Ocwen Chairman Erbey resigns as company admits misconduct

Ocwen Chairman Erbey resigns as company admits misconduct

Company to pay $150 million to homeowners

Ocwen CEO unveils company’s new direction

Plans to exit agency servicing; increase mortgage originations

This Des Moines court case may change the Freddie, Fannie investor sweep

Judge will rule whether Continental Western Insurance has standing
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Items Tagged with 'mortgage-backed securities'

ARTICLES

Bank of America, U.S. Bancorp face another MBS suit

NCUA files lawsuit against two large banks
Brena Swanson
Some of the country's biggest banks are facing another mortgage-related lawsuit. This time the National Credit Union Administration Board is filing the suit, claiming that both Bank of America and U.S. Bancorp failed to review mortgage loan files for irregularities.
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Court rulings in unpaid HOA fees raise risk in RMBS, SFR deals

Moody’s: Newer deals have provisions to mitigate risk
Trey Garrison
A new report from Moody’s Investors Service spotlights how recent rulings by the highest courts in Nevada and Washington, D.C. on unpaid HOA fees raise risk in residential mortgage-backed securities and single-family rental securitizations.
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What the end of QE means for the future of the MBS market

MBA details the challenges of increasing private capital
Trey Garrison
A new white paper from the Mortgage Bankers Association looks at what the future holds for the real estate finance industry secondary market now that the Federal Reserve has put a full stop on its quantitative easing program, wherein it pumped trillions of dollars into mortgage backed securities.
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New York Fed chooses three firms for counterparty pilot program

Exploring ways to broaden access to open market operations
Ben Lane
The program applicants’ ability to maintain a consistent transaction presence in the secondary market for agency MBS securities, as both a seller and a buyer, while acting as principal, was one of the primary determining factors.
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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.
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Jefferies trader Litvak may win reversal of rare fraud conviction

Originally sentenced to two years in prison
Brena Swanson
In an unexpected turn of events, former Jefferies & Co. Managing Director Jesse Litvak has a good chance of overturning his conviction for defrauding mortgage bond investors after the 2008 financial crisis. Litvak is the only person convicted of fraud in relation to the $20 billion U.S. Treasury Department’s Troubled Asset Relief Program.
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Ginnie Mae’s MBS portfolio reaches $1.5 trillion

Grown 30% from $1 trillion in 2010
Ben Lane
The corporation's portfolio has grown from $1 trillion in 2010 to $1.5 trillion in 2014. It took 42 years, from the company's founding in 1968 to 2010, for its portfolio to reach $1 trillion.
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Justice using JPM settlement to pursue other banks

Part of $13B settlement being used to beef up U.S. Attorney offices
Ben Lane
Reuters reports, citing people familiar with the matter, that the U.S. Attorney’s offices that have been the most vigilant in pursuing banks over their loan practices have received funds to hire new civil prosecutors.
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RBS to slash U.S. mortgage business

Ben Lane
The original report, from the Financial Times and followed up by Reuters, said that the British bank will eliminate hundreds of jobs over the next two years “as part of the an effort to reduce its assets ahead of new rules set out by the U.S. Federal Reserve.”
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Freddie: 3 areas housing fails to execute

“What we expect to be happening isn’t happening”
Brena Swanson
The spring home buying season has yet to kick into high gear, forcing Freddie Mac to revise and lower its forecast in several areas on an annualized basis.
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