Matt Scully
Matt Scully is a reporter based in New York. He covers large banks and reports on complex financial topics, often related to the post-crisis recovery of consumer and mortgage credit. He tweets news often @scullymb.
Matt Scully is a reporter based in New York. He covers large banks and reports on complex financial topics, often related to the post-crisis recovery of consumer and mortgage credit. He tweets news often @scullymb.
If you thought the subprime mortgage-backed security was an artifact of the past, think again. Nomura Holdings and Angel Oak Capital have a deal that may help revive the part of the market that went bust during the crisis. Their success could encourage more banks to dip their toes back into riskier mortgages.
Bank of New York Mellon is building out a new investment firm with the mortgage specialist Amherst Holdings. The move is its second major commitment to a fixed income-related fund this year.
Ed DeMarco, the former chief regulator of Fannie Mae and Freddie Mac, warned that efforts under the Obama Administration to expand access to credit could risk repeating mistakes that led up to the crisis.
Four years after agreeing to an initial settlement, Bank of America has won court approval for its $8.5 billion settlement with investors over Countrywide's mortgage practices. Here's an update on all the other big mortgage litigation outstanding.
Fresh questions are being asked about the role of investors in the rental market and how their eventual exit may impact mortgage lending, property values and the economic recovery.
It's a mortgage on top of a mortgage, and at least one lender is making these loans again through brokers.
TCF Financial took $44 million in charges to rid itself of mortgages made before the housing collapse. A distressed-asset investor purchased more than $400 million in loans from the company, and another pool of bad mortgages may be marked for sale soon.
Joining the hunt for higher-yielding niche loans, the asset management unit of NewOak Capital has quietly launched a private fund to acquire nonqualified residential mortgages.
Homeowners associations seeking unpaid dues are seizing on a court decision allowing them to foreclose on properties ahead of banks, and the FHFA is litigating to defend Fannie and Freddie mortgages. Private lenders, meanwhile, are trying to keep the problem from spreading to more states.
The Ocwen spinoff Altisource Portfolio Services delivered notices to more than 800 employees and hundreds of contractors this week as part of the company's scramble to reassure investors.