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.
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.
Capital markets hold the key to the future for the consolidating Wall Street landlords, but the path through is downright bloody.
Freddie Mac in the next month plans to approve three more lenders, including one bank, to make multifamily loans between $1 million and $5 million for GSE purchase and securitization, according to an official. Banks were not initially courted.
American Homes 4 Rent, the largest publicly traded investor in single-family rental homes, has acquired a pool of properties from a subsidiary of Ellington Management Group, in what could be a sign of further consolidation in the industry.
As the real estate market ramps back up, lenders are looking for ways to diversify their portfolios, even if the returns are slim.
Marketplace lender Social Finance may pursue a larger initial public offering than expected, CEO Mike Cagney said. Progress in its mortgage business and a new lending app will be pivotal to the company's future, he said.