Items Tagged with 'mortgage-backed securities'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • DOJ sues Barclays over faulty RMBS claims

    Lawsuit dates back to the financial crisis
    The ripples from the financial crisis are far from over. Barclays is now the newest bank to get thrown into the spotlight due to a lawsuit filed on Thursday by the U.S. Department of Justice over faulty mortgage-backed securities during the crisis.
    Read More
  • Monday Morning Cup of Coffee: No-down mortgages making a comeback?

    No, they aren't
    Are zero-down mortgages making a comeback? Plus, Commerzbank sued four U.S. banks, claiming that they failed to properly monitor billions of dollars in mortgage-backed securities acquired by the German lender before the 2008 financial crisis. And, which seven movies tell the real story of the housing crisis? All that and more in your Monday Morning Cup of Coffee.
    Read More
  • Citigroup sued over billions in mortgage debt losses

    PIMCO, other investors file lawsuit
    Top banks are still dealing with the aftermath of the financial crisis. In the most recent court battle, Pacific Investment Management Co and other investors have sued Citigroup over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion in mortgage loans.
    Read More
  • 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.
    Read More