Fitch: Two-year run of home price growth is over

Fitch: Two-year run of home price growth is over

“Several markets are still overvalued”

Fannie Mae will buy 97% LTV mortgages

Credit improvements lead to mortgage product

MBA leaders challenge federal regulators to take action

MBA: It's time for the penalty phase to end
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Items Tagged with 'Ocwen'

ARTICLES

DFS Superintendent Lawsky accuses Ocwen of backdating borrower letters

Stock plunges; Ocwen fires back
Trey Garrison
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
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ABS East: Lawsky has legacy MSRs “at a standstill”

No significant legacy MSR transfers since NYDFS froze Ocwen deal
Ben Lane
During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
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Fitch: Rise of nonbank servicers threatens private-label RMBS

Top five nonbank servicers now handle 64% of all private-label securities
Ben Lane
The rise of nonbanks presents heightened risks to investors, Fitch Ratings said in a new report. “In contrast to large commercial bank servicers, most nonbank servicers, including most of the current top five, have a weaker financial profile and are currently rated non-investment grade or are not publicly rated by Fitch.”
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Lawsky’s latest target: Hard-money lenders

NYDFS subpoenas nine companies over concerns of predatory lending
Ben Lane
The NYDFS said that hard-money lenders do not typically evaluate a borrower’s ability to repay and likelihood of default, and it has concerns that some lenders may “intentionally structure loans with the expectation of foreclosing on and taking possession of the property."
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Wellington Management drops almost 7 million Ocwen shares

Troubles continue to mount for Ocwen family
Trey Garrison
A few weeks after Moody’s Investors Service downgraded Ocwen Financial Corporation, Wellington Management is pulling most of its stake out of the company.
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Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
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KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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SEC subpoenas Ocwen over Altisource, HLSS associations

Joins NYDFS in questioning company’s relationship with its affiliates
Ben Lane
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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Nationstar posts 2Q profits of $67M, up a whopping 174% over 1Q

Beats expectations and regulatory pushback in second quarter
Trey Garrison
Second-biggest nonbank MSR reports quarterly net income of $67 million for the second quarter, a 174% increase over the $24 million in the first quarter 2014, despite regulatory pushback and scrutiny.
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Lawsky demands answers from Ocwen, Altisource on force-placed insurance

NY DFS scrutiny of nonbank MSR intensifies even as Ocwen drags
Trey Garrison
The New York Department of Financial Services is questioning Altisource Portfolio Solutions' practice of force-placed insurance, calling the transaction troubling, and saying that parent Ocwen Financial Corporation may be funneling as much as $65 million to Altisource even though his office has raised concerns about potential conflicts of interest between such entities.
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