For a year now the government owned Ally Financial has kept mum on the idea of throwing ResCap into bankruptcy protection but the self imposed gag order came off late Friday night, squirreled away in the folds of a new 148-page SEC filing. Of course, anyone familiar with the Ally/ResCap saga knows that Ally CEO Michael Carpenter has never liked the mortgage business and for good reason: the housing crisis has turned ResCap into a money pit. Then again, it’s very possible that ResCap/GMAC has turned the corner. The mortgage firm’s problem isn’t its loan production of the past three years – it’s the legacy business and mortgage buybacks. It can be argued that a “clean bank” version of ResCap might be a great company, but will we ever know? The answer could come in about two weeks. If ResCap doesn’t make good on that missed bond payment it’s BK time. But I have a feeling that it will. I mean, why not? It has the cash flow. As for Tom Marano…
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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