MarketWatch, July 2, 2019–Joy WiltermuthMortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3 trillion as home foreclosures, borrower defaults and loan repayments have trickled through the system, according to Bank of America Merrill Lynch data.
Category: Top National News
Propriety Reverse Mortgage Products Could Eclipse FHA’s HECM Program in 2019
Forbes, July 2, 2019–Jamie HopkinsThe reverse mortgage market world heads in reverse away from the government created Home Equity Conversion Mortgage and towards new propriety products. This is an encouraging sign because any healthy market needs competition, innovation and variety.
Mortgage industry Calls for Servicing Regulation Uniformity in New York
National Mortgage News, July 1, 2019–Elina Tarkazikis (subscription)In a joint letter to New York Department of Financial Services Superintendent Linda Lacewell, the Mortgage Bankers Association and New York Mortgage Bankers Association highlighted discrepancies in DFS’ suggested changes to 3 NYCRR 419, which covers business conduct rules for servicing mortgage loans.
Your Phone Could Help Make Mortgage Bond Traders Miserable
Bloomberg, July 1, 2019–Chrisopher MaloneyA massive wave of homeowners now has an incentive to refinance their mortgages and they could find the process faster than it’s been in recent memory thanks to technology improvements.
Customers in Pa. Warns of Earnings Hit After Mortgage Client Shuts Down
American Banker, July 1, 2019–Ken McCarthy (subscription)The $10.1 billion-asset Customers disclosed in a regulatory filing Monday that it could record a $7 million to $8 million charge after an unnamed commercial mortgage warehouse client shut down in May.
White House Predicts Deregulation Will Boost Household Incomes
Wall Street Journal, June 28–Josh Mitchell (subscription)The report issued Friday by the Council of Economic Advisers looked in isolation at 20 rules in the Trump administration’s broader economic agenda, which has also included new tariffs that economists and industries say have driven up some consumer prices.
FASB Chair Defencs CECL: ‘The Benefits Justify the Cost’
American Banker, June 30, 2019–John Heltman (subscription)Russ Golden, chairman of the Financial Accounting Standards Board, is defending the board’s decision to require all publicly traded firms to proactively report and set aside reserves for credit losses, saying the move would make the financial system safer and is worth the cost.
How Much Mortgage Debt Does Your State Have? Two States Are Far and Away Above The Rest
USA Today, June 27, 2019–Grant SunesonJust as home prices vary from state to state, so does the average mortgage debt.
FASB to Consider Delaying CECL Deadlines for Smaller Firms
American Banker, June 27, 2019–John Heltman, John Reosti (subscription)The Financial Accounting Standards Board is considering whether to consolidate or delay the deadlines for smaller firms to comply with a contentious new credit loss accounting standard, according to the association’s chairman.
Home Flipping’s Shadowy Ties to Mortgage Fraud
Forbes, June 27, 2019–Francisco AlvaradoAccording to real estate research firm Attom Data Solutions, 7.2 % of all U.S. home sales during Q1 2019 were flipped homes, the highest rate in nearly a decade. But it’s a cottage industry ripe for mortgage fraud that only gets exposed when an investment goes south, legal experts say.