HUD has been steadily auctioning off nonperforming mortgages the past few months. Sources in the market disclosed to IMFnews who some of the winning bidders are. They include: Credit Suisse, Ellington, Kondaur, PIMCO and Varde.
As a group, banks and thrifts reported net earnings of $4.76 billion on their mortgage-banking activity during the third quarter, a 42 percent drop from the second quarter.
In letters to two government agencies, a group of 10 Democrat lawmakers said the FHFA should continue to provide access to government-sponsored enterprise MBS guaranties and the Department of Housing and Urban Development should allow FHA mortgage insurance in such communities.
The IG's office of the Federal Housing Finance Agency is working with various U.S. Attorneys on reviews of lenders loan origination practices to determine their compliance with enterprise requirements.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these arent just any LOs the group in question ranks among the top producers in the nation.
Nancy Handal, managing director of insurance conglomerate MetLife, oversees a $70 billion fixed-income portfolio and a $6 billion high-yield residential MBS opportunity fund but has bought into just one jumbo MBS deal over the past few years. And shes not shy about the reasons why: its all about disclosures. Handal is not happy about what non-agency issuers disclose and in particular shes dismayed that MBS investors are essentially frozen out of the due-diligence process. Speaking at a housing forum sponsored by the Urban Institute and CoreLogic this week, the MetLife executive expressed...