HousingWire, June 27, 2019–Jessica GuerinThe latest report from the Office of the Comptroller of the Currency showed an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter.
Category: Top National News
White House Considers Capital Gains Tax Break That Would Benefit Wealthy
Bloomberg, June 27, 2019–Saleha MohsinThe White House is developing a plan to cut taxes by indexing capital gains to inflation, sources said, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress.
Bill Eliminating VA Loan Cap Signed Into Law
HousingWire, June 26, 2019–Jessica GuerinThe Blue Water Navy Vietnam Veterans Act allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any down payment.
Cerberus Sold the First Post-Crisis Mortgage Bond Backed by Home Equity Lines
Bloomberg, June 26, 2019–Adam TempkinCerberus Capital Management has sold a kind of mortgage bond that hasn’t been seen since the financial crisis. Not many financial companies are seen following in its footsteps.
Push to Overhaul Fannie, Freddie Nudges Up Mortgage Costs
Wall Street Journal, June 25, 2019–Andrew Ackerman, Ben Eisen (subscription)Investor anxiety about a Trump administration push to overhaul housing finance is showing up in prices in the market for mortgage-backed securities.
Mortgage Bond That Vanished During Financial Crisis Is Back
Wall Street Journal, June 24, 2019–Ben Eisen (subscription)Cerberus Capital Management LP is bringing back a type of mortgage bond that went extinct during the financial crisis. A unit of the private-equity firm issued bonds Friday backed entirely by home-equity lines of credit.
Dozens of Nursing Homes With HUD-Backed Mortgages Have ‘Serious Deficiencies’
New York Times, June 25, 2019–Matthew Goldstein, Robert GebeloffSeventy-four nursing homes with mortgages insured against default by the agency, the Department of Housing and Urban Development, are among 478 homes identified this month by two United States senators as having “serious deficiencies.”
Banks Sail Through Year’s First Round of Stress Tests
American Banker, June 21, 2019–John Heltman (subscription)Despite facing tougher scenarios, the 18 banks undergoing the Fed’s stress testing program this year easily passed the first examination, known as the Dodd-Frank Act Stress test, posting similar capital losses as in previous years.
Ginnie Mae Removes loanDepot’s VA Loan Restrictions
HousingWire, June 21, 2019–Ben LaneAfter nearly six months of being restricted from participating in some of Ginnie Mae’s mortgage bond programs as part of the agency’s crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game.
The GSEs’ Distressed Mortgage Volume Remains High in Five States
National Mortgage News, June 21, 2019–Bonnie Sinnock (subscription)Although the performance of the government-sponsored enterprises’ single-family loans continues to improve, the deeply delinquent totals remain significant in states with court-processed foreclosures.