Wells Fargo – the nation’s largest home lender and servicer – has apparently won the bid for Seneca Mortgage and its $53.6 billion servicing portfolio, sending shockwaves through the market. But as Inside Mortgage Finance went to press this week, the jury was still out on whether this was a “one-off” opportunistic purchase or, perhaps, the start of a trend toward depositories showing renewed interest in mortgage servicing rights. For now, Wells isn’t...
Not only has the proposed sale of First Mortgage Co. fallen apart, but a recent lawsuit filed against the company by a new warehouse lending firm raises serious questions about FMC’s recent profitability and its future. As Inside Mortgage Finance went to press this week, FMC was no longer making new loans, but was still servicing its past production, estimated at $1.67 billion. Company owner and CEO Ron McCord – one of six defendants sued by warehouse provider CapLoc – said...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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