Secondary markets

PIMCO Mortgage Income Trust tabled plans to launch an initial public offering this week following a steep stock market decline Monday.

Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.

Recapitalizing the GSEs by cutting off returns to the government would essentially be buying the GSEs from the taxpayers with money that belongs to the taxpayers.

Even after integrating the 52 Wells Fargo branches acquired in December as part of its efforts to diversify beyond home lending, Flagstar Bancorp's first-quarter earnings were driven by increased mortgage revenue.

Surging loan production expenses and low revenue killed profits in 2018 for loans originated by independent mortgage bankers and subsidiaries of chartered banks, according to the Mortgage Bankers Association.

Citigroup's first quarter mortgage-related revenue increased compared with the fourth quarter — although down slightly from the same period last year — as its lending operations continued to contract.

Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test that is central to the creation of a uniform mortgage-backed security.

The Federal Housing Finance Agency, by allowing Fannie Mae and Freddie Mac to split the CEO and president positions, let the companies dodge a congressionally mandated cap on executive salaries, the regulator's inspector general said.

Independent mortgage bankers lost the largest amount for originating a loan in the fourth quarter since this data has been tracked, as costs rose and volume dropped, according to the Mortgage Bankers Association.

Lenders must do more to address the safety of borrowers' personal information as digital mortgage strategies spread and regulatory scrutiny increases.