The Lede

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Federal Government Has Dramatically Expanded Exposure to Risky Mortgages
Washington Post, Oct. 2, 2019--Damian PalettaThe federal government has dramatically expanded its exposure to risky mortgages, as federal officials over the past four years took steps that cleared the way for companies to issue loans that many borrowers might not be able to repay. (MBA mention)
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Weekly Mortgage Refinance Applications Rebound 14% on Tiny Rate Dip
CNBC, Oct. 2, 2019--Diana Olickfter a rough month for mortgage rates, borrowers saw a sign of hope and pounced: A small dip in the 30-year fixed rate lit a fire under refinances. That pushed total mortgage application volume up 8% for the week, according to the Mortgage Bankers Association.
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Ditching DTI Could Make Mortgage Borrowing a Lot Easier
The Mortgage Reports, Oct. 2, 2019--Peter MillerMeeting the standard debt-to-income ratio, or "DTI," is a challenge for many mortgage borrowers. Now there's a serious effort to ditch the DTI requirement altogether. Without it, a lot more borrowers could qualify for financing.
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Slowing Economy in 4Q Will Not Hurt CMBS Sector: Morningstar
National Mortgage News, Oct. 2, 2019--Brad Finkelstein (subscription)The commercial mortgage-backed securities sector will weather the fourth quarter's slowing but steady growth in the U.S. economy, as better loan performance counters a continued decline in volume, Morningstar said.
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Robots to Cut 200,000 U.S. Bank Jobs in Next Decade: Study
American Banker, Oct. 2, 2019 (subscription)Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo said in a report.
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Judge Rules on Ocwen’s Mortion to Dismiss Florida Lawsuit
National Mortgage News, Oct. 2, 2019--Bonnie Sinnock (subscription)A federal judge granted in part and denied in part Ocwen Financial's motion to dismiss Florida regulators' case against the company, the last remaining of 30 state lawsuits filed in 2017.
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New Residential Investment Buys Ditech Financial for $1.2 Billion
HousingWire, Oct. 2, 2019--Ben LaneJust one day after selling Reverse Mortgage Solutions to Mortgage Assets Management, the nonbank formerly known as Walter Investment Management sold off its forward mortgage business Ditech Financial to New Residential Investment for $1.2 billion.
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This Widening Crack in the Mortgage Market Could Sink U.S. Home Prices
MarketWatch, Oct. 3, 2019--Keith JurowThe author says Wall Street and the news media have paid considerable attention to U.S. home mortgage modifications, but not much notice has been given to the growing problem of re-defaults on these modifications.
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