Seeking Alpha


Send Message
View as an RSS Feed
View Renoira's Comments BY TICKER:

Latest  |  Highest rated
  • PennyMac Mortgage Investment Trust: This 12%-Plus Yielding REIT Can Roar Higher [View article]
    Clients do not always sign up for loans with the major companies, unless we are talking a business loan, and even then that is subject to sliding terms. A home loan is derived by a 'originator' who then sells the loan to another vendor or investor to fund the loan. So the "client" is not necessarily the borrower and often doesn't have any say so in where their loan eventually ends up. The current trend in the market is to hold a loan for approximately 5 years then sell the investment again. So when you state "clients have been signing up for their loans" what you actually mean is vendors have been using PMT to invest their portfolios of loans.
    Nov 29, 2015. 08:30 AM | Likes Like |Link to Comment
  • Freddie Mac: Consolidation could be coming to the servicer industry [View news story]
    It is the history of odds...if they treated everyone with fraud there would be an uprising, so they pick and choose then propagandized the credibility of those who complain. The problem is easily solved through investigation, but for the most part investigation is prohibitive.
    Nov 27, 2015. 11:20 AM | Likes Like |Link to Comment
  • Freddie Mac: Consolidation could be coming to the servicer industry [View news story]
    Aren't these service industries under investigation in many areas for their bad practices?
    Nov 24, 2015. 03:22 PM | Likes Like |Link to Comment
  • BofA reaches $335M settlement of suit over financial-crisis mortgages, registry [View news story]
    And it is WallStreet, with their college educations and their lack of ethics which offered these loans to hard-working American workers. Not all of these loans that failed and are failing were negative AM....and let's not forget the National Mortgage Settlement, which pretty much proved that the Lenders and Servicers were filing fraudulent documents in order to foreclose....and now years later, the settlements keep on coming exposing one fraud after another....thus this article we are commenting on.
    Nov 1, 2015. 12:37 PM | 1 Like Like |Link to Comment
  • PennyMac Mortgage reports Q1 results [View news story]
    What do you expect when you make money off the backs of foreclosures, especially with all the evidence of fraud and perjury that abounds.

    106complaints 0 resolved $270K claimed losses $2.6K average 40.7K views
    May 6, 2015. 05:01 PM | 1 Like Like |Link to Comment
  • Bank Of America Versus The United States Of America [View article]
    There has been zero criminal cases across the board and yet we have a plethora of settlements paid by investors to cover the "bad boy" behavior that is being settled upon....or do we still have investors here who believe there was no wrong-doing?
    Jun 28, 2014. 10:38 AM | 1 Like Like |Link to Comment
  • Bank Of America Versus The United States Of America [View article]
    Thank you for the 1st article I've read in a long time which shows a little balance. Most analysts seem to write with blinders on when it comes to the mega banks. Not only the banks, but our country seems to be in great financial trouble and so many analytical writers keep moving on trying to describe the clothes on our naked empire. Until we admit that the empire might be one will begin the process of rebuilding...
    Jun 27, 2014. 09:41 AM | 1 Like Like |Link to Comment
  • PennyMac Mortgage Investment Trust's CEO Discusses Q4 2013 Results - Earnings Call Transcript [View article]
    I, also find it interesting that there were no questions and answers from analysts? In lieu of the recent lawsuit settled another similarly situated mortgage servicer, OCWEN, I wonder how well families, who are on the pipeline to foreclosure, will continue to take the financial abuse?

    In lieu of the massive lawsuits and settlements affecting the mortgage industry today, how long before the healthy pipeline to distressed mortgages becomes a healthy pipeline to lawsuits?

    For investors who missed the question and answer period of this report, perhaps an internet search of how the "distressed" market is affecting those who are victimized by this massive land grab. Including our government's reaction to the original lenders using the secondary lenders to avoid the settlement consent agreements:

    Read Larry Doyle's book: "In Bed with Wall Street", for a real look at the market and the pitfalls it entails. Is this really the America we want?

    So again...why no questions and answers?
    Feb 7, 2014. 12:08 PM | Likes Like |Link to Comment
  • Sterne Agee: Investors need to reset expectations for mortgage business [View news story]
    from PMT transcripts: "We acquired two non-performing whole loan pools totaling $930 million in unpaid principal balance; completed PMT’s first jumbo securitization, retaining $366 million of senior, subordinate and I/O securities; acquired PMT’s initial investment in excess servicing spread on mortgage servicing rights acquired by PennyMac Financial; and organically grew our investments in mortgage servicing rights by $43 million."

    "PMT also entered into an agreement to purchase an additional $563 million of non-performing whole loans, which we are expected to settle at the end of November. These recent investments will be purchased using a combination of cash and debt financing. PMT is well-positioned to grow and replenish its investments, producing valuable returns for our shareholders."

    If the land-grab is coming to an end, why are these good investments?

    How is it that rentals, which have a history of being short-term, are now being securitized?
    Nov 11, 2013. 12:17 PM | Likes Like |Link to Comment
  • PennyMac Mortgage Investment Trust's CEO Discusses Q3 2013 Results - Earnings Call Transcript [View article]
    First, let's analyze this in terms of the bigger picture looming over our nation today....

