Philadelphia Inquirer, Oct. 11, 2017–Joseph N. DiStefanoWilmington Trust Corp. agreed Tuesday to pay $60 million and help federal prosecutors with their criminal case against four of its former top executives. As a result, the bank avoids a federal trial on charges it illegally concealed hundreds of millions of dollars in bad loans to developers from its own investors, bank examiners and the federal TARP bailout program during the last decade’s mortgage-finance crisis.
Category: Top National News
Predicting the Death of the Mall, One J.C. Penney at a Time
Bloomberg, Oct. 11, 2017–Rachel Evans, Claire BostonData analysis firm System2 identified an additional 197 J.C. Penney stores at risk of closing after the embattled retailer announced plans to shutter as many as 140 shops. System2 LLC said the outlets–from San Bernardino, Calif. to an Omaha, Neb. suburb–have a 64-plus percent likelihood of closing.
Marketplace Home Lender Hiring Dozens in PA
Mortgage Daily, Oct. 11, 2017As LendingHome has grown, so has its payroll. Headcount has gone from 85 people in May 2015 to more than 250 employees as of December 2016.
Opinion: Mortgage Insurance is a Vital Backstop
Scotsman Guide, Oct. 11, 2017–Linsdey JohnsonThe author, with U.S. Mortgage Insurers, says private mortgage insurance must be part of any comprehensive GSE reform effort. (MBA mention)
Rent-to-Own Operator Vision Property Management Shut Down in Wisconsin
HousingWire, Oct. 11, 2017–Ben LaneA Wisconsin state court effectively ended rent-to-own operator Vision Property Management’s ability to operate in the state, as the company’s battle with the state continues.
Black Americans Twice as Likely as Whites to Default on Student Debt
Bloomberg, Oct. 11, 2017–Shahein NasiripourNearly half of black Americans who borrowed from the federal government to attend college defaulted on their student loans-more than double the rate among white student debtors, according to new data from the Department of Education.
Over $3 Billion in GSE Mortgages for Sale
Mortgage Daily, Oct. 11, 2017Fannie Mae announced the offering Wednesday. The loans will be sold from its investment portfolio, which was reported at $244 billion as of Aug. 31.
Should CFPB Have More Power over Credit Reporting Agencies?
American Banker, Oct. 10, 2017–Kate Berry (subscription)While Republicans have argued that the Consumer Financial Protection Bureau’s oversight is too broad and needs to be dialed back, Director Richard Cordray is using the Equifax data breach to float the idea of expanded agency authority over the credit reporting bureaus.
Renters Think the Housing Market is Finally Loosening Up…
CNBC, Oct. 10, 2017–Diana OlickThe Mortgage Bankers Association reported credit availability increased in September.
Credit Availability Increasing More Outside the Government Sector
National Mortgage News, Oct. 10, 2017–Bonnie Sinnock (subscription)Slightly looser underwriting outside the government sector is primarily responsible for the latest increase in credit availability, the Mortgage Bankers Association said.