Mortgage Daily, Apr. 19, 2017On Wednesday, HUD announced that it reached a settlement with Brea, California-based American Financial Network.
Category: Top National News
Monument to Wall Street Glory Becomes Just Another Mortgage Loss
Bloomberg, Apr. 19, 2017–Matt Scully, David M. LevittFormerly the U.S. trading hub for UBS Group AG, the sprawling office complex is dealing debt investors a $100 million loss years after the Swiss bank cut back its operations in the New York suburbs. AVG Partners, the private equity firm that now owns the property, has bought the defaulted mortgage in hopes of buying time to lease out the complex and, eventually, sell it.
House Panel to Hold Hearing on Dodd-Frank Overhaul Plan Next Week
National Mortgage News, Apr. 19, 2017–Ian McKendry (subscription)The House Financial Services Committee will hold a hearing on a GOP Dodd-Frank overhaul plan next Wednesday as Chairman Rep. Jeb Hensarling, R-Texas, hopes to have a panel vote on the bill by the end of the month.
Housing Reform Group Heads to Capitol Hill (VIDEO)
CNBC, Apr. 20, 2017Mortgage Bankers Association President and CEO David Stevens, appearing on CNBC’s Squawk Box this morning, outlines the association’s proposal to reform Fannie Mae, Freddie Mac and the secondary mortgage market.
Rate Hike, Hedging Strategies Boost Regions Bank’s 1Q Earnings
National Mortgage News, Apr. 18, 2017–Laura Alix (subscription)Regions Financial in Birmingham, Ala., reported an increase in its first-quarter profit, as higher market interest rates and investment securities balances offset lower average loan balances.
Expected Fed Pick on Collision Course With Current Members on Rates
Wall Street Journal, Apr. 18, 2017–Kate Davidson, Ryan Tracy (subscription)President Donald Trump’s expected choice to be vice chairman at the Federal Reserve, Randal Quarles, has called for setting interest rates using a formula, setting up a clash with current officials who have warned such an approach could undermine the central bank’s effectiveness.
Best Bet for Single-Family Construction Loans is Smaller Banks, Study Suggests
National Mortgage News, Apr. 18, 2017–Brian Collins (subscription)Homebuilders looking for single-family construction loans may have better luck with small and midsize banks than larger ones, according to a recent report by the National Association of Home Builders.
Tax Reform Before August is Unlikely, Mnuchin Says
Los Angeles Times, Apr. 18, 2017–Jim PuzzangheraThe Trump Administration is unlikely to meet its self-declared August deadline for enacting tax reform, Treasury Secretary Steven Mnuchin said, which will make it more difficult for companies to factor any changes into their spending decisions.
Goldman Sachs Posts Rare Miss in First-Quarter Earnings
HousingWire, Apr. 18, 2017–Brena SwansonThe megabank missed earnings expectations in both earnings per share and revenue, causing its stock to fall to its lowest level in nearly five months.
Mortgage Hippo Raises $2.25M in Seed Money Led by CMFG Ventures
HousingWire, Apr. 18, 2017–Brena SwansonMortgageHippo, a Chicago based mortgage technology company, raised $2.25 million in seed capital, led by CMFG Ventures, the venture capital entity of CUNA Mutual Group, triple what it originally expected.