More Details Leak Out on Ocwen’s $45B MSR Sale: Bifurcated Reps and Warrants March 4, 2015 Paul Muolo “If something goes wrong, Ocwen will be on the hook,” said this source. “But it’s really clean stuff.”Read More
Short Takes: JPM’s New Jumbo MBS Deal / Regulatory Hassles for ASPS / Altisource Asset Management’s $9 Million Man / CFPB Chief Continues to Defend the Rate-Tracker Tool March 4, 2015 Brandon Ivey, Paul Muolo, and Thomas Ressler Although George Ellison’s salary was not disclosed in the press release announcing his employment with the company, a subsequent filing provided details: $450,000 per year, another $450,000 in incentive bonuses...Read More
Ginnie Mae Facing Accounting Restatement Thanks to TBW Mess March 4, 2015 George Brooks Ginnie is currently managing TBW’s FHA portfolio and hopes to sell its Ginnie servicing rights sometime this year.Read More
Bank Profits From Mortgages Down Almost 24 Percent March 3, 2015 John Bancroft Bank of America was among the few major depositories that reported a loss in mortgage-banking income, losing $253 million in the fourth quarter.Read More
Disconnect Between Mortgage Industry and Obama Administration on Priority of GSE Reform March 3, 2015 Brandon Ivey With little non-agency MBS issuance, Collingwood noted that it’s difficult to accurately price credit risk. Read More
A ‘Bank’ Is Buying Ocwen’s $45 Billion Package of Fannie Mae Servicing Rights March 3, 2015 Paul Muolo The identity of the bank could not be confirmed at press time...Read More
Although Fannie and Freddie are Shrinking, Staffing Levels Hold Steady March 3, 2015 Brandon Ivey Freddie had 4,957 full-time employees and 50 part-timers as of Feb. 5, down 2.1 percent compared to a year ago.Read More
Freddie Mac Sells $392 Million of Seriously Delinquent Loans to Pretium and Bayview March 3, 2015 Carisa Chappell Pretium won pools one and two, which have a combined loan balance of $238.6 million.Read More
Short Takes: HLSS Wants an Extension Too / What’s Behind Ocwen’s Goodwill Charge? / Stewart Title Headed to the Auction Block? / FHFA’s NPL Guidelines Expected? / Ben Lawsky Has Not Gone Home Yet March 3, 2015 Carisa Chappell and Paul Muolo Meanwhile, Ocwen watchers are scratching their heads over a fourth quarter goodwill charge that eventually could reach $420 million...Read More
Dragged Down by the Nonbanks, Mortgage Banking Income Slipped in 4Q March 2, 2015 John Bancroft For all of 2014, this group of banks and nonbanks earned $14.01 billion off of mortgages, a 39.6 percent drop from the year before.Read More