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Secondary

Dillard’s Encouraged to Follow REIT Route

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For the second time in two weeks, a major retailer is being aimed in the direction of establishing a real estate investment trust (REIT) as a solution to ongoing financial concerns.

Marcato Capital Management LP, a San Francisco-based investment manager, has released a presentation that it claims will result in “significantly increasing shareholder value” at Dillard's Inc., a retailer with nearly 300 stores across 28 states.Click to continue

FHFA: G-Fees Increase an Average of 51 BP in 2013

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The Federal Housing Finance Agency (FHFA) has released its sixth annual report on the single-family guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac.Click to continue

Mortech Enhances Secondary Marketing Solution With Historical Pricing Functionality

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Mortech, a Zillow business providing mortgage technology software solutions for mortgage bankers and secondary market teams, has announced the availability of historical pricing within their secondary marketing solution. The historical pricing functionality expedites the re-pricing and re-locking process, allowing mortgage lenders to immediately address changes in the lock application.Click to continue

NCUA Files Suit Against Deutsche Bank Over Bad RMBS

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The National Credit Union Administration (NCUA) has filed suit in federal court against Deutsche Bank National Trust Company, alleging the bank violated state and federal laws by failing to fulfill its duties as trustee for 121 residential mortgage-backed securities (RMBS) trusts. The agency’s suit seeks damages to be determined at trial.Click to continue

GSEs Rake in Billions in Q3 Profits

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If the financial health of the government-sponsored enterprises (GSEs) could be summarized in a single word, it could easily be “Ka-Ching!” According to new data issued today, both Fannie Mae and Freddie Mac generated billions of dollars during the third quarter of 2014.Click to continue

Richmond Fed Chief Upset on MBS Policy Shift

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Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, has openly questioned a key aspect Wednesday’s decision by central bank’s Federal Open Market Committee (FOMC) regarding the long-anticipated policy shift away from tapering.Click to continue

Step Inside Ginnie Mae

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National Mortgage Professional Magazine and Ginnie Mae are partnering to provide you with useful and relevant information through a bi-monthly series, “Step Inside Ginnie Mae.” This series will provide insight into the housing finance industry, the secondary market, and specifically, how Ginnie Mae works to bring global capital into the mortgage market while minimizing risk to taxpayers. In addition, we will highlight many of Ginnie Mae’s leaders, including Ted Tozer, Mary Kinney and others you’ve heard from in the past.Click to continue

CFPB and FTC Target Fraudulent Mortgage Relief Operations

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The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Citi Agrees to Shell Out $7 Billion for Bad RMBS

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Citigroup has announced that they’ve agreed to pay around $7 billion to the U.S. government regarding bad mortgage-backed securities (MBS), with $4.5 billion to be paid in cash with an additional $2.5 billion paid in “consumer relief.” Even with Citigroup’s shares rising 3.6 percent in the second quarter, this news is still devastating to Citi's Q2 Click to continue

Cantor Fitzgerald Announces MBS Team Expansion

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Cantor Fitzgerald & Co. announced the expansion of its mortgage-backed securities (MBS) sales and trading team with the appointments of Cass Tokarski as senior managing director and head of mortgages and asset-backed securities, and James Murray as managing director, who are both joining from RBS. Tokarski will be responsible for broadening and expanding Cantor's already significant presence in the business. Murray will be focusing on agency ARM (Adjustable-Rate Mortgage) trading.Click to continue