California mortgage manager Brandon Moss remembers the "scary time" when the industry fell to its knees during the 2008 financial crisis.
Thursday, September 13, 2018
Financial crisis a decade ago made mortgage sector stronger, says exec
Sunday, September 9, 2018
The New Mortgage Kings: They’re Not Banks
One afternoon this spring, a dozen or so employees lined up in front of Freedom Mortgage's office in Mount Laurel, N.J., to get their picture taken. Clutching helium balloons shaped like dollar signs, they were being honored for the number of mortgages they had sold.
New home buyers will pay for Arizona's construction worker shortage
Metro Phoenix led the nation for losing the most construction jobs during the housing crash.
Thursday, September 6, 2018
Freddie Mac Announces $655 Million NPL Sale
Includes an Extended Timeline Pool Offering Targeting Smaller Investors
MCLEAN, Va., Sept. 06, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today an approximate $655 million non-performing loan (NPL) transaction, which is an auction of seasoned non-performing residential whole loans held in Freddie Mac's mortgage-related investments portfolio. The NPLs are currently serviced by Specialized Loan Servicing LLC.
The NPLs are being marketed via four pools: three Standard Pool Offerings (SPO®) and one Extended Timeline Pool Offering (EXPO®), which targets participation by smaller investors, including non-profits and minority or women-owned businesses (MWOBs).
Bids are due from qualified bidders by September 28, 2018 for the SPO pools, and October 16, 2018 for the EXPO pool. The sales are expected to settle in December 2018.
All eligible bidders, including private investors, MWOBs, non-profits and neighborhood advocacy funds are encouraged to bid. To participate, all potential bidders are required to be approved by Freddie Mac and must successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s). The bids are to be made on an all-or-none basis for any pool separately or for any combination of SPO pools together. The winning bidder will be determined on the basis of the economics of the bids, subject to meeting Freddie Mac's internal reserve levels, at Freddie Mac's sole discretion.
Advisors to Freddie Mac on the transaction are Wells Fargo Securities LLC, and The Williams Capital Group, L.P., a minority-owned business.
Freddie Mac's seasoned loan offerings are focused on reducing less liquid assets in an economically sensible way from the company's mortgage-related investments portfolio. This includes sales of NPLs, securitizations of re-performing loans (RPL) and structured RPL transactions. To date, Freddie Mac has sold $7 billion of NPLs and transacted $43 billion of RPLs consisting of (i) $27 billion via fully guaranteed PCs, (ii) $14 billion via Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and (iii) $2 billion via Seasoned Loans Structured Transaction (SLST) offerings. Requirements guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities. Additional information about Freddie Mac's seasoned loan offerings is available at http://www.freddiemac.com/seasonedloanofferings/index.html.
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
Opendoor Aims to Capture More Market Share
Opendoor, an online marketplace where investors can purchase properties directly from the owners, is expanding its reach across the country, setting a goal of having a presence in 50 U.S. markets by the end of 2020. The company told HousingWire that it plans to operate in 12 new markets in the next year alone. Over the next few months, it will focus on Sacramento, Calif.; Riverside, Calif.; Denver; Portland, Ore.; Austin, Texas; and Jacksonville, Fla. Opendoor says expanding into those markets—along with the 10 cities it currently operates in—will make its service accessible to about 15 percent of the U.S. population.
The Catalyst For A Tech Turning Point: What The Housing Crash Truly Meant
Eighteen years ago, four researchers from Montreat College published a master's thesis detailing the results of a three-month study of "the effects of the internet on real estate" in their county in the spring of 1999. Using direct mail and self-addressed, stamped envelopes, the team surveyed residents of their North Carolina area to determine how internet usage affected their residential real estate transactions. Prior to reporting their results, they set the stage by mentioning a 1995 study, the most recent at that date, by the National Association of Realtors, which cited "consumer demand for more knowledgeable and professional agents" as the biggest need in the real estate industry. The team predicted, "Real estate professionals will no longer be the gatekeepers of real estate information in the future."
Wednesday, September 5, 2018
Daily Interest: A Festering Sore in Consumer Loan Markets
Question: What do home mortgage loans including second mortgage loans, retail installment loans, automobile loans, home improvement loans, and mobile home loans have in common – aside from being loans to consumers?
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