Short Takes: Finance of America Joins MBA / Freddie Mac Bullish on Subservicing / Servicing Rights: An Unstable Asset /
Investors Unite to Meet TBTF Party Goers in Miami Beach
The Mortgage Bankers Association said it added 27 new regular members to its ranks during October, bringing its member-company headcount to more than 2,200. One of the new members joining in October is Finance of America Holdings, a company that oversees a mortgage joint venture involving the The Blackstone Group
Freddie Mac is bullish on the servicing segment, or so it suggests in its new issue of Insight & Outlook, published by the GSEs office of chief economist.
Freddie notes, The volume of specialty servicing may shrink as the number of legacy loans dwindles, but specialty servicing is likely to remain an active part of the mortgage servicing industry
In the same report, Freddie points out what might not always seem so obvious to new players in the mortgage industry, that the ?mortgage servicing asset has uncertain value: Servicing fees cease when the mortgage is paid off or the borrower fails to make payments, two events that can?t be predicted with certainty. Of course, that's what makes the mortgage servicing business so fun
Investors Unite, the GSE shareholder rights group that represents rich hedge funds and others speculating in Fannie Mae and Freddie Mac stock, said it will host a rally in Miami during next weeks Art Basel festival in Miami Beach. The annual art show is an extremely popular destination for what IU calls Too Big to Fail banks, which want to entertain their top clients. IU believes the megabanks want to take over the best part of Fannie's and Freddie's business.
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