News broke late yesterday that New Century will shutter the rest of its business, laying off the remaining 2,000 employees it had been keeping in hopes of finding a buyer. Bloomberg reported yesterday that company officials finally conceded what I'd suspected all along -- that nobody wanted to touch New Century, even with a 10-foot stick.
Fannie Mae announced today that it has filed suit against KPMG LLP, the company's former outside auditor, for negligence and breach of contract in a complaint filed today with the Superior Court of the District of Columbia.
Company executives were not available to comment further at press time.
Melvin Luther Watt quietly slid into his office as the first appointed director of the Federal Housing Finance Agency. It was the end of last year, in mid-December. Christmas was coming and the markets were in the middle of the harshest winter in years. As he took over the office of Acting Director Ed DeMarco — himself the unassuming lightning rod for the nation’s housing policy — Watt gave no indication of what he intended to do with his new position; arguably the most powerful job in mortgage finance..
Crowdfunding has swept through large verticals of consumer finance, including student loans and credit card debt. And so, naturally, in a market of rising property values, the real estate market is the latest frontier for crowd-based financing. Read More
Like oxygen, warehouse lending is one of the mortgage industry’s essential life-supporting elements. And fortunately, the warehouse segment is in much better health today than it was six years ago, as we are back up to around 70 warehouse lenders at my last count. Read More