A nonperforming second-lien portfolio with a face value of $365 million is about to change hands, according to an investment banker close to the transaction. Final contracts could be signed by the end of next week. The product includes distressed closed-end second liens and open-end HELOCs that have been frozen. At press time no further details were available. Nonperforming second-lien portfolios tend to trade for just pennies on the dollar.
This was the second acquisition Luminate's mortgage arm has made since the start of 2025. The bank bought NJ Lenders Corp. in April of last year.
The Mortgage Bankers Association lowered its refi expectations by 5% this month, as rising mortgage rates are dampening borrowers' positions.
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
A proposed seven-year mandatory selloff rule aimed at institutional investors was a factor in halting momentum for new BTR development, NAHB said.
May's 15,855 actions are the least since September 2025, when Fannie Mae and Freddie Mac had 15,550 loans modified, forborne or otherwise dealt with, FHFA said.
The government-sponsored enterprise oversight chief said his agency is focusing on select fees applied to mortgages that lenders sell to Fannie and Freddie.
