As the GSE recap-and-release avalanche continues, there’s increasing chatter in the market that Treasury is open to a legal settlement with Fannie/Freddie shareholders. A crazy idea? Maybe not.
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HPS Investment Partners, a firm chock full of Wall Street veterans, has agreed to buy non-QM lender Citadel Servicing Corp. After the sale closes, CSC founder and CEO Dan Perl will part ways with the firm.
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The top five servicers managed a meager 0.5% increase during the third quarter despite big gains at NewRez and PennyMac. Nonbanks overall posted a 4.4% gain, although a handful of them reported declines. (Includes two data charts.)
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A memo setting new rules for the use of the False Claims Act in addressing FHA loan defaults has found favor among industry stakeholders. However, there is still some concern regarding DOJ’s role.
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FHFA Director Mark Calabria said any revised qualified mortgage rule introduced by the CFPB should be applicable to all lenders. Industry participants are unsure how the regulator will address the issue.
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As the primary market goes, so go the profits of Fannie and Freddie. Both turned in strong results in 3Q19 while announcing improvements in net worth.
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