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Stock Market & Financial Investment News

News Breaks
July 1, 2014
10:14 EDTFNMA, WAC, FMCC, NSM, OCNOIG recommends FHFA actions on nonbank mortgage servicers
The Office of Inspector General issued a report on actions the Federal Housing Finance Agency can take to manage risks from nonbank mortgage servicers such as Ocwen Financial (OCN), Nationstar (NSM) and Walter Investment (WC). The OIG concluded that "while FHFA and the Enterprises have responded well to specific problems at nonbank special servicers, the Agency has not established a risk management process or overall oversight framework to handle some general risks posed by nonbank special servicers." It added, the nonbank special servicers do not have the same capital requirements as a bank, which means they are more susceptible to economic downturns. Such downturns could substantially increase nonperforming loans that require servicer loss mitigation while at the same time impact the ability of the servicer to perform." Reference Link
News For OCN;NSM;WAC;FNMA;FMCC From The Last 14 Days
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October 9, 2015
16:07 EDTFMCCFreddie Mac sells $305M of seriously delinquent loans
Freddie Mac (FMCC) announced it sold via auction 1,611 deeply delinquent non-performing loans serviced by JP Morgan Chase Bank (JPM), from its mortgage investment portfolio on October 7, 2015. The transaction is expected to settle in December, 2015, and servicing will be transferred post-settlement. The sale is part of Freddie Mac's Standard Pool Offerings. These loans have been delinquent for approximately two years, on average. Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 40% of the aggregate pool balance. The aggregate pool is geographically diverse and has a loan-to-value of approximately 91, based on BPO. The loans were offered as two separate pools of mortgage loans, and investors had the flexibility to bid on one or both pools, or bid on the aggregate of both pools. Pool #1 was comprised of loans with CLTV less than and equal to 110. Pool #2 is comprised of loans with CLTV greater than 110.
09:26 EDTOCNOcwen to voluntarily pay down $75M of senior secured term loan
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October 8, 2015
11:41 EDTWACBaker Street Capital reports 22.3% stake in Walter Investment
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October 5, 2015
13:46 EDTOCNHome Loan Servicing to pay $1.5M penalty to settle SEC charges
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06:08 EDTWACWalter Investment appoints Denmar Dixon as CEO
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October 2, 2015
11:26 EDTOCNNew Residential repays $2.5B of HSART term notes at par
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