THIS JUST IN: Two more managers for All Fund Mortgage have stepped forward and told NationalMortgage News that they have not been paid in several weeks. (Typically, All Fund used to pay within 48hours.) One manager, requesting anonymity, said she has not been paid since April and is owed close to $8,000."They are not returning my phone calls or e-mails," said the manager who is based in the South. NMNhas published two stories on All Fund's woes and is working on a third one. Stay tuned
A former top production executive for New Century Financial Corp. has been hired by Morgan Stanleyto help manage its nonconforming production business. (The executive joined NCFC -- which is now liquidating --from Washington Mutual about a year ago.) To find out his identity, read the Monday edition of NMN.Don't subscribe? Call: (800) 221-1809
NMN is putting the finishing touches on its Mortgage Industry Directory. One thing we'vediscovered is that quite a few loan officers list Fannie Mae's MyCommunityMortgage as their favorite loan.The favorite software among brokers appears to be Calyx's Point product and Ellie Mae's Encompass
In case you haven't noticed, the yield on the 10-year Treasury bill is now at 4.925%
So, will the Federal Reserve cut rates? The U.S. economy nearly stalled in the first quarter with growthslowing to 0.6%. It was the worst three-month performance in more than four years. But in its recent FOMC meeting,the body called inflation "uncomfortably high" which means a rate cut likely is not in the works. TheFed has left short-term rates unchanged at 5.25% for seven straight meetings
Mortgage servicers take note: Hurricane season starts June 1. This year experts predict a 75% chance of a majorhurricane hitting the nation with 17 "named" storms anticipated for the season. Better check those floodinsurance policies
Banc of America Securities analyst Tamara Kravec has a "buy" rating on Genworth Financial,which, among other things, owns a mortgage insurance unit. Meanwhile, Citigroup analyst Colin Devinehad a "hold" rating on the stock. In a recent client note he says, "We believe Genworth continuesto face a highly challenging operating outlook due to its mix of business that will see it struggle to grow earnings"
NO LONGER WITH US: Preston Martin, the former No. 2 officer at the Federal Reserve -- andthe founder of PMI Mortgage of San Francisco. Mr. Martin died Wednesday at his California home of heartdisease. He was 83. He served as vice chairman of the Federal Reserve Board from 1982 to 1986. Our condolencesto his family.
WASHINGTON NEWS: Senior Republicans on the House Financial Services Committee are supportingefforts by Comptroller of the Currency John Dugan to curb "stated-income" loans, for whichsubprime lenders don't verify the borrower's income. "We were interested to see Comptroller Dugan's recentremarks on stated-income loans, or 'liar’s loans,' and are deeply concerned about the explosion in originationsof these mortgages in the subprime market," Reps. Spencer Bachus (Ala.), Paul Gillmor (Ohio) and Judy Biggert(Ill.) say in a letter to federal banking regulators. (See Brian Collins' story in Monday's NMN.)
DATA NOTICE: Need reliable research on top funders and servicers dating back to 1999? NMN hasavailable for purchase back issues of its popular Quarterly Data Report going back to the fourth quarterof 1999. (The QDR provides information on prime and subprime.) If you want details on the top funders of alt-A,payment-option ARMs, jumbos and more check out the Alternative Products Quarterly Data Report. For moreinformation e-mail
