The Lede

GoRion, May 23, 2017--Sam BourgiOn Aug. 31, publicly-traded real estate companies graduated out of the financial services sector into a sector of their own. How has the newest S&P 500 sector performed? The short answer is: not so well.

Wall Street Journal, May 23, 2017--Peter Grant (subscription)China Life Insurance Group is buying a 95% stake in 48 commercial properties scattered throughout the U.S. in deal that values the portfolio at $950 million and highlights the growing appetite among foreign investors for real estate in markets they mostly have ignored until now.

National Mortgage News, May 23, 2017--Brad Finkelstein (subscription)Bank of the West's International Banking Group is using alternative data and the international expertise of its parent company to tap into the lucrative but difficult to underwrite market of middle- and upper-class immigrant mortgage borrowers.

HousingWire, May 23, 2017--Ben LaneThrough the program, which is now testing in Las Vegas and Orlando, homeowners looking to sell their home will be able to get cash offers on their home from selected investors interested in buying it, all within Zillow's platform.

HousingWire, May 23, 2017--Kelsey RamirezSecretary Steven Mnuchin today expressed his approval of President Donald Trump's newly released budget proposal. He said the proposal will focus the Treasury on managing the nation's debt and increasing and modernizing efficiencies.

Bloomberg, May 23, 2017--Justin FoxEveryone wants walkable neighborhoods close to shopping, restaurants and highways. Not everyone can have them.

Bloomberg, May 23, 2017--Elizabeth DexheimerThe fate of the Consumer Financial Protection Bureau and its chief, Richard Cordray, is in the hands of a Washington appeals court that will hear arguments Wednesday. The CFPB asked the court to reconsider its 2016 decision involving the agency's punishment of New Jersey mortgage company PHH Corp.

Reuters, May 23, 2017--Richard LeongThe U.S. Federal Home Loan Bank system has made progress in depending less on short-term debt to fund its longer-term assets through the sale of longer-dated bonds, Federal Housing Finance Agency Director Melvin Watt said on Tuesday.

Dodd-Frank Update, May 23, 2017 (suscription)The Consumer Financial Protection Bureau quietly announced that it plans to begin direct supervision of service providers. Two industry veterans spoke to Dodd Frank Update about the implications service providers face if direct third-party oversight by the bureau becomes a reality.

Mortgage Daily, May 23, 2017Secondary lending volume slipped last month at Freddie Mac as delinquency remained at a nearly decade low.

Mortgage Daily, May 23, 2017HUD's proposed budget includes a new administrative fee on government-insured mortgages to fund technology updates.

Morning Edition (NPR), May 23, 2017--Charles LaneMortgage Bankers Association President and CEO David Stevens says the conundrum that lawmakers are trying to solve is how to keep home prices affordable by keeping the 30-year mortgage but to do it without having taxpayers take all the risk.

Wall Street Journal, May 23, 2017--Esther Fung (subscription)Bond rating companies are looking closer at securities tied to shopping mall debt as concerns intensify about mall owners' ability to repay their mortgages amid closures of anchor stores.

National Mortgage News, May 23, 2017--Brian Collins (subscription)While the mortgage industry agrees that the FHA should upgrade its risk management system, representatives argue that the budget shows the agency is making enough money on its own to bear the cost of the improvements.

HousingWire, May 23, 2017--Kelsey RamirezNew American Funding, a national mortgage lender, announced it is committed to joining to National Association of Hispanic Real Estate Professionals, a national advocate on housing policies affecting Hispanic homebuyers, in order to increase Hispanic homeownership.

New in today's issue of MBA Insights: in a new series, MBA President and CEO Dave Stevens, CMB, outlines not only why reform of Fannie Mae and Freddie Mac must take place now, but also why some suggested alternative approaches are simply unacceptable.