New York Post, Feb. 29, 2016
Ocwen Financial is again being probed by regulators over fees and expenses related to liquidated loans and bank-foreclosed properties, the company said in a regulatory filing on Monday.
Category: Top National News
Buffett Defends Housing Unit Against Critics
National Mortgage Professional, Feb. 29, 2016–Hall, Phil
Warren Buffett forcefully defended his Clayton Homes manufactured housing operation this weekend in his annual letter to Berkshire Hathaway shareholders, citing data to support his claims of a well-run operation with minimal hiccups.
Ginnie Mae Re-Opens Doors to New Issuers
National Mortgage News, Feb. 29, 2016–Sinnock, Bonnie
After imposing a virtual moratorium on adding new issuers, Ginnie Mae is again accepting applications from mortgage companies seeking to pool loans for securitization and servicing.
Ocwen, Walter Investment Both Post Full-Year Losses for 2015
National Mortgage News, Feb. 29, 2016–Passy, Jacob
Ocwen Financial Corp. and Walter Investment Management Corp. both recorded full-year losses in 2015, though that is where comparisons between the two companies cease.
U.S. Pending Home Sales Hit One-Year Low; Manufacturing Weak
Reuters, Feb. 29, 2016–Mutikani, Lucia
Contracts to buy previously owned U.S. homes fell to their lowest level in a year in January amid a persistent shortage of properties for sale, which could slow the housing market ahead of the spring selling season.
Is ‘The Big Short’ an Accurate Description of the Financial Crisis?
HousingWire, Feb. 29, 2016–Swanson, Brena
The results for the 2016 Oscars are in, and The Big Short won Best Adapted Screenplay. But despite the new Hollywood proof that the film is impressive, it doesn’t mean that the movie is the most accurate source for how the financial crisis unfolded.
CT High Court Upholds Bifurcated Mortgage Filing Fees
Hartford Business Journal, Feb. 29, 2016–Seay, Gregory
A recent Connecticut Supreme Court ruling affirming the state’s imposition of higher realty-recording fees on an electronic mortgage registry will preserve a vital revenue stream for the state and its municipalities, but also maintains higher closing costs for many borrowers, experts say.
PHH Abandons Organic Growth Plans in Retail Mortgages
National Mortgage News, Feb. 26, 2016–Finkelstein, Brad
PHH Corp. is stopping the organic growth of its retail mortgage origination business with the notable exception of its joint venture with Realogy Corp, PHH Home Loans.
Hilton Says It’s Getting Out of the Real Estate Business
Reuters, Feb. 26, 2016
Waldorf Astoria hotels owner Hilton Worldwide Holdings will spin off most of its real estate assets into a real estate investment trust, joining a list of companies turning to the tax-efficient structure to maximize shareholder returns.
U.S. Economy Starting 2016 on Solid Footing
Wall Street Journal, Feb. 26, 2016–Torry, Harriet
The U.S. economy looks to be off to a solid start to the year after ending 2015 on a sour note, with consumer spending showing signs of a pickup and the fourth quarter’s initial growth reading looking a bit better than thought.