Investments

RBS will pay $44 million for cheating customers in mortgage bond trading

Will pay $35 million penalty, $9 million in restitution to victim customers
RBS Securities agreed to pay $44 million as part of a non-prosecution agreement covering allegations that the company’s mortgage-backed securities trading group defrauded its customers out of millions of dollars by lying about mortgage bond trades, the Department of Justice and the Special Inspector General for the Troubled Asset Relief Program announced Thursday.
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Apollo Management warned wealthy ex-partner to stop stealing, but he kept doing it anyway

Charged with taking money from clients for personal expenses
The temptation for one millionaire to keep stealing proved to be his undoing, if a recent report proves true. According to the Securities and Exchange Commission, Mohammed Ali Rashid, a now-former senior partner at Apollo Management, was told twice by the private equity firm to stop stealing clients' money. They say he kept doing it anyway.
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Amherst Holdings boosts single-family rental portfolio in $153.4 million deal

Acquires 1,523 properties from Tricon American Homes
Amherst Holdings, which has recently been selling single-family rental homes out of its portfolio to Altisource Residential, announced this week that its single-family residential platform completed an acquisition of rental properties that pushes its total portfolio to approximately 16,000 homes.
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Mohamed El-Erian talks rate hikes, future of the Fed, state of housing

Chief economic advisor at Allianz shares economic views at MBA Annual
Speaking at the Mortgage Bankers Association Annual Convention in Denver, Mohamed El-Erian, the chief economic advisor for Allianz and the former chief executive and co-chief investment officer at PIMCO, told the crowd that any concerns over the impact of future rate hikes from the Federal Open Markets Committee, the future leadership of the Federal Reserve, and the looming shrinking of the Fed’s balance sheet are unwarranted.
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Amherst: The state of single-family rental investments

4 charts break down the market
The single-family rental market is now past 200,000 properties owned by institutional capital. And this is probably a low estimate, according to a new white paper from Amherst Capital Management. These four charts break down the shifting trends in the SFR market.
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SIFMA voices concern about secondary market impact of rapid VA loan refinancing

Supports Ginnie Mae, VA effort to address lenders targeting veterans
Investors are concerned with the secondary market impact of mortgage lenders aggressively targeting servicemembers and military veterans for quick and potentially risky refinances, according to SIFMA, a prominent secondary market trade group. SIFMA voiced its concerns in a letter sent Wednesday to Ginnie Mae, which recently launched an investigation and a task force with the Department of Veterans Affairs to review a rise in rapid refinances among VA loans.
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Here's what is holding up digital mortgages from the secondary market

From eClosing to eNote
The industry has made significant progress in digitizing the mortgage process, working to transform it from start to finish. However, the closing process is proving to be one of the most difficult parts to make digital, as the secondary market isn’t as keen on the idea of an eClosing. Nancy Pratt, Pavaso vice president of partner relations and government affairs, explains what it will take to get the industry on board.
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Quicken Loans brings digital mortgages to secondary market through eOriginal partnership

Digitalizes final steps of Rocket Mortgage
A new partnership between Quicken Loans and eOriginal takes the digital mortgage to the next level and helps bring it to the secondary market. Through the partnership, Quicken Loans’ Rocket Mortgage will be able to digitally create an electronic note and securely store it as an authoritative copy.
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