During a Q&A session at the convention, MBS co-inventor Lew Ranieri said there is no “viable” alternative to Fannie Mae and Freddie Mac, noting that if the two disappear banks will not rush to put 30-year fixed rate loans on their books.
Early Thursday, EverBank disclosed that it is selling $13.4 billion of Ginnie Mae servicing rights, while transferring $6.9 billion in subservicing to Walter Investment Management Corp.
According to a copy of an early prospectus provided to IMF, lenders originating loans for the security include Nationstar Mortgage, Stearns Lending, Freedom Mortgage, Fifth Third Mortgage, Real Estate Mortgage Network and RMR Financial.
Citadel, which raised $200 million earlier in the year, has funded $18 million so far this year, but 40 percent of that has come in October. Eventually, it hopes to securitize its production.
At press time, there were reports circulating that one mid-sized nonbank planning to enter the correspondent acquisition market had pulled the plug and laid off staff. The firm is expected to talk to IMFnews Thursday morning.