The extended time on market for short sales does not appear to be due to a lack of demand, as short sales completed in February averaged 3.1 offers, based on a three-month moving average.
Nonbanks had an average of 400 loans per full-time employee in the fourth quarter of 2013, according to Fitch, up from about 300 loans per full time employee in the second half of 2012.
The government’s plan to wind down Fannie Mae and Freddie Mac is wrongheaded and would result in lower housing prices, economic harm and higher unemployment. So says well-regarded bank analyst Richard Bove of Rafferty Capital Markets.
Some 73 lenders contributed to the security. Also, a portion of First Republic’s loans weren’t subject to due diligence reviews, a relative rarity in the new era of jumbo MBS.
W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.
There has been talk in the market that JPM would unload some of its “high touch” MSRs this year, but so far brokers that play in the space have reported no scheduled auctions.
Richmond's mayor said the new rehabilitation program can be completed in addition to eminent domain. However, significant opposition to ED from mortgage industry participants appears to have changed how the city plans to implement its latest plan.