Hints and tips:
...That allowed the bank to record a $280m profit this quarter from higher valuations of mortgage servicing rights....
...That is how I came to spend more time studying mortgage servicing rights, or MSRs....
...Countrywide became the latest on Thursday to issue a warning of lower profits on the back of fewer sales, especially in London and the South East since the referendum result....
...“We carefully reviewed the pooling and servicing agreements associated with these deals, consulted legal experts and made investment decisions in reliance on what the documents provide,” the funds said in...
...After carving out the legacy asset servicing business, to work through delinquent home loans, he started in 2011 to cut costs....
...BofA acquired Countrywide during the credit crisis....
...A tie-up with eBay last year is to be rolled out to 700 Argos shops, servicing 65,000 eBay merchants. Mr Walden hinted that other retailers might benefit from a similar deal....
...The settlement was based around investor allegations – which BofA still disputes – of mortgage loan-servicing breaches and documentation defects at the bank and its Countrywide unit, acquired in 2008....
...Bad mortgages have plagued the company, mainly the legacy of an ill-fated acquisition of Countrywide, the mortgage originator, in 2008....
...It spends about $3bn quarterly on servicing legacy mortgages from the last decade; it wants to reduce that to $500m....
...Nearly two years ago to the day, Bank of America announced it had resolved “substantial legacy issues” with respect to Countrywide Financial home mortgages it sold on to groups including Fannie Mae....
...BofA had argued the claims, many relating to mortgages originated by Countrywide, the California-based lender bought by BofA in 2008, were excessive....
...Fortress will pay $700m for the servicing business, plus $1.8bn in advances, for a total deal value of $2.5bn....
...loan bonds, state and federal prosecutors are trying to extract billions of dollars from the bank for its alleged mistreatment of distressed borrowers, and other regulators are probing its lending and servicing...
...But some people familiar with the transaction believe Mr Lewis thought success would come from combining his bank’s mortgage operations with the Countrywide mortgage servicing platform, considered the best...
...When homeowners began to default en masse in 2006, under-resourced mortgage servicing divisions cut corners on the process to seize back the properties....
...Ms Cortez Masto last month charged Bank of America’s beleaguered Countrywide unit with failing to properly transfer mortgages into the trusts that issued securities to investors and for fraudulently pursuing...
...As part of the settlement, BNY Mellon negotiated a larger indemnity from Countrywide for costs and liabilities related to servicing the trusts than it would have otherwise received as well as a guarantee...
...The key driver of the expected loss is the representations and warranties provision of $14.0 billion, including $8.5 billion for the settlement agreement on legacy Countrywide mortgage repurchase and servicing...
...They are close to an agreement on future standards governing the servicing of home loans, yet remain far apart on other issues, such as legal liability claims, compliance and enforcement, and the amount...
...As head of the legacy asset servicing business, Mr Laughlin led negotiations on settlements with government-owned mortgage lenders Fannie Mae and Freddie Mac, and bond insurer Assured Guaranty....
...BofA’s 2009 purchase of Countrywide Financial, hailed then as a rare opportunity to secure the bank’s position as the nation’s top mortgage lender, now stands as a drain on the bank’s profits and the biggest...
...In its lawsuit against Countrywide, which is now owned by Bank of America, MBIA alleges that 91% of the loans did not comply with underwriting criteria. The bank is contesting the allegations....
...Market reaction to Tuesday’s news was rather dramatic: The letter alleges that the master servicer, Countrywide, under the Pooling and Servicing Agreement, has a duty to inform the parties in the deals...
...’s Countrywide Financial division underwrote....
International Edition