BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.
Freedom Mortgage’s planned acquisition of RoundPoint Mortgage Servicing is the latest example of delays in merger and acquisition deals. Factors delaying transactions include approvals from Ginnie and state regulators.
The homeownership rate hit a six-year high at the end of last year, with low interest rates helping homebuyers even as prices increased at a steady pace. Low inventory of homes for sale could lead to affordability issues this year.
The mortgage delinquency rate hit a record low at the end of last year, helped by a strong economy. There were a few signs of performance issues, including an uptick in certain delinquency types and foreclosure starts.