Hints and tips:
...It bought the Chicago Stock Exchange in 2018, Interactive Data Corp for $5.2bn in 2015 and NYSE Euronext for $11bn in 2013....
...The US Consumer Financial Protection Bureau in 2017 sued Navient, which was previously part of Sallie Mae, the country’s student finance group, for “illegally cheat[ing] borrowers out of repayment rights...
...For example, in the first quarter of this year PennyMac earned $224m in Ginnie servicing revenues, and Freedom Mortgage Corp raked in $234m....
...Total assets of federally supported housing finance entities Fannie Mae ($3.5tn), Freddie Mac ($2.2tn) and Ginnie Mae ($2tn) are close to the total government debt of France, Germany and Italy....
...Most lenders sell the loans they originate on to the government-backed agencies Freddie Mack and Fannie Mae, who insure them and sell them on to bondholders....
...The machine is kept running smoothly by mortgage servicing companies....
...He has likened MERS to the Depository Trust & Clearing Corp, the securities clearing house owned by banks that long dealt in paper share certificates....
...There are other minefields in the mortgage servicing rights trade, particularly in the market for Ginnie Mae mortgages....
...he asks, turning to his protégé, 39-year-old Kyle Gunderlock, who was a VP of sales at Perl’s old firm and is now president of the new one, known as Citadel Servicing Corp, based in Irvine, California....
...He said that administrative changes seem likely to prevail over legislative changes, noting that since 2008 the FHFA has introduced new private insurance rules, new servicing standards, the creation of a...
...In a series of leveraged buyouts — Sallie Mae, United Rentals, HD Supply — private equity firms and banks walked away or renegotiated terms between signing and closing the deal....
...Navient Corp, the largest student loan servicing company in the US, gave a glimpse into worsening trends in the $1.2tn market as it reported a 40 per cent drop in profits due to a big rise in provisions...
...The Wilmington, Delaware-based company, which was split off from Sallie Mae last year, said that loans among a segment of higher-risk private education borrowers, who returned to school during the recession...
...The deal involves servicing rights for 260,000 mortgages owned by government-supported Fannie Mae, and will bring JPMorgan’s portfolio for overseeing billing, collections and foreclosures on US mortgages...
...In May, Fannie Mae and Freddie Mac, the government-controlled mortgage buyers, strengthened standards on non-banks servicing mortgages....
...As legal expenses rose this quarter, the cost of servicing legacy real estate loans fell by $1bn from a year ago to $1.6bn....
...Sallie Mae, the US student finance group, is to split in two, separating its declining business servicing government-backed loans from a faster-growing group that will make new private loans....
...The largest student lender SLM Corp, the former government entity better known as Sallie Mae, was privatised in 2004....
...Citi cautioned that the settlement did not release it from servicing obligations on the mortgages and that a small pool of 12,000 mortgages were carved out of the deal, which had different “performance guarantee...
...(Financial Times) Investors in Fannie Mae and Freddie Mac could accept less than full value for their preferred shares in a mooted restructuring plan for the bailed out US housing finance agencies, says...
...SLM, known as Sallie Mae, has sold more than $1bn of bonds backed by bundles of privately issued student loans....
...From the WSJ on Sunday (emphasis ours): SLM Corp. [aka, "Sallie Mae"] the largest U.S. student lender, last week sold $1.1 billion of securities backed by private student loans....
...Sallie Mae, with $189bn in assets, is the largest servicer of private student loans....
...Are Fannie Mae and Freddie Mac about to get caught up in a whole new area of partisan controversy?...
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