The loans being offered in the pool are deeply delinquent and are geographically diverse. All the loans in the pool are currently being serviced by Ocwen Financial. Bids are due from qualified bidders for the pool on May 20 and the sale is expected to settle sometime in July.
Read More »Serious Delinquency Rate Falls Amid Portfolio Expansion for Freddie Mac
The portfolio's March expansion represented an increase of about $1.5 billion, up to $1.914 trillion. It was only the 14th time in the last 63 months that the portfolio has expanded dating back to January 2010, at the height of the foreclosure wave.
Read More »Will Banks Benefit From Recent Non-Performing Loan Sales by GSEs?
While the demand for high-quality mortgage-backed securities has been slow since the housing crisis, Fitch said that more major institutional buyers that are hungry for new, higher-yielding investment opportunities have emerged as suitors for bulk NPL pools. Previously, distressed mortgage buyers tended to be specialized alternative investment firms.
Read More »Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion
The latest offering, STACR Series 2015-DNA1, represents a couple of firsts for Freddie Mac's STACR program: it is the enterprise's first transaction in which losses will be allocated based on actual losses realized on related reference obligations instead of using a fixed severity approach to allocate losses.
Read More »Treasury: Taxpayer Bailout of Fannie Mae and Freddie Mac Was Not an ‘Ordinary’ Loan
DeValk noted that when Fannie Mae and Freddie Mac were taken into conservatorship by the FHFA in September 2008, the GSEs agreed to pay quarterly fixed dividends to Treasury that were equal to 10 percent of the total amount of outstanding funding that Treasury had provided for the enterprises.
Read More »FHFA Reiterates Vow to Protect GSE-Backed Loans From ‘Super-Priority’ Liens
Several states currently allow HOAs to enforce the super-priority lien status and foreclose on a home non-judicially when the owner falls behind on his or her HOA dues—thus extinguishing the note held by the mortgagee, which in many cases suffers losses totaling hundreds of thousands of dollars as a result.
Read More »Freddie Mac Announces First Extended Timeline Pool Offering Auction of NPLs
As part of the continued effort to excise all deeply delinquent, non-performing single-family residential loans from its mortgage portfolio, Freddie Mac has announced its first-ever Extended Timeline Pool Offering (EXPO) auction.
Read More »Mortgage Industry and Default Servicing Law Firms Convene at Legal League Servicer Summit
As is true in several other sections of the industry, regulatory compliance was a hot button issue. Several discussions at the Servicer Summit were centered on the question of how to adapt to constant regulatory changes and avoid the adverse effects of non-compliance. The evolving business landscape was another major theme of discussion at the Servicer Summit. With foreclosures on the decline in the last two to three years, many default servicing firms have struggled to maintain their position in the industry.
Read More »FHFA: Current G-Fees Are at an Appropriate Level, Only Modest Adjustments Needed
When considering adjustments to G-fees for certain categories of loans, FHFA took into account the decision (also announced Friday) to enhance the eligibility standards for mortgage insurance companies. Overall, the FHFA said, the modest changes being made to the upfront G-fees are revenue neutral and will mean little or no change for Fannie Mae and Freddie Mac.
Read More »FHFA Launches Neighborhood Stabilization Pilot Program in Illinois
The Neighborhood Stabilization Initiative is a set of strategies that aim to help delinquent borrowers avoid foreclosure and create a more efficient disposition path for foreclosed properties that will first be introduced in Cook County, Illinois. The housing market in the county, which contains Chicago, took a precipitous dive at the end of 2008 that took four years to reverse, according to data from DePaul University.
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