Posts Tagged ‘SFDPA loans’

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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Phil's Favorites

We should look closely at Britain's decision to elect a man so renowned for his untrustworthiness

 

We should look closely at Britain's decision to elect a man so renowned for his untrustworthiness

Courtesy of Barry Richards, Bournemouth University

In previous British elections, to say that trust was the main issue would have meant simply that trust is the trump card – whichever leader or party could secure most trust would win. Now, the emerging question about trust is whether it even matters anymore.

This is at least partly because Brexit has deepened the crisis of trust. The 2019 election was always going to be about Brexit – and not only because some people would vote according to where they stood on the matter. It was also because the emo...



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Zero Hedge

Trade-Deal Rumorgasm Sparks Stock Meltup To Record Highs, Bond Bloodbath

Courtesy of ZeroHedge View original post here.

It's a deal... again...

Oct 11: NEWS "Trump says the US has come to a substantial phase one deal with China"

Dec 12: RUMOR *TRUMP: GETTING VERY CLOSE TO A BIG DEAL WITH CHINA

Dec 12: RUMOR *U.S. NEGOTIATORS OFFER TO CANCEL NEW DEC. 15 CHINA TARIFFS: DJ

Dec 12: NEWS/RUMOR "Trump says he and China reached a 'phase one' trade deal in principle"

And that was good enough for new record highs for stocks...



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Insider Scoop

The Daily Biotech Pulse: European Nod For Amgen, miRagen Overhauls Clinical Pipeline, Tonix Snags Patent Win

Courtesy of Benzinga

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks hitting 52-week highs on Dec. 11)

  • Acceleron Pharma Inc (NASDAQ: XLRN)
  • Aimmune Therapeutics Inc (NASDAQ: AIMT)
  • Aprea The...


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Digital Currencies

Three Men Arrested In NJ For Running Alleged $722 Million Crypto Ponzi Scheme

Courtesy of ZeroHedge View original post here.

Authored by Kollen Post via CoinTelegraph.com,

United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Dep...



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Kimble Charting Solutions

Is Freeport McMoRan (FCX) Making A Run For the "Gold"?

Courtesy of Chris Kimble

Mining company Freeport McMoRan NYSE: FCX is enjoying the tailwind from a strong year for gold and silver prices. And although Copper prices are down, Copper has been turning up lately.

This has helped Freeport’s stock price recover in 2019 and has FCX testing a key breakout level.

Below is a “weekly” chart of Freeport McMoRan (FCX). The shaded channel outlined by each (1) highlights the longer-term downtrend that FCX has been stuck in.

But this could change on a dime, especially if FCX can breakout above (2). This area represents its re...



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Lee's Free Thinking

Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

 

Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

Courtesy of Lee Adler, Wall Street Examiner 

The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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Chart School

Silver stock taking the sector higher

Courtesy of Read the Ticker

As the US economy begins to show late cycle characteristics like: GDP slowing, higher inflation, higher wage costs, CEO confidence slump. 
Previous Post: Gold Stocks Review

The big players in the market are looking for the next swing off good value lows. This means more money is finding it way into the gold and silver sector, and it is said gold and silver stocks actually lead the metal prices. The cycle below shows prices are ready to move in the months ahead (older chart re posted).




 

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Members' Corner

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

 

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

By Matt Wilstein

Excerpt:

Sacha Baron Cohen accepted the International Leadership Award at the Anti-Defamation League’s Never is Now summit on anti-Semitism and hate Thursday. And the comedian and actor used his keynote speech to single out the one Jewish-American who he believes is doing the most to facilitate “hate and violence” in America: Facebook founder and CEO Mark Zuckerberg.

He began with a joke at the Trump administration’s expense. “Thank you, ADL, for this recognition and your work in fighting racism, hate and bigotry,” Baron Cohen said, according to his prepared...



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The Technical Traders

VIX Warns Of Imminent Market Correction

Courtesy of Technical Traders

The VIX is warning that a market peak may be setting up in the global markets and that investors should be cautious of the extremely low price in the VIX. These extremely low prices in the VIX are typically followed by some type of increased volatility in the markets.

The US Federal Reserve continues to push an easy money policy and has recently begun acquiring more dept allowing a deeper move towards a Quantitative Easing stance. This move, along with investor confidence in the US markets, has prompted early warning signs that the market has reached near extreme levels/peaks. 

Vix Value Drops Before Monthly Expiration

When the VIX falls to levels below 12~13, this typically v...



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Biotech

Why telling people with diabetes to use Walmart insulin can be dangerous advice

Reminder: We are available to chat with Members, comments are found below each post.

 

Why telling people with diabetes to use Walmart insulin can be dangerous advice

A vial of insulin. Prices for the drug, crucial for those with diabetes, have soared in recent years. Oleksandr Nagaiets/Shutterstock.com

Courtesy of Jeffrey Bennett, Vanderbilt University

About 7.4 million people ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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