Bloomberg, Feb. 1, 2018–David M LevittThe owners of the Empire State Building are relying on its standing as a New York icon to find tenants for about 50,000 square feet (4,600 square meters) at a time when Manhattan is swamped with empty stores.
Category: Top National News
Freddie, Ginnie MBS Issuance Lowest in 9 Months
Mortgage Daily, Feb. 1, 2018Issuance of fixed-rate mortgage-backed securities on behalf of Fannie, Freddie Mac and Ginnie Mae came to $100.114 billion during the first month of this year. Volume declined from December.
Deutsche Bank, Ocwen & Altisource Sued
Dayton Daily News (Ohio), Feb. 1, 2018–Thomas GnauThe National Fair Housing Alliance, with 19 fair housing organizations, iled a lawsuit Thursday in federal court against Deutsche Bank, Deutsche Bank National Trust, Deutsche Bank Trust Company Americas, Ocwen Financial Corp. and Altisource Portfolio Solutions Inc., for allegedly neglecting foreclosed and bank-owned homes in minority neighborhoods.
Quicken Loans Overtakes Wells Fargo as Largest Mortgage Lender in Q4
Crain’s Detroit Business, Feb. 1, 2018–Chad LivengoodQuicken Loans reported Thursday that it originated $25 billion in home loans in the last three months of 2017, while Wells Fargo reported $23 billion in residential mortgages for the quarter. Bank of America Corp. and JPMorgan Chase & Co. trailed behind at $13 billion and $11 billion, respectively.
Federal Reserve Plans Tougher Big-Bank Stress Tests This Year
Wall Street Journal, Feb. 1, 2018–Ryan Tracy (subscription)The Federal Reserve said Thursday that its stress tests for big banks will imagine a more severe economic downturn in 2018 than in last year’s version, as it announced the details of the hypothetical scenario banks must survive to pass the exams.
CFPB’s Mulvaney Strips His Fair Lending Office of Enforcement
National Mortgage News, Feb. 1, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney has stripped the agency’s fair lending office of enforcement powers in a sign that many consumer advocates see as trying to reduce oversight and penalties for firms that discriminate against borrowers.
Density’s Next Frontier: The Suburbs
City Lab, Feb. 1 ,2018–Richard FloridaA new study says the continuing low density of inner suburbs is a major cause of the housing crisis–and a potential solution.
What CFPB Gained, Lost in Appeals Court Ruling
American Banker, Jan. 31, 2018–Kate Berry (subscription)A federal appeals court handed a major victory – and a significant defeat – to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency’s practice of making new interpretations of law through enforcement actions.
Rising Mortgage Rates Squeeze U.S. Refinancing Activity
Reuters, Jan. 31, 2018–Richard LeongRising borrowing costs are dampening U.S. refinancing activity, with its weekly share of mortgage applications falling to the lowest level since August, the Mortgage Bankers Association said on Wednesday.
Servicing Capacity in Question as Mortgages Outstanding Grow
National Mortgage News, Jan. 31, 2018–Bonnie Sinnock (subscription)Sustained higher rates could extend the lives of existing mortgages, creating a growing workload for servicers, according to industry vendor Subsequent QC.