"Nothing is really being put out for bid right now," Ocwen executive chairman William Erbey recently said. "It's the whole market that's basically stopped."
Brokers of servicing rights say the overall market remains robust, despite suggestions by Ocwen's William Erbey last week that trades had ground to a halt. Trading of seriously delinquent portfolios has slowed on concerns about increased liability.
Sen. Mike Crapo, R-Idaho
The Senate GSE reform bill may bloat the bureaucracy, encourage risky behavior and expose taxpayers to losses, without sufficient support for affordable housing. That could still be better than nothing.
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The popular belief may be that manufacturing risk is no longer a concern with the current mortgage manufacturing process, which is assumed to generate substantially less manufacturing risk. Is the industry really seeing a reduction in risk?  READ MORE »
Mortgage bondholders have long complained to regulators that the national mortgage settlement gave large bank servicers credit for principal reductions and loan modifications they did not pay for themselves.
The recent housing recovery has been the saving grace for some 2005-2007 subprime mortgage bonds, but in others, delays in getting distressed properties to market have offset home price gains.
If it wasn't a malicious attack, what else could have overwhelmed the mortgage loan origination software vendor's servers at a time when originations are in the doldrums?
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.
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