General Motors is talking to two finalists about buying part of the automaker's commercial mortgage business, a source familiar with the matter has told Mortgage Wire.A spokeswoman for GM confirmed that the company is considering selling part of the commercial business but offered no timetable on when a sale might be completed. "We want to maintain a significant stake in the company," she told MW. She would not comment further on the bidding process or potential buyers. Based in Horsham, Pa., GMAC Commercial Mortgage services $106 billion in commercial mortgages for itself and others, and has another $141 billion in master servicing on its books, according to the Commercial Quarterly Data Report. At year-end it had $247 billion in commercial servicing on its books (servicing for itself and others and master servicing). Valued at 100 basis points, the servicing alone could be worth $2.4 billion. The automaker, which last week revised downward its earnings projections, has $300 billion in debt on its books and its credit ratings are close to junk-bond levels. The credit woes of the parent are expected to increase the borrowing costs for both GMACCM and its residential unit.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
10h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
11h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16