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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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
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.
April 25 -
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.
April 25