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Tag Archives: Investors

Coalition Launches to Protect Fannie, Freddie Shareholders

A new group has launched on the side of shareholders in the ongoing debate for the future of Fannie Mae and Freddie Mac. Calling itself the “Coalition for Mortgage Security,” the group describes itself as a bipartisan, grassroots organization with the goal of reforming housing finance “in a way that benefits and fairly treats current and future homeowners, taxpayers, and investors across the country.”

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Existing-Home Sales Fall to Lowest Level in 18 Months

Existing-home sales slowed last month to a seasonally adjusted annual rate of 4.62 million—their lowest level in a year and a half—as ongoing inventory constraint lifted prices, the National Association of Realtors (NAR) reported Friday. The drop represents a 5.1 percent decline compared to both December and January last year. On just the single-family side, sales were down to a rate of 4.05 million.

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Analytics Expert Discusses QM, ‘Manufacturing Risk’

Although the new qualified mortgage (QM) rules are expected to bring stability to loan manufacturing, the many nuances of compliance have resulted in doubling the cost of loan origination. This assessment was offered by Tom Showalter, chief analytics officer at Digital Risk. In an interview on Mortgage Markets Today, Showalter explained the threat of ""manufacturing risk,"" or the risk that key elements of data defining the loan are either corrupted or misrepresented.

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Report: BofA Cutting Mortgage Jobs

The nation's second largest lender is reportedly cutting 450 jobs in its West Coast offices, according to Bloomberg. ""These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company,"" said Dan Frahm, a spokesman for Bank of America. The lender is still hiring in non-mortgage areas, and some employees will find jobs in other parts of the firm, he said.

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FHFA Watchdog Critical on GSE Aged Repurchase Fees

A recently released audit of Fannie Mae and Freddie Mac's handling of aged repurchase demands finds the enterprises' fee collecting has been inconsistent--or in some cases nonexistent. ""By inconsistently waiving, enforcing, and excepting late fees through 2012, the Enterprise missed assessing up to $284 million in late fees that are now unlikely to be collected–losses that taxpayers ultimately bore,"" the Federal Housing Finance Agency's Office of the Inspector General (FHFAOIG) commented in the report.

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MountainView Offering $760M Fannie MSR Portfolio

MountainView Servicing Group, provider of residential mortgage servicing rights (MSR) transaction and valuation advisory services, announced the offering of yet another Fannie Mae portfolio. Possessing an unpaid principal balance of just less than $760 million, the portfolio includes 100 percent fixed-rate and first-lien product, with 89.7 percent 30-year fixed-rate loans. In addition, the portfolio contains $464 million-about 61 percent-Home Affordable Refinance Program (HARP) servicing.

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Lehman Seeks Approval of Settlement with Freddie Mac

Lehman Brothers has reportedly sought approval to settle a $1.2 billion claim from Freddie Mac on money owed to the GSE before the company declared bankruptcy in 2008. Bloomberg reports Lehman is seeking approval on a settlement in the amount of $767 million. If approved by the U.S. Bankruptcy Court, the settlement would untie money Freddie Mac had fought to claim priority on, allowing Lehman to pay other creditors seeking to collect on their own debts from the company.

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Black Knight VP Appointed to Board of MLS Council

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Marty Reed, VP of business operations at Black Knight Financial Services (BKFS) MLS Solutions division, has been appointed for a three-year term on the board of directors for the Council of Multiple Listing Services (CMLS), the company announced.

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