Mortgage Daily, Mar. 14, 2017As the sale of Banc of California Inc.’s mortgage business approaches, the financial institution has disclosed plans to layoff more than a hundred employees.
Category: Top National News
Mortgage Executives Recruited
Mortgage Daily, Mar. 14, 2017–Sam GarciaFrom the board room to the C suites, mortgage firms are making executive changes. In addition, two companies made management changes in their wholesale divisions.
Trump Nominates J. Christopher Giancarlo as CFTC Chairman
Wall Street Journal, Mar. 14, 2017–Andrew Ackerman (subscription)President Donald Trump on Tuesday picked J. Christopher Giancarlo to head the Commodity Futures Trading Commission, elevating a critic of the commission’s approach to postcrisis rules as its new chief.
Fannie Mae Selling Another $1.68 Billion in NPLs to Goldman Sachs Subsidiary, Private Equity
HousingWire, Mar. 14, 2017–Ben LaneFannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs. The sale, which was originally announced last month, consisted of 9,400 non-performing loans that carry an unpaid principal balance of $1.68 billion.
Commercial, Multifamily Mortgage Delinquencies Remain Low in U.S.
World Property Journal, Mar. 14, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s most recent Commercial/Multifamily Delinquency Report, delinquency rates for commercial and multifamily mortgage loans remained low in the fourth quarter.
Are We Heading Toward Another Subprime Mortgage Crisis?
CNN, Mar. 14, 2017–William PooleThe Federal Reserve bailed out Bear Stearns on March 14, nine years ago. What has the Fed learned from that mistake? Not enough, perhaps.
Shopping Malls Are Tracking Your Every Move
Wall Street Journal, Mar. 14, 2017–Esther Fung (subscription)As more shoppers tote smartphones while browsing in stores, shopping-center owners are tracking their movements and spending habits to try to figure out how best to arrange stores and mall layouts to boost shopping activity.
Mortgage Applications for New Home Purchases Up 16 Percent
National Mortgage Professional, Mar. 14, 2017–Phil HallMortgage applications for new home purchases increased from January to February by 16 percent, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). On a year-over-year measurement, applications were up 2.2 percent.
GOP Senator Suggests Raising Flood Insurance Cap to Solve Fiscal Woes
National Mortgage News, Mar. 14, 2017–Brian Collins (subscription)Sen. Mike Rounds, R-S.D., suggested Tuesday that the National Flood Insurance Program should boost its insurance coverage to $427,000 from $250,000 in an effort to put it on sounder fiscal footing.
Consumer Direct: It’s Not Just For Refis Anymore
National Mortgage News, Mar. 14, 2017–Bonnie Sinnock (subscription)The mortgage workforce is transforming. Dramatic shifts in consumer demand for home loans and expectations about the borrowing experience are requiring lenders to take a hard look at how they staff their operations.