Fall 27 Percent, But… / More Details from Richey May on Mortgage Comp July 9, 2013 Paul Muolo, George Brooks, and Charles Wisniowski A few days the megabanks will reveal 2Q earnings, letting us know how gain-on-sale margins are holding up.Read More
Ocwen Completes Massive Subprime MSR Transfer to Affiliate July 8, 2013 Paul Muolo The sale price breaks down as follows: $2.43 billion for the servicing advances and $241 million for the MSRs.Read More
PennyMac Agrees to Buy NPLs From Citigroup July 8, 2013 Paul Muolo Citigroup, which runs an active NPL trading desk, acquired the assets from a large money-center bank. Read More
Short Takes: Another Nonbank Lender Wants to Go Public / Massive MSR Sales on the Way Thanks to Basel? / Nationstar Revises Loss Projections on Loan Mods / HLSS Gets a New Line of Credit / Home Prices Head North July 2, 2013 Paul Muolo Stonegate Mortgage, a fast growing lender, wants to go public. Meanwhile, thanks to the Fed, MSR sales could be massive.Read More
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