The biggest "current" mystery in mortgage banking is the identity of the buyer who won the bid for HomeSide's $13 billion in servicing (believed to be GNMA rights). On Monday National Mortgage News reports that it could be Aurora Loan Services, but late on Friday speculation began to shift to Midfirst of Oklahoma City. Stay tuned...
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Non-mortgage assets held by Fannie Mae and Freddie Mac increased by 30% and 26%, respectively, in 2001. One reason cited is the lack of something safe and sound to invest in. The non-mortgage assets -- which total $152 billion at the two -- are viewed as short-term investments. In other words, the poor financial state of the equity and bond markets are forcing the GSEs to horde cash...
Fannie Mae, at year-end, had $20.9 billion of its "non-mortgage" assets invested in asset-backed securities...
The National Association of Mortgage Brokers kicks off its annual conventional in Cleveland this weekend. The city is home to the Indians, as well as the Rock 'n' Roll Hall of Fame. If you need a good trivia question concerning the city try this one: Who first performed the song "Cleveland Rocks?" Answer: Ian Hunter, former bandleader of Mott the Hoopla...
Veteran mortgage brokers might recall former NAMB chief Mike Hoogendyk, who put the trade group on the map in the last century. Mike is still alive and kicking at HomePoint Mortgage in Phoenix. According to the brand new 2003 Mortgage Industry Directory, Home Point ranks among the top 120 loan brokerages in the U.S
Thirty-year, fixed-rate mortgages stayed at their lowest levels since mid-November in the week ending June 14. Conventional 30-year FRMs could be had for 6.7%
CORRECTIONS: In last weekend's briefing I erroneously wrote that Washington Mutual was buying CalFed. It's Citigroup, of course, that is buying CalFed. (I wrote the original story for NMN so I should be doubly embarrassed.) Also, I made a mistake about thrift industry earnings for the first quarter. I meant to write Q1 2002, but I wrote Q1 2001 by mistake...
IN CASE YOU MISSED IT: The Mortgage Bankers Association has hired Jay Brinkmann as its vice president of research and economics. He joins MBA from Fannie Mae...
