April 2014

Ginnie Mae Nixes Bank of America Mortgage Servicing Transfer

April 18, 2014 Lynn Szymoniak

From American Banker:

Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America (BAC) to a nonbank servicer because the bank is missing documents such as recorded mortgages and title policies on the underlying home loans.

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American Banker: How Union Bank is Rethinking Affordable Housing

April 2, 2014 Mark Cullen

From Kate Berry at American Banker:

There are no vacancies at the Birch Hills Apartment Homes, and it isn’t hard to see why. Just 10 miles from Disneyland, in Brea, Calif., the recently built, family-oriented property offers a swimming pool, computer lab and plenty of recreational space.

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Which Trusts Did Your Pension Fund Choose?

April 2, 2014 Lynn Szymoniak

RMBS PERFORMANCE REPORTS FROM MARCH 25, 2014 

At their inception, Residential Mortgage Backed Securities (RMBS) promised investors a safe investment in real property. Private pension funds and government pension funds were some of the largest buyers of these securities. Following the collapse of the housing market and the subsequent scandals and exposures of criminal practices in the securitization industry, the value of the trusts decreased dramatically.… [Read More]