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  • Ocwen2.66+0.04 +1.53%
  • Zillow43.34+0.11 +0.25%
  • Trulia47+0 +0%
  • NationStar17.00-0.07 -0.41%
  • CoreLogic42.64-1.08 -2.47%
  • RE/MAX55.20+0.90 +1.66%
  • Fannie Mae2.60+0.00 +0.00%
  • Freddie Mac2.50+0.02 +0.81%
  • Wells Fargo52.41-0.37 -0.70%
  • CitiMortgage62.07+0.12 +0.19%
  • Bank of America23.24-0.01 -0.04%
  • Fidelity National Financial42.42+0.57 +1.36%
  • First American43.10-0.17 -0.39%
  • Black Knight Financial Services39.45-0.30 -0.75%
  • AUDUSD=X0.7445-0.0010 -0.1328%
  • USDJPY=X111.3100-0.4920 -0.4401%
Home | News | Secondary Market (page 2)

Serving the Underserved

In an effort to better serve some persistent affordable housing problems in the U.S. Fannie Mae and Freddie Mac released their proposed Duty to Serve plans. "Duty to Serve presents a welcome opportunity to lead the mortgage industry and help more American families with their housing needs," said Danny Gardner, Freddie Mac's vice president of affordable lending and access to credit. The purpose of the plan is to better serve some persistent affordable housing problems in the U.S.

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Fannie Mae Income Drops in Q1

Fannie Mae reported $2.8 billion both net and comprehensive income for the quarter, the exact amount of the dividend amount it expect to pay the Treasury Department in June. But that income for the quarter was nearly half what the GSE reported in Q4 of 2016.

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Credit Suisse to Pay $400 Million in RMBS Litigation

After allegedly selling toxic residential mortgage-backed securities which led to the failure of three credit unions, Credit Suisse Securities has agreed to pay $400 million in a settlement on Wednesday. The National Credit Union Administration settled with Credit Suisse, ending a litigation that has lasted nearly five years. The NCUA filed a motion for voluntary dismissal in Kansas federal court on Tuesday.

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Deadline Approaches for Shareholders to Pursue Claims Against Ocwen

According to Tripp Levy, Ocwen has made public statements to its shareholders that were false and misleading. The firm stated that the deadline for investors to make their claim is approaching, as it mounts a class-action law suit on behalf of shareholders who purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017. In reaction to recent allegations, Ocwen has responded: "Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the Company."

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Ocwen Files Restraining Order, Receives New Fitch Rating

Ocwen Financial filed two emergency motions requesting the immediate court action restraining the cease and desist order brought by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Commissioner of Banks of the Massachusetts Division of Banks. The recent events have caused Fitch to give Ocwen a new rating.

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Freddie Mac Releases Allowable for Clear Boarding

In an effort to reduce community blight and vandalism damage to vacant properties, as well as maintain property values, Freddie Mac released an allowable for clear boarding in a recent bulletin. Freddie Mac will reimburse servicers for use of clear boarding up to $2.25 per united inch, with a maximum amount of $2,000. According to Freddie Mac, in order to qualify, the clear boarding must be made of polycarbonate material or at least the same strength, at least 3/16” thick, and properly installed.

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The Week Ahead: FSC to Hold Financial CHOICE Hearing

In the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act. Committee Chairman Jeb Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.

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Paper Proposes Plan for GSE Reform

A new white paper has proposed a detailed plan for reforming the nation’s GSEs. Offering a roadmap toward reform, the paper also outlines how to handle the transition to a new GSE system, as well as the secondary markets role in the move. The paper is designed to help legislators move GSE reform along—a goal the new administration has made clear.

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Report: “CFPB Offers Much-Needed Protection”

A new report by Trulia says the Consumer Financial Protection Bureau has proven a powerful ally to borrowers across the economic spectrum. It’s also proven a valuable resource for military service members and older Americans. And taking it away could be more trouble than its worth.

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