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Home | News | Secondary Market

FHFA Proposes Minimum Financial Requirements for GSE Servicers, Sellers

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The Federal Housing Finance Agency (FHFA) announced on Friday proposed new minimum financial requirements for mortgage sellers and servicers to do business with Fannie Mae and Freddie Mac. The proposed requirements include minimums for net worth, capital ratio, and liquidity criteria that must be met by servicers and sellers to do business with the GSEs.

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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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