Former rating analysts at two of the major rating services told the Securities and Exchange Commission that problems with the rating system are due to management at the rating services, not the analysts in charge of assigning ratings.

Lewis Ranieri, one of the inventors of the non-agency mortgage-backed security, said there are currently a lack of viable alternatives to agency mortgages.

Ocwen Financial announced on Thursday that it will purchase the vast majority of OneWest Bank’s servicing portfolio. The special servicer is set to acquire $78 billion in unpaid principal balance of mortgage servicing rights and related servicing advance receivables for $2.53 billion.

CFPB officials claim that lenders will originate non-qualified mortgages, though industry participants have been skeptical due to the liability involved with such loans. Raj Date, the former deputy director of the CFPB, detailed how his new firm will originate non-QMs.

HUD and FHA offices will be closed on Friday. Foreclosure activity was up and down in May. And the "nerdy" reference behind Fenway Summer.

Rep. Carolyn Maloney, D-NY, countered that a purely non-agency mortgage market would be “a disaster to our economy.”

Freddie Mac's low activity fee could add more than $2 million to its bottom line.

Thanks to rising home values and lower delinquencies, investors are gobbling up subprime MBS, causing prices to rise.

Raj Date's new mortgage firm bills itself as a consumer finance company and is stacked with former high-level employees of the Consumer Financial Protection Bureau.

Will the nation's megabanks begin shedding mortgage workers if loan applications don't rise soon?