American Banker, Mar. 14, 2018–David StevensMBA President and CEO rebuts a recent op-ed calling for recapitalization of Fannie Mae and Freddie Mac, asserting such a strategy would “decimate the ability of community banks and smaller lenders to participate in the secondary mortgage market.”
Category: Top National News
Trump Taps Larry Kudlow to Be Top Economic Advisor
Politico, Mar. 14, 2018–Ben WhiteLarry Kudlow will be the next director of the National Economic Council, succeeding Gary Cohn as President Donald Trump’s top economic adviser.
Mortgage Refinances Fall to Decade Low
CNBC, Mar. 14, 2018–Diana OlickInterest rates for home loans have risen each week this year, so each week homeowners have had less incentive refinance their mortgages. Another drop in refinances last week kept mortgage application volume basically unchanged, up just 0.9 percent seasonally adjusted, from the previous week, according to the Mortgage Bankers Association.
Private Mortgage Insurers Reconsider Decision to Participate in Fannie Mae’s DTI Policy Change
Washington Post, Mar. 14, 2018–Kenneth R. HarneyA key policy change by mortgage giant Fannie Mae that offered homeownership to thousands of new buyers–many of them minorities–could face significant cutbacks. The reason: Private mortgage insurers are rethinking their decisions to participate.
Non-Bank Mortgage Lenders Still Misunderstood in Mainstream Media
HousingWire, Mar. 14, 2018–Mat IshibaUnited Wholesle Mortgage CEO says to compare today’s housing and mortgage industry to what it was in the height of the housing crisis, and to report that non-banks have lower standards than banks, is “highly irresponsible and flat-out wrong.”
Ginnie Mae Venture with Chicago FHLB Crosses Mortgage Milestone
National Mortgage News, Mar. 14, 2018–Brian Collins (subscription)A mortgage program created by a 2015 partnership between the Federal Home Loan Bank of Chicago and Ginnie Mae recently crossed a milestone with over $1 billion in government-backed mortgages securitized through the venture, the partnership announced Wednesday.
U.S. Retail Sales Falter; Inflation Creeping Higher
Reuters, Mar. 14, 2018–Lucia MutikaniU.S. retail sales fell for a third straight month in February as households cut back on purchases of motor vehicles and other big-ticket items, prompting analysts to downgrade their first-quarter economic growth forecasts.
Is CMBS Underwriting Getting Loose?
National Real Estate Investor, Mar. 14, 2018–Mary DiduchThe spread between the cap rates used by Moody’s Investors Services, Morningstar Credit Ratings and S&P Global Ratings on conduit loans and the market is widening.
Management Shakeup As Impac Swings to Loss
Mortgage Daily, Mar. 14, 2018Earnings swung to a loss at Impac Mortgage Holdings Inc., and the company’s chief, Joseph Tompkinson, announced he will leave July 31.
The Senate Rolls Back Rules Meant to Root Out Discrimination by Mortgage Lenders
Washington Post, Mar. 14, 2018–Tracy JanThe mortgage industry says the proposed deregulation would cut costs and help smaller community banks remain competitive, enabling them to make even more loans. The Mortgage Bankers Association estimates that expanded data would still be collected on 95 percent of loans.