It appears that the Federal Deposit Insurance Corp. has picked a winning bidder on the $23 billion AmTrust residential servicing portfolio being offered through Milestone Partners. At press time details were sketchy, but a fast growing bank player in mortgages (whose name I know but I need to confirm) wound up with most of the portfolio. Stay tuned. Meanwhile, it appears that Fannie Mae/Freddie Mac foreclosures are on the rise. (See our website for more details).
The lender disclosed a big investment, plus hefty, albeit declining, origination volume but revealed a major hedge-related net loss it blamed on the failed bid.
The lender specifies a broad range for penalties but filings by the third-party originator's attorneys cite testimony where the specific formula is unclear.
Incomes have been rising faster than what buyers need to earn to afford one of these homes, but the annual gain began shrinking in January, Redfin found.
An industry sentiment index hit a new low, with 45% of investors saying the current business environment has worsened compared to a year ago.
About 7% of Zillow's workforce was let go, one of the steepest cuts in company history, trailing a 25% slice following the closing of Zillow Offers in 2021.
The move is aimed at bringing additional mortgage servicing rights and investment expertise to the technology company and its capital markets division.
