Jan 3, 2012

Like it’s homely siblings, Fannie Mae and Freddie Mac, Ginnie Mae is central to our housing economy. It facilitates affordable housing a reality for millions of low-and moderate-income American households across America by channeling global capital into U.S. housing markets. The Ginnie Mae guaranty allows mortgage lenders to obtain a better price for...

May 31, 2011

  By Oliver Wright Esq. The FDIC sold $1.2 billion of commercial mortgages during the second quarter in 171 transactions, recovering $650 million, or nearly 55 percent of the loans‘ principal balance. It has sold those loans to a total of 147 investors in 417 transactions. During the latest quarter, according to FDIC data compiled...

May 31, 2011

posted by OLIVER WRIGHT ESQ. What is Mortgage Backed Securitization? Distilled down to the basics, a company (financial or non-financial Sponsor) securitizes mortgage assets when it: (1) pools a discrete group of cash flow producing assets with similar characteristics (usually financial institution originated, self-liquidating loans with similar terms,...

May 29, 2011

Many of the securitizations done this year were collateralized by legacy mortgages. Due to the seasoned nature of these loans, there were often various deficiencies, prior to securitization, with respect to the completeness of key mortgage documents, some of which may impede a lender’s ability to foreclose on a property. In an environment where foreclosure is...

By Oliver Wright Stan Kurland, the former Countrywide president who hoped to make a killing by purchasing distressed mortgage assets at bargain prices, is facing a cold reality that’s thrown a monkey wrench into his strategy: banks and Wall Street firms aren’t selling. The financial garage sale of the century — with an anticipated $1...

Nov 25, 2009

Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9 billion in the previous quarter. Federal Deposit Insurance Corp. Call Report information shows that most of the buyback demands fell on JPMorgan Chase and Bank of America. Chase repurchased $2.7 billion in defaulted loans and BoA...