Secondary markets

Political races bring on all sorts of silly comparisons so why not take a stab at asking this: who would produce a more profitable mortgage banking company: President Obama or Mitt Romney?

Richard Fisher, president of the Federal Reserve Bank of Dallas, is not shy about the fact he's a former banker. That's why it's all the more surprising that he's one of the leading advocates for dramatically reducing the size of the largest banks—arguing that failing to do so will jeopardize the health and stability of the financial system.

The Consumer Financial Protection Bureau, by its mere name proclaims its sole purpose is to protect the consumer’s interest in financial matters. But what happens when the rules and regulations designed to benefit the borrower actually harm the borrower?

The Federal Deposit Insurance Corp. has sued Bank of America, Citigroup, JPMorgan Chase and other banks for a cumulative $92 million in damages on mortgage-backed securities, alleging that shoddy appraisals and other underwriting defects tainted their sale.

To address investor preference for Fannie Mae MBS over Freddie Mac bonds, the GSE regulator could create a single instrument that includes loans guaranteed by both, according to speakers at an American Securitization Forum in Washington.

The chief economist for the National Multi Housing Council said the strength of the recovery of the multifamily portion of the commercial real estate market has attracted both debt and equity capital to finance these properties.

Clinton Group Inc., an investment manager which says it is one of the largest shareholders in Radian Group Inc., is calling on the Philadelphia-based private mortgage insurer to put itself up for sale.

A trio of industry executives attending the Mortgage Bankers Association’s National Secondary Market Conference in New York weighed in recently on what they think the building blocks needed for a true return of a nonconforming secondary market are slowly shaping up to be.

The National Credit Union Administration has barred the former CEOs of U.S. Central FCU and Members United Corporate FCU from working for, or with any corporate credit union for their roles in two of the biggest credit union failures.

Efforts to bring back a private-label residential mortgage-backed securities market have not been quick, nor—dare I say—wholly successful at this point.

For No. 3 producer Shelly Logemann, it is being responsive to her clients, plus having the proper work/life balance which is important to her success as an originator.

Wells Fargo & Co. is in the market with a $200 million package of nonperforming residential loans, according to investors that have been briefed about the deal.

MGIC Investment Corp. has filed a lawsuit in Federal Court in Milwaukee against Freddie Mac and its conservator, the Federal Housing Finance Agency, over the pool insurance dispute between the two companies.

The former MetLife Home Loans branch in Omaha, Neb., has become part of Gateway Mortgage Group, Tulsa, Okla.

Silvergate Bank said its warehouse lending division funded 1,570 loans totaling $419 million in the first quarter.

What does the future hold for the GSEs? Combined agencies? A GSE for nonconforming?

Residential lenders will continue to enjoy high gain-on-sale margins during the remainder of the second quarter, but those profits will be down compared to 1Q—which was exceptional—according to new research from Credit Suisse.

Impac Mortgage Holdings recorded a “significant” year-over-year expansion of its mortgage lending in the first quarter, but other costs largely stemming from legacy issues produced a consolidated net loss of $4.8 million during the period.

The other day a mortgage recruiter made a blunt statement to us: “Wholesale lending is really hot right now.” Of course, given what’s happened to the mortgage business the past few years and all the blame being placed on brokers for crappy loan quality, such a statement might be taken with a grain of salt.

A 13% increase in refinance applications led to a 9.2% seasonally adjusted increase in overall application volume for the week ended May 11, according to the Mortgage Bankers Association.