Banks seeking to clean up their balance sheets by selling U.S. mortgages made during the real- estate lending boom are encountering documentation problems, Cantor Fitzgerald LP said. In some cases faulty files are lowering loan prices or extending the time it takes to complete sales, said Jason Kopcak, the head of whole-loan trading at the New York-based broker. Residential and commercial mortgages owned by banks looking to sell often lack the papers required by buyers, including documents needed to foreclose, Kopcak said.
Mortgage file missteps extend past securitization, Cantor says
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.