Private-equity firms and hedge funds are increasing their control of the rights to collect America’s monthly mortgage payments, an almost $10 trillion market that banks are retreating from amid looming regulations.
Rick Sharga, executive vice president at Carrington Mortgage Holdings, says hitting the so-called fiscal cliff could "knock the stilts out from under the housing market" and cause a recession. Sharga talks with Bloomberg's Kathleen Hays and Vonnie Quinn on Bloomberg Radio's "The Hays Advantage."
Berkshire Hathaway Inc. is the opening bidder today for a portfolio of Residential Capital LLC’s whole loans, a day after ResCap auctioned its mortgage servicing business to Ocwen Financial Corp. for $3 billion.
A halt in home foreclosures at the largest U.S. mortgage firms may sideline buyers worried about legal issues, further depressing sales at a time when distressed properties account for almost a quarter of all transactions.
Homes in the foreclosure process sold at an average 26 percent discount in the second quarter as almost one-fourth of all U.S. transactions involved properties in some stage of mortgage distress , according to RealtyTrac Inc.
Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress , according to RealtyTrac Inc.