Reuters, Feb. 2, 2016–Aubin, Dena
Homeowners accusing Wells Fargo Bank of reneging on promises to modify mortgages can sue as a class over allegations that the biggest U.S. mortgage lender violated California state law, a federal judge in San Francisco has ruled. U.S. District Judge Vince Chhabria at the same time rejected class status for homeowners’ nationwide breach of contract claims, saying too many individual circumstances were involved for them to sue as a group.
National Mortgage News, Feb. 2, 2016–Bisbey, Allison
Lenders argue that the GSEs would be better off buying more loans that are already insured, rather than transferring credit risk after holding them for a time. But Freddie Mac’s Kevin Palmer says certainty of reimbursement is more important than the timing of risk transfers.
Bloomberg, Feb. 2, 2016–Miller, Rich
As interest rates turn negative around the world, the Federal Reserve is asking banks to consider the possibility of the same happening in the U.S.
Reuters, Feb. 2, 2016–Lange, Jason
The Federal Reserve should push ahead with interest rate hikes because of the strong fundamentals of the U.S. economy, a Fed policymaker said on Tuesday, downplaying the impact of financial market volatility.
Multi-Housing News, Feb. 2, 2016–Stribling, Dees
Indications suggest that multifamily debt levels this year will match 2015 levels. Overall, the Mortgage Bankers Association forecasts $225 billion in originations in 2016, roughly the same as in 2015. Also, the conduit market, while experiencing pricing volatility, isn’t expected to see any retraction in the new year.
Wall Street Journal, Feb. 2, 2016–Light, Joe
Fannie Mae and Freddie Mac said Tuesday they have come to terms with lenders on how to resolve mortgage disputes, capping an effort that regulators hope will make loans cheaper and easier to get for some risky borrowers.
Builder Magazine, Feb. 2. 2016
A team at Urban Institute used data to calculate how many more mortgages there would be if not for tight credit standards. This team, which already calculated 4 million were missing between 2009 and 2013, found another 1.2 million missing in 2014.
National Mortgage Professional, Feb. 1, 2016–Hall, Phil
Last year ended with a bang for the commercial mortgage segment, according to new data released by the Mortgage Bankers Association.
REBusiness, Feb. 1, 2016–Cannon, Christina
Wells Fargo Bank N.A. was the top commercial and multifamily mortgage servicer by volume for all of 2015, according to the Mortgage Bankers Association.
HousingWire, Feb. 1, 2016–Swanson, Brena
Black Knight Financial Services’ most recent Mortgage Monitor Report, which is based on data as of the end of December 2015, said that home prices have increased year-over-year for 43 consecutive months. As a result, Black Knight revisited the question of home affordability.
