HousingWire, Oct. 25, 2017–Ben LaneThe nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.
Category: Top National News
Mel Watt: Whether GSEs Should Use Alternative Credit Scoring Models is ‘Tough Decision’
Mortgage Orb, Oct. 25, 2017–Patrick BarnardThe GSEs have been exploring the use of alternative credit scoring models as a means to give more self-employed or “credit invisible” consumers access to mortgage loans. This can include consumers who have income from nontraditional sources or who hold significant assets but are not traditional W-2 wage earners.
America Isn’t in a Housing Bubble, But Some Cities Might Be
Urban Institute, Oct. 25, 2017–Bing Bai, Edward GoldingAre we in a housing bubble? Whenever house prices increase faster than general inflation for a year or two, we hear that question more often. Can the market sustain the new higher price, or has something artificially or temporarily inflated these prices?
Temporary Banking Regulator’s Job Status Raises Ethics Questions
Wall Street Journal, Oct. 26, 2017–Ryan Tracy, Yuka Hayashi (subscription)Keith Noreika, the first banking regulator installed by the Trump administration, isn’t bound by the usual curbs on lobbying the agency he now leads, the Office of the Comptroller of the Currency, if he returns to the private sector.
What to Do With Dead Malls
Wall Street Journal, Oct. 25, 2017–Bart Higgins (subscription)Just when you think you have a handle on the brick-and-mortar retail crisis, the prognosis gets worse. More than 8,600 stores will close their doors in 2017, according to Credit Suisse analysts-a number that exceeds store closures during 2008, when America was in recession.
Investors Maintain Healthy Appetite for B-piece CMBS
National Real Estate Investor, Oct. 25, 2017–Beth Mattson-TeigThe continued liquidity for the riskiest tranche of comercial mortgage-backed securities loan pools is good news for borrowers.
U.S. Mortgage Supply Seen Falling in 2018: MBA
Reuters, Oct. 24, 2017–Richard LeongU.S. lenders are expected to issue a smaller amount of mortgages in 2018 on a sharp drop in refinancing demand, but loan originations will pick up in 2019, the Mortgage Bankers Association said on Tuesday.
FHFA’s Watt Defends URLA Language Preference Update
National Mortgage Professional, Oct. 24, 2017–Phil HallFederal Housing Finance Agency Director Mel Watt used his appearance at the Mortgage Bankers Association’s Annual Convention to defended his agency’s decision to include a new language preference question in the upcoming Uniform Residential Loan Application.
Lord & Taylor Sells NYC Flagship Store for $850M
Wall Street Journal, Oct. 24, 2017–Suzanne Kapner, Eliot Brown (subscription)Lord & Taylor is selling its flagship New York City store for $850 million, a move that will convert most of the landmark building into office space and the headquarters of real estate startup WeWork Cos.
Big Mall Operator Does the Unthinkable–Builds a Mall
Wall Street Journal, Oct. 24, 2017–Suanne Kapner (subscription)On a bright August morning, GGP Inc., one of the country’s largest mall operators, did the unthinkable. It broke ground on a new shopping mall, a seemingly risky bet in a world where retailers are closing hundreds of stores and malls across the country are trying to reinvent themselves. It could be one of the last enclosed malls ever built in the U.S.