The New York Times rambles, and mangles mortgages along the way

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits

WATCH: Trulia stages haunted house for unsuspecting homebuyers

'Tis the season. For screaming.

10 reasons why people don’t get a mortgage

It’s not just because of finances
W S

Articles by Trey Garrison

Surge in federal defense spending boosts 3Q GDP

Inventory investment, consumer spending cool from 2Q
Trey Garrison
The national economy slowed significantly from the second quarter in the first initial GDP estimate for the third quarter, with gains driven by military spending offsetting a slowdown in consumer spending and inventory investment.
Read More

Radian Group posts net income of $154M in 3Q2014

Gains come from change in fair value of derivatives
Trey Garrison
Radian Group reported net income for the quarter ended September 30, 2014, of $153.6 million, or $0.67 per diluted share.
Read More

Ocwen Financial moves from profit to loss

Beleagured nonbank books a $100M charge for potential settlement
Trey Garrison
Ocwen Financial missed analyst expectations by more than a dollar per share, posting a pretax loss of $75.3 million or $0.58 per share compared to a profit of $60.6 million and $0.39 one year ago as the company books a $100 million pretax charge for a potential settlement with the New York Department of Financial Services.
Read More

Ocwen gets a bounce on rumors of possible settlement

$40M to settle the backdating issue could be in the cards
Trey Garrison
Ocwen Financial was nearly scuppered last week after the New York Department of Financial Services sent an open letter alleging it was backdating letters to borrowers, but the firm got a boost Wednesday afternoon on rumors reported initially by Bloomberg that it may settle the matter for about $40 million.
Read More

7 recommendations for CFPB to improve HMDA

Better measurements needed for home loans, mods, affordable housing
Trey Garrison
More than 40 California organizations join with the California Reinvestment Coalition in calling on the Consumer Financial Protection Bureau to strengthen the Home Mortgage Disclosure Act through greater transparency.
Read More

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits
Trey Garrison

Reading the New York Times is a great intellectual exercise because you get to read news articles and say to yourself, “Hmm. That’s interesting. I wonder if it’s true?” Today in the financial section, though, was an opinion piece on mortgage financing that had me instead asking, “Do you even English, New York Times?”


Read More

Completed foreclosures down almost one-third from September 2013

CoreLogic: Completed foreclosures down 61% from 2010 peak
Trey Garrison
There were 46,000 completed foreclosures nationally, down from 68,000 in September 2013, a year-over-year decrease of 32.6% and down 61% from the peak of completed foreclosures in 2010, according to CoreLogic.
Read More

Ally Financial posts $423M net income in 3Q2014

Mortgage operations see $3M loss
Trey Garrison
Ally Financial reported net income of $423 million, or $0.74 per diluted common share, for the third quarter of 2014 compared to net income of $323 million, or $0.54 per diluted common share, in the prior quarter, and net income of $91 million, or a loss of $0.27 per diluted common share, for the third quarter of 2013.
Read More

Mortgage applications drop 6.6% on jumbo refi decline

Refinancings still account for 65% of activity
Trey Garrison
Mortgage applications decreased 6.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 24, 2014.
Read More

Fannie Mae issued $9.1B in multifamily MBS in 3Q14

Total volume nearly doubles 2Q14 issuance
Trey Garrison
Fannie Mae issued about $9.1 billion of multifamily MBS in the third quarter backed by new multifamily loans delivered by its lenders.
Read More