Industry Mad as Hell on Buybacks

Well, the big MBA show is underway in Atlanta and some industry leaders delivered a message Monday morning that resounds with most seller/servicers: We've had it with buybacks and we're not going to take it anymore. Quicken Loans CEO William Emerson may've said it best when he noted that repurchase requests from secondary market investors are an "annoyance." (Quicken, by the way, is a fast growing firm that is poised to take market share from others.) Of course, there's plenty of third-party vendors out there, making good money on the buyback wars by representing both secondary market investors and seller/servicers — though not on the same deal. For full coverage of the annual MBA convention and other breaking stories visit: http://www.nationalmortgagenews.com/