So now the big question: Are nonbanks really that risky when compared to depositories? A few decades ago, Congress had to bail out the savings and loan industry to the tune of $150 billion.
PennyMac wants out of its servicing platform marriage with vendor Black Knight. As might be expected, lawsuits and nasty allegations are the order of the day. The two have been working together for 10-plus years.
PennyMac Financial is doing so well these days that it decided to declare a dividend to its common shareholders. When’s the last time a nonbank accomplished such a feat? Hard to say.
MBS and MSR investor New Residential signaled that it might engage in a large stock buyback program, but so far there’s been no activity. It’s possible political considerations might be a factor.
PennyMac – launched by former Countrywide Financial executive Stanford Kurland in 2008 – has been using the MSP servicing platform since its inception.
In case you haven’t noticed, the yield on the benchmark 10-year Treasury was at 1.86% as IMFnews went to press compared to 1.46% in early September. That’s a difference of 40 basis points…