Mortgage Daily, May 8, 2017Although demand has increased at some banks for a variety of single-family products, there tend to be just as many banks with falling demand for those very same loans, the Federal Reserve said.
Category: Top National News
Failed Wisconsin Bank to Cost FDIC Nearly $150 Mil
Milwaukee Journal Sentinel, May 8, 2017–Paul GoresGuaranty Bank, unable to ever recover from devastating loan losses stemming from the housing and foreclosure crisis, failed and was shut down by regulators Friday.
Banks Increasingly Skeptical of CRE Loans: Fed Report
American Banker, May 8, 2017–John Heltman (subscription)The quarterly Senior Loan Officer Opinion Survey found that significant numbers of loan officers report they are widening the spreads for all kinds of CRE loans, seeing lower loan-to-value ratios and in some cases reducing their service areas.
Trump Review of Wall Street Rules to Be Done in Stages
Reuters, May 8, 2017–Olivia Oran, Pete SchroederThe U.S. government’s review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations.
VA Loans: Again and Again
UExpress, May 5, 2017–Lew SichelmanIt shouldn’t come as a surprise that most veterans are unaware of what their second-tier benefits are. A recent check with several lenders at a trade show found that most lenders — even those who claim a specialty in VA lending–don’t know much about them, either.
SEC Said to Plan No Action on Deutsche Bank Mortgage-Bond Losses
Bloomberg, May 5, 2017–Matt ScullyThe Securities and Exchange Commission isn’t planning to bring an enforcement action tied to Deutsche Bank AG’s losing nearly $550 million on mortgage-bond trades, after the lender’s own probe found no evidence of wrongdoing.
Sam Zell Looks Back
Wall Street Journal, May 5, 2017–Alexandra Wolfe (subscription)The notoriously blunt real-estate magnate on being contrarian, not taking yourself too seriously and other business lessons he’s learned.
Trump Tax Cuts Could Force GSEs to Borrow from Treausry
National Mortgage News, May 5, 2017–Bonnie Sinnock (subscription)While proposed corporate tax cuts by the Trump administration would largely be good for Fannie Mae and Freddie Mac, they would be required to make an initial adjustment that could force a draw from their line of credit with the Treasury Department.
Nonbank Mortgage Jobs Increase for the First Time in 2017
National Mortgage News, May 5, 2017–Brad Finkelstein (subscription)Nonbank mortgage companies added 1,700 jobs during the month, bringing total employment in the sector to 333,400 from 331,700 in February, the Bureau of Labor Statistics reported Friday.
Interest Rates Slightly Dent Fannie Mae’s First-Quarter Profits
HousingWire, May 5, 2017–Brena SwansonFannie Mae posted net income of $2.8 billion for the first quarter, down a net income of $5 billion for the fourth quarter. It also recorded a comprehensive income of $2.8 billion for the first quarter.