The sharp downturn in purchase-money loans going into Fannie and Freddie MBS was accompanied by an even bigger drop in deliveries of loans with private mortgage insurance.
JPMorgan is reviewing its strategy in the mortgage industry. The reason: owning real-estate loans has become hugely unprofitable for banks due to onerous and unnecessary requirements. HomeStreet Bank said it has found buyers for its MSR and home-loan centers.
A federal judge ordered Quicken Loans and the government to find a way to settle a closely-watched False Claims Act case involving FHA-insured mortgages.