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...So-called shadow banks such as Quicken Loans, PHH and loanDepot.com accounted for 53 per cent of government-backed mortgages originated in April — almost double their share in April 2013....
...The bank’s third-party mortgage servicer, PHH Corp, has also taken more time than initially expected to increase production....
...Mr Abrahams said the top five lenders – Wells Fargo, Bank of America, JPMorgan Chase, Citigroup and PHH Mortgage – “don’t seem very interested in competing on rate”....
...The top five originators comprise Wells Fargo, Bank of America, JPMorgan Chase, Citi and PHH....
...Fitch’s ratings reflect the high quality of the mortgage pool, the strong historical performance of the two originators and servicers (First Republic Bank and PHH Mortgage Corp.), the clear capital structure...
...To be sure, PHH – a mortgage lender, albeit not of the subprime variety – is part of a troubled sector....
...PHH will reimburse Blackstone’s expenses to a ceiling of $4.5m. Because PHH is involved in the mortgage business, the demise of the deal had long been expected....
...A $1.8bn deal between General Electric and Blackstone to acquire PHH, a mortgage and leasing business, became the latest casualty of turmoil in the credit markets as PHH said on Tuesday it had terminated...
...E-Trade has also sold another arm, Retirement Advisors of America, to PHH Investments....
...Fears that the deal could now unravel sent PHH shares down almost 15 per cent to $24.24 on Monday....
...JPMorgan and Lehman will not provide the $1.4bn of debt Blackstone believed was available to buy PHH’s mortgage business – a side deal from General Electric’s concurrent acquisition of PHH overall....
...In another post, Mish notes that First Data Corp in the US has held up well despite the speculation about the buyout’s financing....
...In other deals, General Electric’s Capital Solutions and Blackstone Group reached agreement to acquire PHH Corp for $31.50 a share in an all-cash purchase valued at about $1.8bn....
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