Secondary

Fannie reported comprehensive net income of $5.4 billion in the second quarter, a stunning 74% improvement from 1Q and will require no financial assistance from the U.S. Treasury Department.

PHH Corp., the parent company of the nation’s largest nonbank mortgage lender, lost $57 million in the second quarter and signaled its intention to reduce its presence in the correspondent lending channel where it ranks seventh nationwide.

The latest monthly prepayment numbers bear out expectations that refinancing sparked by recent record-low rates has some legs, but they also show that the HARP response is leveling off and the reaction to FHA MIP reductions has been muted, according to Credit Suisse.

These hirings are a precursor to a move into third party origination channels, company executives said.

Tree.com Inc. had net income of over $27 million in the second quarter, driven largely by the $26 million gain recorded on the sale of Home Loan Center Inc. to Discover.

GoldenTree Asset Management LP, the $15.7 billion hedge fund specializing in corporate credit, has hired former Goldman Sachs trader Deeb Salem as the firm expands its mortgage-bond team.

The government controlled Freddie Mac posted solid earnings of $1.1 billion in the second quarter – after paying the U.S. Treasury Department $1.8 billion in dividends on the preferred stock it owns.

Fortress Investment Group, which controls a large chunk of Nationstar Mortgage, has launched a $500 million private equity fund with a stated goal of buying mortgage servicing rights.

Valued Veterans, an appraisal management company, seeks to train military veterans as real estate appraisers.

At Origination News’ discussion with the officers of FAMP at its annual convention in Tampa, national housing correspondent Lew Sichelman asked how the changes to federal law have impacted the state’s education requirements and how conditions are in the various markets that make up this very diverse state.