Of G-Fees, Taxes and Politicians

It would appear that certain politicians—both left and right—look at guarantee fees and say to themselves: Hey, here’s a way to raise some revenue and no one will blame us for taxing mortgage lenders. Well, guess again. This past week National Mortgage NewsBrian Collins was the first to report how two senators—Bill Nelson, D-Fla., and Richard Shelby, R-Ala.—tried to raise g-fees, potentially using that money not to aid housing/mortgages but instead to pay for Gulf Coast reclamation projects. That’s correct. Luckily the amendment was killed. But anyone who makes their living in mortgages should retaliate against politicians who are consistently trying to destroy the housing finance system. (Retaliate = don’t vote for them.) As we’ve pointed out on numerous occasions: any increases in g-fees will not be paid by lenders, servicers or Wall Street. The party holding the bag in the end is always the consumer—the ultimate recipient of g-fee hikes. Why Washington hasn’t figured this out yet is beyond me…

In case you missed the exclusive on the NMN website Friday here’s something to think about: Ally Financial/ResCap/GMAC is out in the market with a huge MSR portfolio. Ally will definitely receive bids, but will it sell? Probably. But can Ally go public? It all depends on whether it can pull off a good bank/bad bank on its mortgage division. We’re told that nothing is off the table and that Carpenter, Marano Co. need to find a resolution before Election Day. Uncle Sam owns roughly 70% of Ally, a bank holding company…

One last word on Ally: Why is it pronounced “All-ied” and not Ally? Every time I see its commercials, I keep thinking: Allied Bank is some commercial bank in Southern California…

Meanwhile, one source at GMAC/ResCap told us that all is well with the firm’s retail and wholesale divisions. And the firm is still considered one of the more competent servicers in the business…

So, whatever happened to the $45 billion MSRs that were housed at HSBC Mortgage Services in Depew, N.Y.? Good question. A year ago HSBC slashed its workforce there. We’re told some of the portfolio has been lopped off to a subservicer, but that’s unconfirmed. If you have any intelligence drop me a line at Paul.Muolo@Sourcemedia.com

Weeks ago we heard talk that a megabank was working on a MSR sale north of $100 billion. That rumor (so far) has turned out to be false, but you never know…

Good news for Detroit: As NMN‘s Austin Kilgore reported recently: Quicken Loans is hiring 1,400 in the Motor City. And congrats to Quicken for quitting Rush Limbaugh. If you need a way to spend that saved money drop a line to Steven.Schloss@SourceMedia.com. He’s back from spring training in the Roma League.

In case you missed it: Lender Processing Services now has a home price index…

Mortgage firms cut 3,200 workers nationwide during January but we’re guessing most of those job losses (and more) are probably tied to Bank of America. We know for a fact that Caliber Funding, CitiMortgage, PennyMac and a host of others are hiring. If you know of any more drop me a line…

Next week NMN will put the final touches on its 4Q warehouse lending survey. If you’d like to participate send a note to Deartra.Todd@Sourcemedia.com…

Remember how the Federal Housing Finance Agency was going to put an end to the “Fee for Service” debate and leave the status quo alone? We understand the agency has changed its mind—yet again…

COMMERCIAL MORTGAGE NEWS: Ranieri Real Estate Partners and WL Ross Co. on Friday completed their purchase of Deutsche Bank Berkshire Mortgage, a top-ranked multifamily lender…

WASHINGTON NEWS: FHFA on Friday declared that the new CEOs of Fannie Mae and Freddie Mac—whoever that person might be—will earn no more than $500,000 per year, a major reduction in pay from the current job holders. Meanwhile, the “brain drain” at Fannie and Freddie continues. Well, at least Freddie is now profitable—until it has to pay Treasury.

LOAN PRODUCT UPDATES: We understand ICON Residential is offering good deals on HARP refinancings. If you have loan program notes send them to Paul.Muolo@Sourcemedia.com.

MORTGAGE PEOPLE: Tom Malloy has joined United Wholesale of Michigan as an account executive. He previously worked at NYCB Mortgage, Everbank and others.

LOAN OFFICERS, BRAG A LITTLE: NMN and its sister publication Origination News, the most widely read news magazine in the broker/correspondent sector, has launched its annual loan officer survey. Eventually, we’ll publish features and rankings on the nation’s top LOs. To participate in our survey visit http://originationnews.com/losurvey.

DATA STUFF: If you need a list of the nation’s top 40 subservicers drop an email to Deartra.Todd@SourceMedia.com and ask about our Quarterly Data Report. It’s a 50-page Excel spreadsheet. Also check out our exclusive mortgage data website: Mortgagestats.com.

MUST ATTEND MORTGAGE SHOWS: From April 17-19 National Mortgage News and SourceMedia will hold their annual Mortgage Servicing Conference at the Omni Mandalay Hotel in Irving, Texas. For more information see the ads on our website or email Julie.Dienes@SourceMedia.com or click here http://www.nationalmortgagenews.com/conferences/ms/.

I’m on Twitter, discussing mortgage matters, inverse floaters, and soccer.

LAST WORD: Which candidate would be the best for the mortgage industry: Romney or Obama—or Jeb Bush?

Article source: http://www.nationalmortgagenews.com/blogs/hearing/g-fees-taxes-politicians-1029287-1.html

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