Cole Taylor Mortgage is getting serious about the servicing business. It purchased a portfolio from Liberty Savings and plans to start its own in-house platform.
Any successor to the GSEs that operates with a federal guarantee should charge the same guaranty fee price for all sellers, regardless of size, the trade group says.
Since 2008, big banks have largely held their non-agency jumbo originations in portfolio, seeing better execution than non-agency MBS issuance, but all that could be changing.
Through the first quarter of 2013, 1.1 million borrowers have received permanent HAMP modifications, well below the 3 million to 4 million the Obama administration projected when launching the program in 2009.
Non-agency MBS execution is competitive with agency MBS execution for purchase mortgages with loan-to-value ratios below 70 percent and credit scores above 740.
The $443 million non-agency MBS, Chase’s second of the year, is set to receive AAA ratings with credit enhancement ranging from 6.90 percent to 10 percent for the top tranches.
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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