Items Tagged with 'Mortgage-backed security'

ARTICLES

  • SoFi hires former Goldman Sachs head of mortgage securitization as new CFO

    Does Michelle Gill’s hiring mean more mortgage securitizations are coming?
    Over the last few years, SoFi has become a fairly regular issuer of loan securitizations, whether they are backed by mortgages, personal loans, or student loans. Now, it looks like SoFi may be making a bigger move into securitizations by hiring the former head of mortgage securitization at Goldman Sachs as its new chief financial officer.
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  • Ginnie Mae reportedly boots two lenders from bond program over VA loan churning

    NewDay and Nations Lending sanctioned
    Ginnie Mae’s battle against a number of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages just went to another level. Ginnie Mae reportedly booted NewDay USA and Nations Lending from its primary mortgage bond program after threatening the lenders earlier this year over their abnormally high prepayment speeds.
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  • Wells Fargo: Ginnie Mae warning on VA loan churning is just the beginning

    Analysts expect oversight of VA refinances to intensify
    On Thursday, Ginnie Mae laid down the law, so to speak, in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But according to analysts from Wells Fargo, Ginnie Mae’s threat of booting lenders from its bond program will not be the agency's last move in its effort to clean up VA loan churning.
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  • Ginnie Mae threatens to boot lenders from bond program over VA loan churning

    Steps up fight against lenders targeting veterans for quick refinances
    Ginnie Mae is turning up the heat in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae is now threatening a small number of lenders with expulsion from its primary mortgage bond program if the lenders do not address the issue.
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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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  • Ginnie Mae investigating aggressive lenders targeting veterans for quick refinances

    Review comes on heels of CFPB report, inquiry from Sen. Elizabeth Warren
    Ginnie Mae is looking into a number of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae’s investigation comes at the urging of Sen. Elizabeth Warren, D-Massachusetts, who raised concerns about lenders that may be “aggressively and misleadingly marketing the refinancing of mortgages backed by the Department of Veterans Affairs.”
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  • They're back: Wells Fargo prepares to issue private-label mortgage bonds

    First non-government bonds since the housing crisis
    Wells Fargo is preparing to jump back into the private label securitization market for the first time since the housing crisis. While previous practices caused investors to lose interest and even forced the company to pay up to the FHFA, Wells Fargo is now seeking to bring back confidence in private mortgage-backed securities.
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  • Mortgage bond trader Jesse Litvak convicted of fraud, again

    Found guilty on one count after Appeals Court tossed conviction on 10 counts
    The tale of Jesse Litvak may finally be moving toward an ending, as a federal jury on Friday found the former Jefferies managing director and mortgage-backed securities trader guilty on one count of fraud. It's a significant difference from Litvak's previous conviction, when a jury found him guilty on 15 counts of fraud.
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  • SEC, U.S. Attorney charge three former Nomura RMBS traders with fraud

    Allegedly repeatedly lied to customers, trained junior traders to do the same
    The Securities and Exchange Commission and the U.S. Attorney’s Office for the District of Connecticut are charging three former Nomura Securities International residential mortgage-backed securities traders with fraud, accusing the trio of “repeatedly lying” to customers about the pricing information of mortgage bonds and defrauding customers of millions of dollars.
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