Archive for Wells Fargo
Posted To: Pipeline Press
A few months back, all the press could do was talk about “double dip recession” possibilities. We’ve now had the election, the FOMC meeting, and a decent employment number. Many analysts and economists are now on the “slow recovery with no double-dip recession” bandwagon. It is hard to deny the view that US financial markets contain a huge amount of liquidity (both individuals and companies sitting on large amounts of cash), the economic data has been showing signs of improvement, mortgage prepayments have been steady, and the political climate was expected to change and did. The first three factors should help mortgages and mortgage rates. For folks who continue to look toward the “non-agency” MBS sector, rates have been coming down, and analysts are pointing to slower liquidation rates on…(read more)
Posted To: Pipeline Press
Pity the poor mortgage originator, who probably forgets their anniversary date with their spouse, but somehow has probably stored in their brains what all these abbreviations stand for: CFPB, FNMA, FHLMC, FHA, VA, USDA, RHS, GNMA, MBS, DU, LP, HUD, TARP, LQI, HARP, HAMP, LO, LTV, CLTV, PMI, MIP, LPMI, DTI RESPA, NAMB, GFE, TIL, APR, ARM, LIBOR, COFI, MTA, HELOC, COE, FRM, HECM, MBA, MLS, PUD, PITI, IO, REIT, REO, CBWR, NINA, YSP, SRP, OO, NOO, PPP, HMDA, VOE, VOD, VOM, FHFA, etc., etc. Not to mention all the abbreviations that are particular to the appraisal and Realtor businesses! (And please don’t send more.) Will PIMCO and/or the New York Fed sue Bank of America over “bad” mortgage-backed securities? The Federal Reserve Bank of New York has joined forces with BlackRock, Pacific Investment…(read more)
Posted To: Pipeline Press
There will be no civil fraud trial for Angelo Mozilo . On Friday he agreed to settle fraud charges with the U.S. Securities and Exchange Commission by paying a fine of $67.5 million. It is the highest fine ever for an executive of a public company, although critics are quick to point out that in 2007 alone Mozilo took in $121.5 million from exercising Countrywide stock options and was awarded another $22.1 million of compensation. The SEC’s director of Enforcement said, “Mozilo’s record penalty is the fitting outcome for a corporate executive who deliberately disregarded his duties to investors by concealing what he saw from inside the executive suite — a looming disaster in which Countrywide was buckling under the weight of increasing risky mortgage underwriting, mounting defaults and…(read more)