The sale of former nonprime lender Saxon Mortgage Services Inc. has been completed. While the deal will likely create a top-10 servicer, it also resulted in hundreds of layoffs and a consent order against a Wall Street giant. Saxon has been acquired by Ocwen Financial Corp. from Morgan Stanley for $73.8 million. Saxon was originally [...]
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Saxon Sale Signed, Sealed & Delivered
April 4th, 2012 
davidguide 
Posted in Business Loans 
Tags: consent, Inc., Morgan, mortgage services inc, nonprime, ocwen financial corp, Saxon, saxon mortgage services, saxon mortgage services inc, Servicer, subprime mortgages 
Comments OffAnger Grows Over FHFA Chief
March 31st, 2012 davidguide California’s attorney general is calling for the ouster of the acting director of the Federal Housing Finance Agency. Another California Democrat calls him a “random idiot.” Meanwhile, Republicans are blasting the FHFA chief for not doing more to rid the nation of Fannie Mae and Freddie Mac — which have cost U.S. taxpayers $188 billion [...]
Posted in Business Loans Tags: california democrat, Democrat, Fannie, fannie mae, fannie mae and freddie mac, Federal, finance, Housing, housing finance agency, ouster Comments OffCFPB Files Friend of Court Brief in TILA Case
March 27th, 2012 davidguide The nation’s regulator of consumer financial products has indicated in an appeals court filing that borrowers should be able to maintain their ability to sue a lender beyond three years in cases where required disclosures weren’t provided as long as a notice of rescission was given to the lender within three years. The lawsuit on [...]
Posted in Business Loans Tags: Brief, CFPB, Consumer, Friend, friend of court, hsbc bank usa, notice of rescission, ownit mortgage solutions, Regulator, subprime lender, TILA Comments OffBofA Tests Deed-in-Lieu Rentals
March 23rd, 2012 davidguide A new program being tested by Bank of America Home Loans on a limited number of delinquent mortgages would enable borrowers to hand over the titles to their properties but stay on as renters. The program could be expanded if it proves successful. The pilot program was launched this week in targeted hard-hit housing markets. [...]
Posted in Business Loans Tags: bank of america, bank of america home loans, BofA, Deed-in, delinquent mortgages, home, Housing, perception, post, public perception, Rentals Comments OffU.S. Nets Tidy Profit from MBS Investments
March 19th, 2012 davidguide More than $200 billion in agency mortgage-backed securities acquired by the U.S. government at the height of the financial crisis has netted taxpayers a more than 10 percent return. The Housing and Economic Recovery Act of 2008 was signed into law by President George W. Bush on July 30, 2008. Among the provisions of the [...]
Posted in Business Loans Tags: Act, department of the treasury, economic recovery act, fannie mae, ginnie mae, Housing, investments, law, mortgage backed securities, percent, Tidy Comments OffFlorida Foreclosures Deteriorate Despite U.S. Improvement
March 15th, 2012 davidguide While new foreclosure filings and completed foreclosures were lower for the nation as a whole last month, Florida saw significant deterioration. The Sunshine State had more foreclosures completed than any other state. The number of U.S. residential properties that were hit with a foreclosure filing during February was 206,900. Filings included notices of default and [...]
Posted in Business Loans Tags: Deteriorate, Deterioration, florida foreclosures, Foreclosure, Improvement, number, Pendens, residential properties, State, sunshine state, trustee Comments OffPrivate Money Lender Among Recent Casualties
March 11th, 2012 davidguide A private-money lender out of New York has vanished. It was also the end of the line for a Chicago bank and a net branch business in Michigan. Thomas Sullivan operated New York-based Heritage Capital Ltd. The company promoted commercial financing and residential jumbo financing. “In these times having a solid understanding and wide network [...]
Posted in Business Loans Tags: business in michigan, Casualties, chicago bank, heritage capital, lending, Line, Ltd, Money, private money lender, thomas sullivan, Understanding Comments OffLoan Performance Continues Improving at Radian
March 7th, 2012 davidguide Delinquency has declined for two consecutive months at Radian Group Inc. While there was no month-over-month change in new polices written, activity more than doubled from the same month last year. The mortgage insurance company reported $2.0 billion in primary new insurance written during February. There was no change in business volume from January. View [...]
Posted in Business Loans Tags: Business, change, change in business, Delinquency, Inc., insurance, loan performance, Mortgage, mortgage insurance company, new insurance, radian group inc Comments OffAlmost a Third of All HAMPs in 5 Cities
March 3rd, 2012 davidguide Nearly one-third of all government loan modifications are in five metropolitan areas. Monthly U.S. activity sank to the lowest level on record based on the latest data. As of Jan. 31, there were 768,773 active permanent modifications completed under the Home Affordable Modification Program. A month earlier, the total was 762,839. The increase of 5,934 [...]
Posted in Business Loans Tags: Affordable, data, government loan, HAMPs, home, Loan, metropolitan areas, Mortgage, Total Comments OffJumbo RMBS Issuer Closes on First 2012 Deal
February 28th, 2012 davidguide Jumbo issuer Redwood Trust has already closed on its first securitization this year and hopes to complete a half dozen before the year is out. The Mill Valley, Calif.-based company issued $416 million in new residential mortgage-backed securities during January. Redwood hopes to acquire around $2 billion in loans during 2012 and complete as many [...]
Posted in Business Loans Tags: analyst, conduit, Deal, dozen, jumbo loan, mortgage backed securities, progress, redwood trust, residential mortgage backed securities, RMBS, securitizations Comments Off
