Bloomberg, Feb. 11, 2019–Peter CoyRather than heading for another bust, we’re still feeling the effects of the last one. Aggressive homebuilders were wiped out, and the survivors are cautious about working on spec. Smaller builders that rely on borrowing can’t supercharge construction, even if they want to, because their bankers are afraid of making loans.
Category: Top National News
It’s Regulators’ Job to Tailor Rules for Small Banks–Fed’s Bowman
American Banker, Feb. 11, 2019–John Heltman (subscription)Regulators have a duty to make sure policies are suited to the particular profile of community banks, Federal Reserve Board Gov. Michelle Bowman said in her first public speech since being confirmed to the Fed board.
Q4 Commercial and Multifamily Mortgage Originations Up 14 Percent
National Mortgage Professional, Feb. 11, 2019–Phil HallFourth quarter originations for commercial and multifamily mortgages were up 14 percent on a year-over-year basis, according to new data from the Mortgage Bankers Association.
Ditech Return to Bankruptcy to Restructure Its Debt
National Mortgage News, Feb. 11, 2010–Bonnie Sinnock (subscription)Ditech Holding Corp. is refiling for bankruptcy almost a year after emerging from it in order to facilitate a restructuring agreement with lenders holding more than 75% of its term loans.
Banks Claim Victory in New Private Flood Insurance Rule
National Mortgage News, Feb. 11, 2019–Bonnie Sinnock (subscription)Depository mortgage lenders are optimistic the final version of a regulation designed to open up the flood insurance market will make it easier for them to comply with a rule requiring them to accept private carrier policies.
FIS Sued for $50 Million for Alleged Fraud, Conspiracy
Jacksonville Business Journal, Feb. 11, 2019–Will RobinsonJacksonville-based Fidelity National Information Systems Inc. has been accused of defrauding Ocwen Loan Servicing LLC and a California regulator as well as orchestrating a conspiracy to conceal its behavior.
Silverstein May Start Building Final WTC Tower Without Signed Tenant
Bloomberg, Feb. 11, 2019–Lily KatzSilverstein Properties Inc., the developer that rebuilt lower Manhattan after the destruction of the twin towers in the Sept. 11, 2001, terrorist attacks, may begin work on its final World Trade Center skyscraper before signing a lease for the building.
Lift
MReport, Feb. 8, 2019–Rachel Williams, Krista Franks BrockIntegrity, decisiveness and empowerment. These are the three core qualities of an effective leader, according to Marcia Davies, COO of the Mortgage Bankers Association and creator of mPower, a networking group for women in housing finance, sponsored by MBA.
California Home Purchase Activity Plunges Amid Affordability Crisis
Fox Business, Feb. 8, 2-19–Brittany De LeaThe Mortgage Bankers Association attributes the drop in demand to affordability challenges–as home prices continued to appreciate between 7 percent and 9 percent–and weakening demand for higher-priced homes.
Wells Fargo Loan Officers granted Class Action in Calif. Pay Dispute
National Mortgage News, Feb. 8, 2019–Bonnie Sinnock (free article)A lawsuit alleging Wells Fargo improperly compensated its California-based mortgage loan officers could have broader ramifications now that it has been granted class certification.