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James Hagerty of the Wall Street Journal hosted a session on the future of America’s mortgage market this week at the MBA Secondary Conference in New York. The title of the session and the majority of the discussion assumes in some way that the mortgage market needs to be different than it is today. This leads me to wonder: Does the mortgage market need to be fixed and if so what still needs to be fixed?
A California judge has opened the door for the American International Group to pursue a fraud claim of more than $7 billion against Bank of America for losses it suffered on mortgage securities sold under duress after the federal government rescued A.I.G. in 2008.
Bank of America put another major dispute over soured mortgage bonds behind it Monday. But now it faces a new legal challenge that threatens to wrap the Charlotte bank and Wells Fargo in another round of mortgage servicing litigation.
Assured Guaranty, a Bermuda-based provider of credit enhancement products to the public finance, structured finance and mortgage markets, has inked a $358m residential mortgage-backed securities (RMBS) settlement with Switzerland-based UBS.
Goldman Sachs Group Inc must face fraud claims brought by CIFG Assurance North America over insurance it provided for $275 million in mortgage-backed securities, a New York state appeals court ruled on Tuesday.
Nationstar Mortgage Holdings shares jumped Tuesday after the loan servicer reported first-quarter earnings and revenue above expectations and raised guidance for this year and next.
Allowing Fannie Mae FNMA and Freddie Mac FMCC to reduce loan balances for borrowers who owe more than their homes are worth could ultimately reduce mortgage defaults and save the government money, according to a report published last week by the Congressional Budget Office.
The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy. Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls “forced savings.” Cash-in refinancings -- in which borrowers invest more of their own money in the house -- outnumbered cash-outs by more than two-to- one in the fourth quarter, according to Freddie Mac (FMCC).
After years of efforts to recover from the U.S. housing market crash, Henrico County-based insurer Genworth Financial Inc. reached a milestone last week. The company’s U.S. mortgage insurance business showed its first quarterly operating profit since 2007.
This week at the Mortgage Bankers Association National Secondary conference there was a panel entitled "The Role of Rating Agencies and the Re-emergence of the Private Label RMBS Market." As I sat down to listen to the discussion I was reminded of what Albert Einstein has said "insanity: doing the same thing over and over and expecting different results."
About 2,000 more homebuyers who are able to plunk down 20 percent of a purchase price could get Connecticut Housing Finance Authority mortgages under a bill approved Monday in the legislative Finance Committee. Republicans who opposed the legislation warned that with the lingering recession in the state CHFA could be setting itself up for big losses.
Yennifer Olortiga’s American dream of homeownership turned into a foreclosure nightmare when she tried to modify her mortgage two years ago. The Staten Island mom told The Post that she had been paying her Bank of America mortgage for six years but now finds herself, her husband and three kids close to getting booted out onto the street because of BofA’s bungled loan-modification process.
Bank of America is close to getting a big monkey off its back related to its liability for mortgage backed securities (MBS) as several objectors to a key $8.5 billion settlement have dropped the opposition to the deal.
MBIA Inc. (MBI) and Bank of America Corp. (BAC) settled a five-year legal battle over soured mortgage debt in a deal that will pay MBIA the equivalent of $1.7 billion and give the bank a 5 percent stake in the bond insurer. MBIA shares surged to the highest since September 2008.
In March, Senator Elizabeth Warren joined lawmakers on both sides of the aisle to assemble bipartisan legislation that begins to tackle housing finance reform. By introducing the “JumpStart GSE Reform Act,” Warren has taken an important first step in reforming housing finance giants Fannie Mae, Freddie MAC, and Ginnie Mae (Government-Sponsored Enterprises or GSEs.)
Both government-sponsored enterprises and Ginnie Mae addressed their biggest critics Monday: the consumers. All three firms insist they have effectively tackled issues such as purchase uncertainty, merging security pools and the single-securitization platform.
The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine, NationalMortgageProfessional.com, NMP Media Corp. or its affiliates.