Wall Street Journal, Apr. 18, 2016–Eisen, Ben
Big U.S. banks have bemoaned low interest rates for years, but instruments linked to those rates have recently proven to be one of the few strong spots for their trading businesses.
Category: Top National News
How Much Will Principal Reduction Affect Servicers?
DSNews, Apr. 18, 2016–Honea, Brian
The controversial principal reduction program announced by the Federal Housing Finance Agency last week is expected to moderately increase expenses for mortgage servicers who handle delinquent Fannie Mae or Freddie Mac loans, but overall the impact of the program on servicers is expected to be minimal, according to a report from Fitch Ratings on Monday.
Shelby Requests Federal Watchdogs Probe FHFA, Fannie, Freddie
Morning Consult, Apr. 18, 2016–Rainey, Ryan
Senate Banking Committee Chairman Richard Shelby on Monday requested the Government Accountability Office and Congressional Budget Office look into practices at the Federal Housing Finance Agency and the government-sponsored enterprises it oversees.
Mortgage Rates Hit 2016 Low: Is Now the Time to Buy?
St. Louis Post-Dispatch, Apr. 18, 2016–Skowronski, Jeanine
Here’s some good news for current house hunters: mortgage rates hit a new low for the year last week. In fact, rates on a 30-year fixed mortgage are at the lowest mark since May 2013, according to the latest mortgage market survey from Freddie Mac.
Kashkari Lays Out New Reasons Why Nation’s Biggest Banks Pose Risks to Taxpayers
Minneapolis Star-Tribune, Apr. 18, 2016–Belz, Adam
Financial reform has moved in the right direction, but taxpayers will still likely be on the hook for the future failure of one of the nation’s largest banks, the president of the Federal Reserve Bank of Minneapolis said Monday.
Stop Overcharging FHA Borrowers to Subsidize Reverse Mortgage Risks
National Mortgage News, Apr. 18, 2016–Chappelle, Brian
Chappelle, founding partner of Potomac Partners, said first-time homebuyers face enough challenges to qualify for a mortgage in today’s housing market without having to subsidize the reverse mortgage program.
UBS Blamed in U.S. Trial for $2.1 Billion in Mortgage Bond Losses
Reuters, Apr. 18, 2016–Raymond, Nate
UBS AG went to trial on Monday over $2.1 billion in losses that investors incurred on mortgage-backed securities after the collapse of the U.S. housing market.
Banks Clear a Lowered Bar
Wall Street Journal, Apr. 18, 2016–Baer, Justin; Rudegeair, Peter
Morgan Stanley became the latest big bank to beat Wall Street analysts’ expectations with its quarterly earnings results. The victory may feel a little hollow though, and not just because profits at the New York firm dropped 53%. Analysts’ estimates have been falling sharply since the start of the year, lowering the bar for the banks.
Builder Confidence Remains Steady
National Mortgage Professional, Apr. 18, 2016–Hall, Phil
This month’s level of builder confidence in the market for newly built single-family homes remained at the same 58 level as last month’s reading, according to the National Association of Home Builders.
GE Capital Mere Days from ‘Exiting’ U.S. Banking System
HousingWire, Apr. 18, 2016–Lane, Ben
GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs.