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Secondary

Fannie Mae Names Timothy J. Mayopoulos as New CEO

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Fannie Mae has announced the appintment of Timothy J. Mayopoulos as president and CEO and a member of the board effective June 18, 2012. Mayopoulos, who currently serves as executive vice president, chief administrative officer, and general counsel, leads key corporate functions and the company’s business transformation program. Mayopoulos assumes leadership of Fannie Mae at a pivotal point for housing finance.Click to continue

Tawab Abawi Joins MCT Trading

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MCT Trading Inc. (MCT) has announced that it has added Tawab Abawi to its capital markets trading team. Tawab comes to MCT from Bank of America where he was a vice president on the negotiated trade desk for its correspondent lending group within the home loans and insurance division. His primary responsibilities at the bank included maximizing revenue, minimizing risk and increasing market share for clients nationwide.Click to continue

FINRA Fines Citigroup $3.5 Million for Inaccurate RMBS Data

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The Financial Industry Regulatory Authority (FINRA) has announced that it has fined Citigroup Global Markets Inc. $3.5 million for providing inaccurate mortgage performance information, supervisory failures and other violations in connection with sub-prime residential mortgage-backed securitizations (RMBS). Issuers of RMBS are required to disclose historical performance information for past securitizations that contain mortgage loans similar to those in the RMBS being offered to investors.Click to continue

RMBS Working Group Establishes New Methods to Investigate MBS Misconduct

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The Residential Mortgage-Backed Securities (RMBS) Working Group has announced new resources in their efforts to investigate misconduct, including the launch of a RMBS Web site to report fraud and the creation of a coordination team to facilitate the various investigations underway around the country. The RMBS Working Group is a collaborative effort led by five co-chairs, including Assistant Attorney General for the Criminal Division Lanny Breuer, Acting Assistant Attorney General for the Civil Division Stuart Delery, U.S.Click to continue

MCT Trading Launches LockCentral Service for Lenders

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MCT Trading Inc. (MCT) has announced that it has established an outsourced service, LockCentral, that implements and manages a centralized lock desk for mortgage bankers that offers them a viable alternative to operating an in-house lock desk. LockCentral saves time, ensures pricing accuracy, frees secondary marketing personnel to assume other responsibilities, and brings a number of new efficiencies to secondary marketing departments.Click to continue

SEC Reaches $28.2 Million Settlement With Option One on Bad Sub-prime Mortgage Investments

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The Securities & Exchange Commission (SEC) has charged H&R Block subsidiary Option One Mortgage Corporation with misleading investors in several offerings of sub-prime residential mortgage-backed securities (RMBS) by failing to disclose that its financial condition was significantly deteriorating. Option One, now known as Sand Canyon Corporation, agreed to pay $28.2 million to settle the SEC’s charges. The SEC alleges that Option One promised investors in more than $4 billion worth of RMBS offerings that it sponsored in early 2007 that it would repurchase or replace Click to continue

S&P Approves CoreLogic as a Third-Party Due Diligence Provider for RMBS

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CoreLogic, a provider of information, analytics and business services, has announced that Standard & Poor’s (S&P) has approved it as a third-party due diligence provider for residential mortgage backed securities (RMBS) rated by that agency. CoreLogic Due Diligence performs a full-range of diligence services for residential mortgages and small balance commercial loans, including forensic due diligence, non-performing loan reviews, acquisition and securitization reviews, data integrity reviews and quality control (QC).Click to continue

Ginnie Mae Guarantees $29.23 Billion in MBS in March

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Ginnie Mae has announced that it guaranteed $29.23 billion in mortgage-backed securities (MBS) in March.  Issuance for Ginnie Mae II single-family pools led the way with more than $21.56 billion, while Ginnie Mae I single-family pools totaled more than $5.34 billion. Total single-family issuance for March was $27.78 billion. Issuance for Ginnie Mae Home Equity Conversion Mortgage-Backed Securities (HMBS) included in Ginnie Mae II single-family pools came in at $882 million. Ginnie Mae’s multifamily MBS issuance was more than $1.4 billion. Click to continue

Majority of Poll Respondents Feel GSEs Should Stop Buying Mortgages

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According to a recent poll conducted by HousingPredictor.com, a large majority of consumers say they want the government-sponosred enterprises (GSEs), Freddie Mac and Fannie Mae, to halt buying mortgages. The opinion poll found that 72 percent of respondents want the GSEs to stop purchasing home loans from banks and mortgage lenders. Only 28 percent felt the GSEs should continue buying home loans.Click to continue