Posts Tagged ‘FHA Audit’

GMAC at the Forefront of Ginnie Mae’s Troubled Issuers

GMAC at the Forefront of Ginnie Mae’s Troubled Issuers

Courtesy of Mish

In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.

Problem Issuers by Compare Ratio

gennie mae's troubled issuers

Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.

Compare Ratios Over 150%

  • Pine State Mortgage Corporation – 314% – Default Rate 18.86%
  • Premium Capital Funding, LLC dba Topdot Mortgage – 238% – Default Rate 14.31%
  • Ideal Mortgage Bankers, Ltd, dba Lend America^ – 235% – Default Rate 14.14%
  • IndyMac FSB, dba OneWest Bank – 211% – Default Rate 12.67%
  • First Horizon Home Loans dba First Tennessee – 207% – Default Rate 12.45%
  • First American Mortgage Trust – 205% – Default Rate 12.31%
  • First Guaranty Mortgage Corp. – 204% – Default Rate 12.26%
  • American Financial Resources, Inc. – 202% – Default Rate 12.16%
  • Weststar Mortgage Corporation – 198% – Default Rate 11.88%
  • Gateway Mortgage Group – 198% – Default Rate 11.9%
  • Colonial Bank – 189% – Default Rate 11.38%
  • MVB Mortgage Corporation – 183% – Default Rate 11.01%
  • GMAC Mortgage – 171% – Default Rate 10.29%
  • Allied Home Mortgage Corporation – 168% – Default Rate 10.09%
  • Taylor Bean & Whitaker Mortgage^ – 163% – Default Rate 9.77%
  • Shore Financial Services, Inc. dba Shore Mortgage – 159% – Default Rate 9.54%

Problem Issuers by Loan Volume

The charts in the article are interactive so please give it a look.

GMAC – The Gift That Keeps On Giving

None of the above banks should be doing business with Ginnie Mae. Indeed, most of them should not be doing business at all, especially GMAC.

To help bailout GM , the Obama administration screwed the bondholders to appease the unions, and taxpayers


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Zero Hedge

"The Most Dangerous Form Of Portfolio Greenwashing": French Study Shows Climate ETFs "Undermine" Fight Against Global Warming

Courtesy of ZeroHedge View original post here.

Our readers know that there aren't many people out there who have been more critical of "ESG" investing than we have. That's why you can officially color us not surprised that so-called "Climate Change ETFs" are actually undermining and are counterintuitive to the fight against global warming.

ETFs that move with “low carbon”, “climate change” or “Paris-aligned” indices "alocate little of their money to the greenest compan...



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Phil's Favorites

Facebook's algorithms fueled massive foreign propaganda campaigns during the 2020 election - here's how algorithms can manipulate you

 

Facebook’s algorithms fueled massive foreign propaganda campaigns during the 2020 election – here’s how algorithms can manipulate you

Facebook has known that its algorithms enable trolls to spread propoganda. STR/NurPhoto via Getty Images

Courtesy of Filippo Menczer, Indiana University

An internal Facebook report found that the social media platform’s algorithms – the rules its computers follow in deciding the content that you see – enabled disinformation campaigns based in Eastern Europe to reach n...



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Politics

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

 

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Image by Gerd Altmann from Pixabay

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

"Whatever our so-called 'leaders' are doing," said Swedish climate activist Greta Thunberg, "they are doing it wrong."

By Jake Johnson, Common Dreams

The United Nations warned Friday ...



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Biotech/COVID-19

FDA panel recommends limiting Pfizer booster shots to Americans 65 and older, and those at high risk of severe COVID-19

 

FDA panel recommends limiting Pfizer booster shots to Americans 65 and older, and those at high risk of severe COVID-19

No third dose for now. AP Photo/Robert F. Bukaty

Courtesy of Matthew Woodruff, Emory University

The key scientific advisory council of the Food and Drug Administration has voted to deny authorization of...



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Digital Currencies

Animal Spirits: Crypto's Gateway Drug

 

Animal Spirits: Crypto’s Gateway Drug

Courtesy of Michael Batnick

Today’s Animal Spirits is brought to you by YCharts

On today’s show we discuss:

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Chart School

Gold and Silver Volume Waves Review

Courtesy of Read the Ticker

The sign says it all. The professionals want the public to focus on the words, to scare out the weak hands, but the color of the sign underlines the value in a money printing world, its gold stupid.

Point and figure (PnF) charts draw price waves with the sum of volume per wave. PnF charts high light true accumulation underneath price action. This is why Richard Wyckoff favored PnF charts.    

In the charts below we see price moving sideways to down, yet volume on up waves are greater than volume on down waves. At the moment there is no heavy selling on down waves. Or in other words price is being moved down at a low volume expense to allow accumulation at a lower price.

This action represents professionals building their...

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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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