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Home | News | Secondary Market

Ocwen Responds to Allegations, Accuses Investors of Pushing Homeowners to Foreclosure

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Atlanta-based mortgage servicer Ocwen Financial has responded to a Notice of Nonperformance filed on Friday by law firm Gibbs & Bruns on behalf of investors BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo. Monday, Ocwen attorney Richard A. Jacobsen responded to the allegations with the following statement: "Ocwen continues to be committed to meeting all of its servicing obligations in accordance with its contractual arrangements in the over 2,500 Trusts that it services, and in full cooperation and compliance with its industry regulators. Your clients, on the other hand, are asking Ocwen to turn its back on the Trusts as a whole, on the borrowers, and on public policy. Ocwen declines to do so and reserves all its rights and remedies."

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Freddie Mac to Auction $410 Million Worth of Delinquent Mortgage Loans

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Government-sponsored enterprise Freddie Mac has announced that it will begin its second sale of “deeply delinquent” mortgage loans in three pools worth approximately $410 million. Delinquent loans left over from a wave of foreclosures following the housing bust have dogged Freddie Mac and its sister GSE, Fannie Mae. The conservator for both GSEs,

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Realignment Results in Servicer Cutting More Than 800 Jobs

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Luxembourg-based mortgage servicer Altisource Portfolio Solutions is cutting more than 800 jobs both overseas and at home in the wake of what was a bumpy year for the company. The move was announced in a conference call with investors on Friday that saw Altisource management working to reassure shareholders who have seen their stock drop more than 80 percent in the last year.

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Report: Mortgage Regulations Have Had Positive Impact on RMBS Sector

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While the onslaught of new mortgage regulations in the last year has created headaches for lenders, it's had a clear positive impact in one area, Fitch Ratings says in a new report: the residential mortgage-backed securities (RMBS) sector. In its latest look at the RMBS segment, the company says that while the market still has some rebuilding left to do, it "has seen some rather substantial improvements of late," owing in large part to improved loan underwriting standards in recent years.

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Fannie Mae CEO Warns Against Housing Finance Reform

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Speaking as a guest presenter at the Rotary Club of Atlanta on Monday, Fannie Mae President and CEO Timothy Mayopoulos warned against any type of reform where housing finance is concerned, telling the audience that “the (current) system works,” according to a report from the Atlanta Business Chronicle.

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