    David Spector said: "Subsequent to the end of the quarter we entered into an agreement to purchase an additional $563 million in non-performing loans. This pool is geographically diverse and is generally similar to other pools PMT has acquired recently. Assuming that the loans settle as planned, these transactions will bring total distressed acquisitions for the year to-date to just over $2.25 billion in unpaid principal balance, over twice the $1 billion of distressed acquisitions in 2012. We continue to see an ongoing flow of portfolios in the market. Looking forward, we remain optimistic in our outlook for the distressed market and opportunities for additional acquisitions by PMT in the future."

    Sounds nice and logically concise on paper, but an in depth analysis would tell us that they are optimistic about a continuing run of foreclosures, which also includes the legal costs in litigating those homebuyers who are not willing to just give up and cooperate.

    In addition, this continued profit from non-performing loans depends on the cooperation of our government, our government which is becoming more and more divided over the issue, as noted in a recent article in the New York Times:!

    "But in an abrupt turn, Dudley suggested that regulators may be stymied by "cultural" issues that have negatively affected the nation's biggest banks.

    “Collectively, these enhancements to our current regime may not solve another important problem evident within some large financial institutions -- the apparent lack of respect for law, regulation and the public trust," he said.

    “There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” he continued. “Whether this is due to size and complexity, bad incentives, or some other issues is difficult to judge, but it is another critical problem that needs to be addressed.”"

    "Recent pacts with the government include settling allegations that banks duped homeowners into taking out expensive mortgages; broke state and federal rules when attempting to seize homes after borrowers fell behind on their payments, a scandal that became known as “robosigning”; and manipulated markets to bolster their trading positions."

    Apparently, as time progresses, more and more of bad corporate behavior is revealed and the government's cooperation in ignoring it is wearing thin. How will PennyMac's distressed loan packages continue to fly with this continued exposure?

    Stanford Kurland said: "Mortgage origination volumes are forecast to decline by approximately 30% in the second half of 2013 compared with the origination volumes in the first half of the year, with reduced volumes forecasted for 2014 as well. Recently, the concerns over tapering has diminished, which had led to lower interest rates and a pickup in mortgage origination activity."

    As a company who specializes in the foreclosure of distressed home loans, how can you expect to create a volume in new loans, wouldn't the reputation as a "foreclosure specialist" tend to muddy the lender-client relationship, unless you are only looking to service loans originated by other origination firms?

    What steps will PennyMac take to insure that the documentation and transfer of these new loans is processed correctly?

    Does PennyMac also plan on participating the securitization of rentals? Seems like a new trend on the market.

    Why were questions not taken at the meeting?
    Nov 9, 2013. 09:45 AM | Likes Like |Link to Comment
  • Sterne Agee: Investors need to reset expectations for mortgage business [View news story]
    So they're admitting it was a land grab? They're admitting it was easy money? Now it's slowing down? Oh darn, wonder if the thousands of homeless families are as enthusiastic.
    Nov 8, 2013. 09:30 PM | Likes Like |Link to Comment
  • Not So Fast With The Countrywide Settlement [View article]
    Another theory could be that since Bank of America was already co-owner of Blackrock Funding, along with Barclays, and Blackrock Funding was a major investor in Countrywide MBS. Consequently, Blackrock Funding felt the urgency of saving their funds (which in turn would be saving B of A's funds), because if Countrywide went down they would have brought down a lot of high rollers with them.
    Oct 21, 2013. 08:43 AM | Likes Like |Link to Comment
  • PennyMac Mortgage Investment Trust: A Cheap 10% Dividend Play On Mortgages [View article]

    Is a 10% profit worth our humanity, our soul?

    "Movers carted out his easy chair, his clothes, his television. Next came the things that were closest to his heart: his Marine Corps medals and photographs of his dead wife, Martha. The duplex in Northeast Washington that Coleman bought with cash two decades earlier was emptied and shuttered. By sundown, he had nowhere to go.

    All because he didn’t pay a $134 property tax bill.

    The retired Marine sergeant lost his house on that summer day two years ago through a tax lien sale — an obscure program run by D.C. government that enlists private investors to help the city recover unpaid taxes.

    For decades, the District placed liens on properties when homeowners failed to pay their bills, then sold those liens at public auctions to mom-and-pop investors who drew a profit by charging owners interest on top of the tax debt until the money was repaid.

    But under the watch of local leaders, the program has morphed into a predatory system of debt collection for well-financed, out-of-town companies that turned $500 delinquencies into $5,000 debts — then foreclosed on homes when families couldn’t pay, a Washington Post investigation found."
    Sep 9, 2013. 11:30 AM | Likes Like |Link to Comment
  • PennyMac Mortgage Investment Trust: A Cheap 10% Dividend Play On Mortgages [View article]
    As a homebuyer who has seen the fraud of falsified documents and the "modern fiction" of modification, seeing our life savings robbed from us by entities who have already been sued numerous times for their fraudulent activities, I see the "behind the scenes" action of profiting from the previous fraud.

    I am not talking about people who could not afford their homes, I am talking about the millions that were deceived and later when they believed their was help available, they found out that the "modernfiction" it was only "foam on the runway" to foreclosure.

    Very basic bookkeeping skills will tell you that this is another bubble about to burst....yet again. Like I stated sure to do your homework. Alternative energy might be a better investment. Look behind the curtain.
    Sep 9, 2013. 10:48 AM | Likes Like |Link to Comment
  • PennyMac Mortgage Investment Trust: A Cheap 10% Dividend Play On Mortgages [View article]
    Do you think Mozilo single-handedly ran Countrywide into the ground?
    Sep 6, 2013. 08:41 AM | Likes Like |Link to Comment