Deerfield Capital Corp. (DFR) received a “Wells notice” from the Securities and Exchange Commission (SEC) stating the SEC staff will recommend that the SEC bring an enforcement proceeding against DFR for possible violations. … The company had said that the SEC has been investigating certain mortgage securities transactions effected by Deerfield Capital Management (DCM), now DFR’s indirect wholly-owned subsidiary, for DFR in 2005 and 2006, involving REMICs and re-REMICs, and the accounting for those transactions.
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With the housing industry at large raising alarms about mortgage servicers’ desperate need for liquidity, the nation’s largest mortgage aggregator is now warning originators that it could force them to buy back loans that go into forbearance.
“This month’s release highlights the large retreat from jumbo and non-QM investors due to a sharp drop in liquidity,” said MBA’s Joel Kan.