Another Freddie Repurchase Settlement
The Federal Home Loan Mortgage Corp. has racked up another settlement with a large seller-servicer over repurchase demands.
Underwriting Standards to Ease on RMBS Loans
Next year will see a slow return for non-agency residential mortgage-backed securities, while underwriting standards will be relaxed. Borrowers on loans not designated as Qualified Mortgages will pay more than QM borrowers.
Cities Find Ally for Eminent Domain Scheme
In the eminent domain battle between municipalities and mortgage-backed securities investors, the municipalities have gained two more allies.
Per Loan Profits Plunge for Mortgage Lenders
As residential loan originations slid in the third quarter, the bottom line per loan plummeted due in large part to rising per-loan employee costs and dwindling secondary marketing gains. Still, per-loan revenue move higher.
MERS On a Streak
MERSCORP Holdings Inc. won another battle in its war with counties across the country that claim the registry is illegally skirting recording fees.
Agency Issuance Down Over Half from Year Earlier
Securitizations by government-controlled housing finance agencies was down for the seventh consecutive month, with the Federal National Mortgage Association taking the biggest hit. Compared to a year earlier, business has plummeted by more than half.
BofA Reaches Repurchase Settlement With Freddie
A repurchase settlement between Bank of America Corp. and the Federal Home Loan Mortgage Corp. pales in comparison to another repurchase settlement BofA reached earlier this year.
Fannie Business at 2-yr Low, Delinquency at 5-yr Low
Fannie Mae had its worst month for secondary activity in more than two years. The good news is that residential delinquency was at its lowest level in nearly five years.
Big Banks Manage Huge Legal Costs
Although the nation's big banks have already incurred more than $100 billion in costs for repurchases and mortgage-related litigation, more such expense could be ahead. But the group should be able to withstand the hit.
2-Year Low for New Business at Freddie
Secondary activity at the Federal Home Loan Mortgage Corp. has not been this weak during any month in more than two years. The news was better for serious residential delinquency.