Secondary markets

CMG Mortgage, a national wholesale lender, said it is temporarily suspending production of HARP 2.0 loans through loan brokers because of problems associated with long turn times.

Lately, we’re hearing way too many stories about mortgage firms turning away business and temporarily scaling back loan channels because they’re too swamped with applications.

The Federal Reserve Bank is planning to sell $3.4 billion in toxic mortgage debt that it inherited four years ago when it bailed out American International Group Inc.

The Federal Housing Finance Agency is expected to issue loan buyback guidance by late September—or even earlier—that could spell relief for seller/servicers depending on how many caveats are attached to the language.

Fannie Mae is tightening its underwriting standards on adjustable rate mortgages, which accounted for just 4% of the GSE’s total loan purchases in the second quarter.

FHFA auditors are in the process of identifying lenders which sold “materially deficient” mortgages to the GSEs and will bring civil damage claims against these seller/servicers.

Fannie Mae is moving closer to picking an advisor that will guide the government-sponsored enterprise as it moves to unload billions of dollars in nonperforming loans over the next few years.

FBC Mortgage has launched a separately operated and branded loan channel called CloseQuick to provide boutique third-party origination services to community banks.

Scandals have tarnished the reputations of many large bank mortgage lenders and one expert believes they need to go back to being community lenders, the same niche their smaller competitors occupy.

PennyMac Mortgage Investment Trust could raise $315 million in fresh cash when it closes on the sale of 15 million shares of its common.

Standard & Poor’s warned that the entrance of new and lesser known special servicing firms can overcrowd the market and complicate the servicing process.

By the fourth quarter, the government-sponsored enterprises likely will be reporting even stronger profits as their legacy loans continue to run off, being replaced by very profitable new issuance.

Ellington Financial, a specialty finance company that acquires and manages mortgage-related assets, sold 3.5 million shares of common stock.

The Mortgage Industry Advisory Corp. is selling almost $8 billion worth of Government National Mortgage Association servicing rights for an undisclosed client.

Government-sponsored enterprise reform needs to account for the GSEs' influence on commercial/multifamily securities markets as well as single-family ones.

Norcom Mortgage has entered the correspondent channel and is now actively buying residential loans from community banks, nonbanks and credit unions.

Freddie Mac’s approach to the first HARP refinancing program resulted in faster prepayment speeds on its securitized mortgages compared to Fannie Mae MBS, according to a new report from Amherst Securities Group.

A newly negotiated line allows PennyMac to tap Bank of America for up to $300 million.

The Consumer Financial Protection Bureau’s flat fee proposal met resistance from mortgage brokers, loan officers, and consumers who pay discount points.

On Monday, National Mortgage News will publish a story in its paper edition (yes, paper) that says the Federal Housing Finance Agency is working on language that will make GSE loans bullet proof from buybacks if they’ve been current for 36 months.