Paul Muolo

In the wild and wacky days of the savings and loan industry (pre Garn–St. Germain days and even after) the idea of “borrowing short and lending long” was considered a recipe for financial trouble. Of course, back then rates were higher and the issue of deregulation was considered a fallacy.

The American Bankers Association this week sent a letter to leaders in the Senate asking them to block an amendment drafted by Sen. Jeff Merkley, D., Ore., that among other things would require an independent third-party review of a troubled loan before a foreclosure could be finalized.

Housing starts rose 3.5% in May to a seasonally adjusted annual rate of 560,000 units, retracing almost half of April's steep decline, according to figures released by the Commerce Department.

In a new letter, ten Senate Democrats have asked the Comptroller of the Currency to “consider” servicing standards favored by the state attorneys general as a way to ease foreclosure conditions for struggling mortgagors.

It seemed like a sure bet: with the nation’s banks and securities firms saddled with hundreds of billions of dollars in delinquent loans, a fortune might be made by bottom fishing for these assets. After all, desperate sellers might be willing to get out from underneath their toxic mortgages at any price. Right?

Remember back in the 1950s when rock ‘n’ roll was going to corrupt the brains of America’s youth and lead to widespread communism? And now this music form is part of the American fabric. Could it be that all the fear mongering over the Consumer Financial Protection Bureau is overblown?

Mortgage bankers funded $11.3 billion of interest-only loans in the first quarter, a 60% gain from the same period a year earlier, according to figures compiled by National Mortgage News and the Quarterly Data Report.

Dave Lowman, chief executive of JPMorgan Chase’s residential mortgage unit for almost five years, is stepping down, according to a statement issued by the company.

MountainView Servicing Group is brokering a $188 million package of Government National Mortgage Association servicing rights for an undisclosed seller.

Roughly 71% of voters support the mortgage interest deduction, and most of those also back tax breaks for HELOCs and second homes, according to a new study from the National Association of Home Builders.

Have a question for the Consumer Financial Protection Bureau? Perhaps, you're a consumer who thinks some megabank quoted you a dodgy mortgage rate or is trying to steer you to an appraisal firm owned by the loan officer's brother – or maybe you're a member of the press that has a question for the young agency?

The Consumer Financial Protection Bureau has hired Christopher C. Haspel away from the Government National Mortgage Association, giving him a top slot at the new agency, according to officials familiar with the matter.

Senior mortgage bond holders that are being serviced by Litton Loan Servicing could be in for some cash flow disruptions because of the Ocwen deal, according to a new report from Moody’s Investor Servicer.

Only two million or so households have enough equity in their homes and high enough credit ratings to be viable candidates for home equity lending, according to a new analysis from Lender Processing Services.

I had an interesting conversation on Friday with one key industry player in the risk retention debate. Without giving away any hints on his identity, he relayed this scenario, which I paraphrase for you

By early July the Federal Housing Finance Agency is expected to release its long-awaited proposal on changing servicing compensation, offering the industry three initial options, according to servicing advisors close to the matter.

Ally Financial Inc., the bank holding company that controls the nation’s fifth largest residential lender, has delayed – for now – its initial public offering, according to industry advisors who do business with the company.

The initial news from the data division of National Mortgage News doesn’t look particularly bright for loan brokers: their market share fell to an all-time low of 6.9% in the first quarter, the lowest reading ever.

Earlier this year the Federal Reserve installed new regulations governing how loan brokers can be compensated – and the results are in: the broker/wholesale market share fell to 6.9% in the first quarter, the lowest reading ever recorded by National Mortgage News and its affiliate, the Quarterly Data Report.

A unit of Brick Realty Capital, New York, has purchased a $2.69 million nonperforming commercial mortgage collateralized by a 30-unit multifamily building on New York’s Upper East Side.