GLG News by Mortgage Servicing Experts

Bank of America, Chase, Citigroup, Countrywide Financial, WAMU and Wells Fargo are the mortgage lenders who have teamed up with Treasury Secretary Paulson and HUD to provide borrowers facing foreclosure with a reprieve through "Project Lifeline," as mortgage delinquencies climb to over $200 billion....

2006-2007 has been a transition period for Diebold as it completes an investigation by the SEC and DOJ based on its "bill and hold" method of reporting revenue, which meant a sale was recorded and ownership was given to a customer, however, delivery didn't occur until a later period. After the Office...

From 1969-1996 ATMs were owned exclusively by banks and in 1996, the major networks Plus and Cirrus lifted their ban on surcharging and since that time three trends have emerged: 1. banks began "double dipping," charging a surcharge fee for non-customers and charging their own customers' a "foreign...

This is an important article because it is detailing the possible exit from the mortgage business of another player that only dealt minorly in the subprime world, if at all.  One of the considerations not discussed in the article is the effect of the potential Economic Stimulus Plan specifically...

The rating agencies have been rightfully criticized for their slow reaction to the meltdown in the residential credit markets  While the depth of the problem now seems obvious, most of the rating agencies are just now getting around to publishing warnings or downgrading the holders of mortgage...

Fannie Mae announced on December 5, 2007 that down payment requirements will be increased by 5 percentage points over the previously allowed minimum down payment in areas identified as declining.  While Fannie’s Desktop Underwriter (DU) will generate a message on loan casefiles when it appears...

    Feds involvment is way to soon!

While many companies and investors are planning on what to do with cheaper money due to the rate cuts, one of the implications has been that a rate cut will help re-start the mortgage industry engine. Yes, originators will get some new refi's completed and earn some fee income, and there will be a few...

What should the rating agencies do?   1 perhaps step back a little from ratings based largely on what they put forward as immutable quantitative stress tests that were not supposed to change with the credit cycle and turn a bit more to judgment and subjectivity because credit is not just a...

VaR requires past price series which is not reliablie for illiquid securities VaR can be used for credit risk to do Credit VaR but this is frequeently not done VaR does indeed miss liquidity risks VaR entails many assumptions and so it is hard to compare VaR from one to another institution Internal...