Right after I graduated college I read an existential novel called 'The Woman in the Dunes' by Japanese writer Kobo Abe. The story is a bit fuzzy in my mind now, but it centers around an entomologist name Niki who gets stuck in a sandy quarry with a widow who is employed by local villagers to dig sand for sale. Niki tries to escape the sand quarry but can't and faces an eternity of digging sand. Eventually, he does escape but then gets caught in quicksand and the villagers toss him back into the quarry to dig even more sand. The reason I bring this story up is Fannie Mae – One day it will post an operating profit (but when?) but is so indebted to the U.S. Treasury via its preferred stock investments that it can never truly escape its fate: an endless cycle of digging sand. With its latest loss, Fannie asked Treasury for a draw of $4.6 billion (to maintain a positive net worth). With this latest request, Fannie will owe the Treasury $117 billion, which translates into annualized dividend payments to the government of $11.7 billion. Sand, sand, sand. Everywhere. (Thanks to Wikipedia for brushing me up on the novel.)
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The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.
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Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
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The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
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The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
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