National Mortgage News, Sept. 18, 2020–Brad Finkelstein (subscription)Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.https://www.nationalmortgagenews.com/news/weak-contract-language-could-lead-to-post-libor-arm-securities-losses
Category: Top National News
Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready.
Wall Street Journal, Sept. 18, 2020–Ryan Dezember (subscription)Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters. (MBA mention)https://www.wsj.com/articles/millions-are-house-rich-but-cash-poor-wall-street-landlords-are-ready-11600421401?
Government Mortgage Bailout Numbers Improve Slowly, But the Real Test is Ahead
CNBC, Sept. 18, 2020–Diana OlickMortgages in active forbearance programs, where borrowers delay their monthly payments for at least three months, declined by 26,000 last week or 0.7%, according to Black …
Nearly 11 Million Households Missed Mortgage or Rent Payments at Pandemic’s Outset–Study
Mortgage Professional America, Sept. 18, 2020–Ryan SmithNearly 11 million households fell behind on their mortgage or rent payments during the first three months of the COVID-19 pandemic, according to a …
SCOTUS Sets Facebook Inc. v. Duguid Oral Arguments
ACA News, Sept. 17, 2020The court will hear arguments in the case, focused on the definition of an autodialer under the TCPA, in December. (MBA mention)https://www.acainternational.org/news/scotus-sets-facebook-inc-v-duguid-oral-arguments
Fed Details New Round of Big-Bank Stress Tests
Wall Street Journal, Sept. 17, 2020–Andrew Ackerman (subscription)The Federal Reserve will analyze large banks’ ability to withstand two coronavirus-related recession scenarios as part of a second round of stress tests …
A Million Mortgage Borrowers Fall Through Covid-19 Safety Net
Wall Street Journal, Sept. 17, 2020–Andrew Ackerman (subscription)About one million homeowners have fallen through the safety net Congress set up early in the coronavirus pandemic to protect borrowers from losing …
Lawmakers Ask Calabria to Rethink Adverse-Market Fee
HousingWire, Sept. 16, 2020–Kathleen HowleyFederal Housing Finance Agency Director Mark Calabria took fire during Congressional testimony on Wednesday about the implementation of an adverse-market fee that’s expected to add about …
Mortgage Securities Are Flooding the Market. Thank the Fed
Wall Street Journal, Sept. 16, 2020–Orla McCaffrey (subscription)Low mortgage rates have spurred a boom in home refinancing, which in turn has spurred a boom in the issuance of mortgage-backed securities. …
Banks Retreat Again from Mortgage Servicing
National Mortgage News, Sept. 16, 2020–Christopher Whalen (subscription)The decline in the bank share of mortgage servicing comes as nonbank lenders are taking the lion’s share of the expansion of volumes. …