The market for "flow" servicing deals is anemic these days, says MIAC's Dan Thomas. According to Mr. Thomas, quite a few originators are selling their newly originated mortgages "servicing-released" to the mega buyers instead of cutting separate flow deals...
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Credit Suisse First Boston is not restructuring its non-conforming mortgage operation, says managing director Jeff Detweiler. Mr. Detweiler also said there are no plans whatsoever to close or trim its Princeton, N.J., based operation. Investment bankers and subprime firms that do business with CSFB have been talking about impending changes at the investment banker for weeks now, but Mr. Detweiler says there is nothing afoot. "Business has been excellent this year," he said...
The Mortgage Bankers Association held what looked like a successful subprime conference in Washington this past week. Several Wall Street firms were on hand to pitch their views on "net interest margin securities" or NIMS. Speaking on the securitization panel: Thomas Kaplan, Hanover Capital; Brendan Keane, CSFB; Jay Lown, Salomon Smith Barney; Shahid Quraishi, PriceWaterhouseCoopers; James Raezer, Greenwich Capital ; and Frank Raiter from S&Ps...
MBA also runs a successful technology conference. One MBA official told us recently that he's a bit concerned about competition from Fannie Mae's technology conference. A few months back Fannie held its tech show in Crystal City, Va. One speaker told National Mortgage News that Fannie asked him to pay to attend even though he was making a presentation at the meeting. "It cost $450 to attend," he said, disturbed about it. "I didn't pay it. They were also charging for exhibit space. I guess that means they're in the conference business now." The MBA source said Fannie Mae's Debbie Byrd was running the tech show. We called Ms. Byrd to ask her about the meeting but she didn't return a telephone call...
Short positions in Farmer Mac's stock rose 42% from mid-March to mid-April..
IN CASE YOU MISSED IT: Pat Sheehy, Freddie Mac's senior vice president and general manager in charge of national sales, resigned from the company to take a position with Molton Allen & Williams, a mortgage banker based in Birmingham, Ala...
