Freddie Mac selling $628 million in nonperforming loans
The government-sponsored enterprises have consistently earmarked some distressed loans for community, nonprofit and minority investors. Certain Democrats want more.
Capital markets
Bayview launches insurance asset management business
The new business will take in money from insurance companies and invest in mortgages and in private structured credit. It will look to draw business from an insurance industry that's "looking to diversify.
Will two newer credit scores beat a single older one for mortgages?
Industry executives coming off a tough year are wondering what the transition will cost and how many borrowers it'll bring in.
Ginnie Mae mulls permanent credit facility for nonbanks
The agency's president, Alanna McCargo, called the nonbank liquidity issue "the biggest of our time," while speaking at the Bipartisan Policy Center Tuesday.
Mortgage credit tightens on jumbo concerns, loan costs
Product availability for July remained at levels last seen in 2013 as rates briefly broke above the 7% mark during the month, the Mortgage Bankers Association said.
Freddie Mac adds new tax data source that may limit repurchase risk
The new technology expands the capabilities of automation used to obtain digital transcript information from self-employed borrowers.
Mr. Cooper completes acquisition of Home Point Capital
The mortgage company was able to move a lot closer to its goal to become a $1 trillion servicer with the expiration of the final tender offer and closing of the deal.
Jump in short-term delinquencies is the largest in at least a year
But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.
Capital proposal may drive banks further away from mortgages
Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.
Private equity dips into its cash stockpile for PacWest deal
So far, the wager appears to be profitable. The private equity pair agreed to purchase their shares at $12.30 each, and the stock rally after the deal was announced means they are sitting on a paper profit of more than $90 million.
BlackRock sees ‘huge opportunity’ in cast-off banking assets
BlackRock will join an increasingly crowded field. Private equity and credit managers have been angling to buy dislocated assets from banks.
Recession becomes closer call as economists rethink forecasts
It's a toss-up between a recession or a soft landing, though some, including Fannie Mae's Doug Duncan, still believe a downturn is more likely than not.
Blackstone’s $1 trillion mark ushers in new era of buyout titans
The private equity giant's diversification of offerings and penchant for alternative investments has helped the company grow far beyond its buyout roots.
Wall Street banks’ residential mortgages face U.S. mandates exceeding global standards
For large banks, the agencies wanted to go above the global standards for residential mortgages, as well as some business loans, to avoid giving those lenders a competitive advantage over smaller peers, according to another person familiar with the proposal.
Investor claims mortgage lender tried to defraud it with faulty loans
Churchill Funding is accusing Easy Financial of reneging on a master purchase agreement both companies signed in 2020.
Fannie Mae, Freddie Mac foreclosures rise, delinquencies dip
Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.
Fannie Mae, Freddie Mac ended 2022 ‘critically undercapitalized’
Fee hikes at the government-sponsored enterprises are one remedy, the government-sponsored enterprise's regulator noted in its annual report to Congress.
Credit scores similar whether from two or three bureaus S&P finds
The findings from Standard & Poor's show little impact from the Federal Housing Finance Agency's proposal regarding what information is required to underwrite a conforming mortgage.
Prepayment speeds were up 22% in May on seasonality
But activity is still very low, as just 1% of the market is in the position to refinance thanks to high interest rates, Keefe, Bruyette & Woods said.
FHFA’s Thompson blames “certain media” for distorting info about fees
During her opening remarks before lawmakers Tuesday, the head of the Federal Housing Finance Agency reiterated that borrowers with strong credit profiles are not being penalized to benefit those with poorer scores.
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