Goldman Sachs & Co. has yet to say boo about its subprime/nonconforming conduit. Its PR people havecontinually maintained a "no comment" stance about its plans. (Keep in mind there are two types of PRpeople in the world: those whose job it is to tell you stuff, and those who job it is to not tell you stuff. Goldman,like most of Wall Street, employs the latter.) Of course Goldman probably also doesn't want it known that it'sbeen looking at the subprime servicing platform of PCFS Financial Services . For details see Monday's NationalMortgage News . If you don't subscribe to NMN , call (800) 221-1809...
Also in Monday's edition is Bonnie Sinnock's story on offshoring to India. The story focuses on the findingsof the Tower Group ...
While we're on the subject of offshoring to India, GMAC Mortgage recently went on the record saying itwould not put call centers in that country. However, it does currently maintain a small call center operation inthe Philippines...
The new NMN Loan Broker Database , recently updated, is now available. The new LBD has rankingson the top loan brokerage firms in 2003 -- plus top producers, including contact information. Roughly, 3,200 activeand confirmed mortgage brokers are in the database. For more information contact:
The market for bulk servicing rights is heating up. Within the past 30 days servicing advisor Matrix BancorpTrading of Denver has brokered $15 billion in transactions. (Matrix was the broker on Hibernia 's saleof $10 billion in servicing rights to Citigroup.) MBT sales director Jonas Roth noted, "Thebulk market is very good right now." Last year MBT performed 240 servicing evaluations...
Accredited Home Lenders of California last week came to market with a $1.01 billion asset-backed securitydeal...
J.P. Morgan has initiated coverage on mortgage lender HomeBanc of Atlanta, giving it an "overweight"rating. HomeBanc, a non-depository, went public earlier this year...
Title company giant Fidelity National Financial has signed a definitive agreement to acquire a 74.9%stake in Kordoba GmbH , a provider of technology services to German banks. KGH is owned by Siemens BusinessServices. No purchase price was disclosed...
Countrywide Home Loans and Prudential Serls Prime Properties have formed a joint venture calledHeritage Mortgage. Through the new unit Countrywide will try to target consumers buying homes through Pru...
Sandler O'Neill last week reiterated its "buy" rating on Flagstar Bancorp . The mortgagelender has a price-to-earnings ratio of just 6.61...
The board of directors of Freddie Mac has set Nov. 4, 2004 as the date for its annual stockholders' meeting...
The California-based Central Pacific Mortgage has opened a new wholesale office in Fresno...
GOP CONVENTION COVERAGE: Fannie Mae and Freddie Mac will be funding a few wing-dings at the RNCconvention in New York this coming week, but Credit Union Journal reporter Ed Roberts tellsus that the press will not be allowed into the GSE parties. ( CUJ is a Thomson Media affiliate.) Remindsme a little of that Dr. Seuss story, "The Sneetches"...
WASHINGTON NEWS: At a California (Santa Monica) fund-raising dinner on Thursday, presidential candidateJohn Kerry unveiled his hopes for a national bill to combat predatory lending. The legislation would --among other things -- limit the financing of residential loan origination fees as well as prepayment penalties.Wright Andrews, an attorney for the Coalition for Fair and Affordable Lending -- which is lobbyingfor a national predatory bill -- said the Kerry-Edwards platform statement, in general, "appears supportive"of what CFAL wants to accomplish. Mitch Feinstein , chairman of the National Home Equity MortgageAssociation, said his group too supports the Kerry-Edwards proposal but he is waiting to hear specifics.Mr. Feinstein was at the fund-raiser, as was Sen. Barbara Boxer , D-Calif. (Mr. Feinstein also recentlyattended a Bush fund-raiser.) Meanwhile, don't forget the Federal Reserve's Open Market Committeenext meets on Sept. 21. Will the Fed hike short-term rates once again?
MORTGAGE PEOPLE: So long MPF, hello IndyMac. The California-based lender has named Bob Hearnfinancial institutions sales and marketing director/ correspondent services for its eastern region. Mr. Hearn willbe responsible for developing relationships with correspondents. He joins IndyMac from the Federal Home LoanBank of New York where he spent the last six years building its mortgage partnership finance program. ClassicStrategies Group , New York, has named Gideon Asher vice president. Mr. Asher is a former director offinancial institutions M&A for Citigroup Global Markets . Countrywide has hired Jim Panepintoas its senior vice president in charge of strategic business development. He will be responsible for joint-venturealliances with real estate brokers and homebuilders in the western and central U.S. NCB FSB , a subsidiaryof National Cooperative Bank , has named Andrew Hood assistant vice president of its real estategroup. Mr. Hood will be responsible for providing unit share loans to cooperative, condominium and single-familyhomeowners in the Washington metro area...
MORTGAGE DATA/RESEARCH NOTICE: Want to find out who the top online lenders were in the first and secondquarters? Purchase National Mortgage News ' " Loan Origination Software " report and getthe list for free. For more information contact Elizabeth Washington at (202) 434-0328 or e-mail:
