Investments

Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.

Two more lenders, AmeriHome and Caliber, look to join Rocket and United Wholesale Mortgage, by raising capital through public stock offerings.

The government-sponsored enterprise's first multifamily sustainability bond transaction, totaling $600 million, is part of Freddie's K-Deal program.

China Oceanwide said it was not able to meet with Hony Capital to finalize the terms and conditions because of the pandemic.

The net share of mortgages in Ginnie Mae securitizations with suspended payments appears to be stabilizing, but the number of new requests creates doubt about whether it will subside.

Called it a better all-around process for United Wholesale Mortgage to become a publicly traded company.

Wholesale's technological capabilities and its scalability have been increasingly attractive to lenders given the recent surge in volume.

The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.

Weeks after Rocket Cos. launched its own IPO, the wholesaler is merging with a special-purpose acquisition company in a deal that values it at over $16 billion.

The percentage of borrowers who have asked to temporarily suspend payments due to coronavirus-related hardships is down overall, but in the Ginnie Mae market, they're still inching up.

Mortgage lender loanDepot is taking steps toward rebooting plans for an initial public offering, about five years after scrapping one at the last minute, according to people with knowledge of the matter.

Congress should pass legislation that would allow Home Loan banks to backstop deposits by local governments at commercial banks and lower the cost of bond financing, two mayors argue.

The only rational strategy for holding MSRs is to be very aggressive on protecting the servicing assets via loan recapture. This is one of the chief reasons that banks have been willing to give up their share in lending and servicing as they collapse back to retail-only lending strategies.

The potential acquirers included a "go shop" provision as a sweetener in the rejected offer.

Also the Federal Housing Administration, which is a key contributor of government-insured loans to Ginnie securitizations, recently set new conditions on mortgage applicants that have been in forbearance.

The GSEs began sharing their risk with the private market in new ways during conservatorship, and the Federal Housing Finance Agency’s proposed capital framework currently discourages the use of those strategies. Industry leaders voiced concerns in a FHFA listening session this week.

Mortgage rates fell 7 basis points this week to yet another record low in the 49-year history of the Freddie Mac Primary Mortgage Market Survey, as stock market indicators sank during the period.

Nearly half of the second-quarter volume came from its existing customers.

Following its deadline for written comments on the topic last month, the Federal Housing Finance Agency is scheduling events that will focus on two key themes emerging in responses.

Neither side opted to invoke their Aug. 31 termination rights and the deal is set to close by the end of September.