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A Source of Distress

Posted by Leader on August 3, 2011 // 0 Comments

daily briefing A Source of Distress
August 2, 2011

Featured StoryA Source of Distress
By Mark Fogarty

Recently as I chaired the SourceMedia Buying and Selling Distressed Mortgage Portfolios Forum in New York City, I was thinking about this huge market and how it hasn’t quite opened up wide yet. But surely it is in the process of doing so.

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Trepp: CMBS Delinquency Sets All-Time Record in July
By Amilda Dymi

A Trepp report shows in July the overall U.S. delinquency rate of commercial mortgage-backed security loans jumped to 9.88%, an all-time record increase of 51 basis points compared to June—which is largely attributed to technical changes in data reporting and analytics.

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Mortgages Lose $127 Million for Ally
By Brad Finkelstein

The mortgage operations at Ally Financial Inc. lost $127 million for the second quarter due to its legacy portfolio, down from profits of $34 million in the first quarter and $230 million for the second quarter 2010.

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Freddie: ‘Cash-In’ Refis Still All the Rage
By Paul Muolo

Consumers who refinance are continuing to pay down their loans, at least in part, hoping to save thousands of dollars over the long haul, according to new figures compiled by Freddie Mac.

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FHFA May Issue Servicing Proposal with Just One Fee Structure
By Paul Muolo

The Mortgage Bankers Association fears that when the Federal Housing Finance Agency finally unveils its servicing fee structure proposal it will contain just one compensation model, and is appealing to the agency to include more.

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First Guaranty Correspondent Program Targets Underserved
By Brad Finkelstein

First Guaranty Mortgage Corp., McLean, Va., has rolled out its new line of products for underserved niches aimed at correspondent lenders.

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Lenders Fear ‘Witch Hunt’ In Probe of Fair Lending Cases
By Kate Berry, Joe Adler

An aggressive push by the Justice Department to investigate fair lending claims is prompting a backlash from bankers who claim the government is abusing its authority and contradicting findings by other federal regulators.

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Houston Mortgage Banker Still Considering a Deal
By Paul Muolo

Cornerstone Mortgage Co., Houston, a $3 billion a year originator, is continuing its talks with banks and may be close to a deal, according to industry officials close to the situation.

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Fannie’s Secondary Market Purchases on the Upswing
By Paul Muolo

Fannie Mae purchased $41.4 billion of home mortgages from its seller/servicers in June, its best purchase month of the second quarter, and a sign that originations in the primary market may be on the upswing.

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Equifax Acquires DataVision Resources
By Austin Kilgore

Equifax announced its acquisition of back-office processing, closing and post-closing service and technology provider DataVision Resources Tuesday.

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Good Quarter for Radian
By Brad Finkelstein

Radian Group Inc., Philadelphia, reported net income for the second quarter of $137 million, helped by widening spreads leading to a gain in fair value on its derivative portfolio of $194 million. One year prior, the company lost $475 million, due to a fair value charge of $588 million.

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Carrington Completes AHEC Deal
By Brad Finkelstein

Carrington Mortgage Services is ready to launch its wholesale loan production channel now that the Santa Ana, Calif.-based company has completed its purchase of American Home Equity Corp. Terms of the deal were not disclosed.

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