Hammered by losses on its subprime business, banking giant HSBC Holdings plans to unload some of its A-minus to D loans, which total in the billions, investment banking sources have told MortgageWire.The bank -- which owns No. 1-ranked subprime lender HSBC Finance -- also plans to stop providing warehouse financing on subprime mortgages, sources said. A bank spokeswoman declined to address both matters, citing company policy "not to comment on speculation." One warehouse executive said, "A client of ours was told by HSBC they are exiting the business and ending their relationship." Two bidders that invest in nonperforming product said they have already approached HSBC about buying its subprime holdings -- but at a discount. (For more details, see the March 12 issue of National Mortgage News.)
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18