Judge tosses whistleblower letter, limits discovery in Zillow-Move suit

Judge tosses whistleblower letter, limits discovery in Zillow-Move suit

Motions to limit subpoenas, strike letter benefit Zillow in legal row

San Francisco leads the nation in property bidding wars

Well above national average

FHFA opens door for potential Fannie, Freddie CEO raises

Industry and politicians criticize proposal
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Investments

Judge tosses whistleblower letter, limits discovery in Zillow-Move suit

Motions to limit subpoenas, strike letter benefit Zillow in legal row
Trey Garrison
The judge’s decision in the battle between Zillow Group and Move over allegations of theft of trade secrets and unfair competitive actions are a legal setback for Move.
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Moody’s: Stopping eminent domain seizures of underwater mortgages a credit positive

Bill that would thwart municipal seizures good for RMBS
Trey Garrison
The House of Representatives’ Appropriations Subcommittee approved a bill last week for the fiscal year that would keep municipalities from using eminent domain to seize underwater mortgages. Here's why Moody's Investors Service says it's a good thing for investors.
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Freddie Mac CEO: Ready for legislative solution

Looking at new risk-sharing deals, FICO alternatives
Jacob Gaffney
While much is made of Corker-Warner, Johnson-Crapo and other attempts to finally return the GSEs to the private market, less attention is given to the disruption such lawmaking may have on the internal, day-to-day operations at the housing behemoths.
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Nationstar Holdings posts $48.3M loss in first quarter

Lower servicing revenue proves heavy drag
Trey Garrison
Nationstar Mortgage Holdings reported a first-quarter loss of $48.3 million, after reporting a profit in the same period a year earlier. Here's what pulled down the Texas-based servicer to a performance well below expectations.
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CoreLogic: Homes prices rose in March up 5.9% annually

Tight inventory pushes prices up in key markets
Home prices nationwide, including distressed sales, increased by 5.9% in March 2015 compared with March 2014, according to the latest home price index from CoreLogic. What happened to boost price tags?
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Redwood Trust turns in “disappointing” first quarter

Net income falls from $27 million to $15 million
Ben Lane
Low interest rates sent Redwood Trust's net income down again in the first quarter of 2015, falling from $27 million in the fourth quarter of 2014 to $15 million in the first quarter. In a letter to shareholders, Redwood’s CEO, Marty Hughes, and president, Brett Nichols, said they were “disappointed” by the results of the first quarter.
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Quicken Loans raises $1.25 billion with debt issuance

Majority will flow to Dan Gilbert’s Rock Holdings
Ben Lane
Quicken Loans raised $1.25 billion last week with a bond issuance, according to a report from Bloomberg. Per the report, the vast majority of the money will go to Rock Holdings, Quicken’s parent company, and Dan Gilbert, the founder and chairman of Quicken and majority owner of Rock Holdings.
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Monday Morning Cup of Coffee: Home price and wage divergence raise alarms

Plus the endgame for two billion-dollar R&W settlements?
Trey Garrison
The Countrywide and Citigroup settlements are on the verge of being paid, but looking ahead the housing market has problems now like what led up to the housing crisis in the first place. Is mortgage finance in a doomed time loop, or just not learning from its mistakes?
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Ellie Mae explodes; stock closes at record high

It’s a good time to be an Ellie Mae shareholder
Ben Lane
After turning in another stellar quarter that saw the company’s first-quarter revenue rise 68% over 2014, Ellie Mae rode a wave of positivity to new heights on Friday, closing at a record high. So why is everyone crazy about Ellie Mae?
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What’s the future of Ocwen?

Analysts weigh in on what’s next for the nonbank
Ben Lane
Now that the dust is beginning to settle after Ocwen Financial reported its first-quarter results, industry observers are beginning to question what’s next for the nonbank. Despite the company being back in the black, analysts hold diametrically opposed views of Ocwen’s future.
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