THIS JUST IN: It appears that Frank Curry, former president of Acoustic Home Loans, haslanded on his feet. Acoustic imploded a few weeks ago. Mr. Curry left the subprime wholesaler earlier this year.Where did he land? For details see the National Mortgage News Online Daily early next week. Don'tsubscribe to NMN? Call: (800) 221-1809
Deutsche Bank has finally inked a deal to buy a subprime shop. The seller is Chapel Funding ofCalifornia. (Chapel's parent is based in New Jersey.) NMN broke the news of the pending deal in its May15 edition
Who were the top lenders and subprime funders in the first quarter? Check out the upcoming issue of the QuarterlyData Report. The QDR ranks the top overall and subprime lenders and servicers each quarter. To order e-mail
The big “mortgage news event” of next week has to be the Tuesday release of OFHEO's long-awaited reporton Fannie Mae's $10.8 billion accounting scandal. With the report imminent, top Treasury officials are poundingthe drum harder for portfolio limits. "We strongly support Sen. Shelby's version of GSE reform, and remainhopeful that by the end of this year we’ll have a stronger regulator for the housing GSEs with the authority anddirection to limit the size of their retained portfolios," Treasury undersecretary Randal Quarles saidin a speech to The Bond Market Association on Friday. According to NMN’s Brian Collins,Treasury secretary John Snow told traders that limitations need to be placed on the size of Fannie and Freddie'Mac's portfolios, which have combined assets of $1.4 trillion. Could it be that the Treasury officials have someinside information about the OFHEO report -- that it will embarrass Fannie and its supporters, clearing the wayfor the Senate to pass Sen. Richard Shelby's GSE bill? Stay tuned
Homebridge Mortgage Bankers of New York said it had a banner year in 2005, funding a record $1 billion-- double its volume in 2004. The lender is 16 years old. It now employs 130 loan officers and originates in 28states
Popular Financial Holdings has created a new mortgage servicing subsidiary called Popular MortgageServicing Inc.
Research firm Brean Murray has initiated coverage of New Jersey-based mortgage lender Hudson CityBancorp, calling it a "strong buy"
PAYBACK TIME: Class-action specialist Milberg Weiss Bershad & Schulman and two top partnerswere indicted for making more than $11 million in kickbacks to clients. Why should mortgage readers care? BecauseMilberg Weiss has sued many a publicly traded mortgage firm -- usually after their share price falls precipitously.Of course, even if Milberg goes bust, there will be plenty of class-action firms to take its place.
MORTGAGE PEOPLE: Lenders First Choice has promoted Dan Gaudreau to executive vice presidentof national closing operations. He is responsible for managing all closing operations within LFC.
WASHINGTON NEWS: Treasury undersecretary Quarles (mentioned above) warned debt security traders on Fridaythat any traders who establish unusually large positions in Treasuries can expect close scrutiny from regulators."Questionable trading behavior has consequences and can result in increased regulatory scrutiny and referralsto enforcement authorities," he said. Investment banks, banks, GSEs and FHLBs all are large investors in Treasuries.
MORTGAGE DATA & RESEARCH: Check out NMN's new "20 (Mostly) Private Mortgage Firmsto Keep an Eye on in 2006." Which firms made the list? For a sample contact
SURVEY NOTE: If you manage a mortgage banking firm, a brokerage firm, or happen to be a loan officer,NMN is still conducting annual surveys for these areas. For more information contact
