Inside Mortgage Finance, Nov. 15, 2022–John BancroftSoaring interest rates and instability in financial markets nearly flattened the prime non-agency mortgage-backed securities sector in the third quarter. Overall, a measly $1.86 …
Category: Top National News
Mortgage Lenders Expect the Housing Market to Worsen in 2023
First Tuesday Journal, Nov. 14, 2022–Carrie B. ReyesFollowing record lender profits in 2021, 2022 has mortgage lenders packing their bags and heading for the exits. The Mortgage Bankers Association believes …
Here Are the US Cities With the Biggest Share of Mortgage-Free Homes
Bloomberg, Nov. 14, 2022–Alexandre TanziMore than 30 million homes in the US are mortgage-free, with Florida — which has the highest proportion of retirees — the state with the biggest …
Under New Ownership (Soon): Select Portfolio Servicing
Inside Mortgage Finance, Nov. 14, 2022–John BancroftCredit Suisse is expected to announce terms on a deal to unload its securitized products group sometime in the fourth quarter, setting in motion …
Appeals Court Blocks Biden’s Student-Loan Forgiveness Program
Wall Street Journal, Nov. 14, 2022–Gabriel T. Rubin; Jacob Gershman (subscription)A federal appeals court on Monday blocked the Biden administration from moving ahead with its mass student-debt cancellation program, dealing …
CMBS Falters in 3Q22 but Agency Multifamily Softens the Decline
Inside Mortgage Finance, Nov. 11, 2022–John BancroftSecuritization of income-property mortgages declined in the third quarter, but the sector’s slump wasn’t nearly as severe as the nosedive in residential MBS issuance.https://www.insidemortgagefinance.com/articles/226214-cmbs-falters-in-3q22-but-agency-multifamily-softens-the-decline?v=preview
Why the CFPB’s Guidance on Unfair Practices Will Keep Giving Banks Trouble
American Banker, Nov. 9, 2022–Kate Berry (subscription)Bankers claim that the CFPB issued non-binding guidance on so-called “unfair” bank fees and that the White House released a statement on the same …
Fannie/Freddie CRT Issuance Plummets in 3Q22
Inside Mortgage Finance, Nov. 9, 2022–Dennis HollierWith soaring interest rates and the prospect of a recession looming, the issuance of credit-risk transfers by Fannie Mae and Freddie Mac took a …
Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market
Wall Street Journal, Nov. 9, 2022–Will Parker (subscription) Redfin Corp. laid off 13% of its staff on Wednesday and closed its home-flipping unit, saying the operation was both too expensive …
3Q Results: GSEs Set Aside $4.3B to Cover Declining Home Values
Inside Mortgage Finance, Nov. 8, 2022–Dennis Hollier, Paul MuoloFannie Mae and Freddie Mac reported a reduction in revenue and net income for the third quarter — a reflection of a …