To date, the use of eminent domain to restructure residential loans has garnered a ton of headlines in the financial press, but has posted little in the way of success.
No purchase price on the sale of Allonhill assets to Stewart was ever disclosed. According to the bankruptcy filing, the sale price cannot be revealed for at least 12 months after the sale and will require approvals from both parties.
Whatever happened to the sale of Cole Taylor Mortgage, which has been in the works for nine months or so? Good question. When we asked one source close to the deal, his response was this: “Think of the Energizer Bunny but with fairly old batteries.
Fannie Mae this week released its STAR servicer rankings and hopefully a copy found its way to all those pesky regulators who think nonbank servicers can’t tell the difference between a debit and a credit.
As former Fannie Mae executive William Maloni put it: “More money for Uncle Sam!” The Treasury Department ultimately will benefit since it gets to “sweep” almost of Fannie’s and Freddie’s earnings.
The scorecard was ushered in by former Acting Director Edward DeMarco who stepped down from his post in early January, to be replaced by former North Carolina Congressman Mel Watt.
Speculation continues to grow concerning which nonbanks have looked at buying PHH Mortgage. Our sources caution that “looking” doesn’t mean a deal is close. PHH is based in Cherry Hill, NJ, not too far from Philadelphia. One advisor suggested we look at who has been flying in from points south.
In a recent interview with IMFnews, Carrington Executive Vice President Ray Brousseau stressed that the privately held nonbank will carefully and manually underwrite the loans, which will be sourced through loan brokers.
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.