Bloomberg, June 12, 2019–Austin WeinsteinFannie Mae and Freddie Mac’s chief regulator, Federal Housing Finance Agency Director Mark Calabria, is calling on Congress to pass housing-finance reform legislation that sets a path to return the companies to private hands.
Category: Top National News
House Poised to Advance Flood Insurance Reform, Beneficial Owner Rules
American Banker, June 12, 2019–Neil Haggerty (subscription)The House Financial Services Committee was poised Wednesday to approve a bill reforming the National Flood Insurance Program, with key members of both parties voicing their support.
CFPB to Kick Off Symposium Series with Forum on ‘Abusive’ Standard
American Banker, June 11, 2019–Hannah Lang (subscription)The Consumer Financial Protection Bureau will hold its first symposium June 25 in a series designed to provide dialogue on consumer protections, featuring two panel discussions on the definition of “abusive” under the Dodd-Frank Act.
Prepays Rise on the Combination of Lower Rates, Seasonality: KBW
National Mortgage News, June 11, 2019–Brad Finkelstein (subscription)Prepayment speeds for loans included in agency mortgage-backed securities were up approximately 20% both monthly and annually during May as the decline in interest rates boosted activity, a report from Keefe, Bruyette & Woods said.
KKR Doubles Down on House Flippers
Wall Street Journal, June 12, 2019–Ryan Dezember (subscription)The investment house known for corporate takeovers has agreed to pump another $250 million into Toorak Capital Partners LLC, which buys short-term loans made to real-estate investors who purchase, renovate and resell residential properties.
How Nonbanks’ Rising Government Mortgage Market Share Helps Ginnie Mae
National Mortgage News, June 10, 2019–Bonnie Sinnock (subscription)Ginnie Mae is examining whether the shift in business to nonbank issuers has implications for its ability to guarantee mortgage securities payments beyond those it has historically looked at.
Freddie Mac Targeting ESG Investors With Green Mortgage Bonds
Bloomberg, June 10, 2019–Adam TempkinFreddie Mac is making its first foray into green bonds, starting a new commercial mortgage-backed security program backed by loans to apartment building owners who agree to make their properties more environmentally friendly.
Ocwen All But Drops Ocwen Name, Will Operate as PHH Mortgage and Liberty Home Equity Solutions
HousingWire, June 10, 2019–Jessica GuerinOcwen Financial announced Monday it hit two milestones enabling the company to officially service loans through its two primary brands: PHH Mortgage for forward servicing and lending, and Liberty Home Equity Solutions for reverse lending and servicing.
To Stop Robocalls, Parties Need to Understand Who Is a Robocaller
Wall Street Journal, June 9, 2019–Sara Krouse (subscription)America’s telecommunications regulator passed rules last week that will let phone companies automatically block more robocalls. It hasn’t yet said what, exactly, constitutes such a call.
FHA is Increasing Lending to Riskier Borrowers
HousingWire, June 7, 2019–Ben LaneAccording to the FHA’s quarterly report for its fiscal second quarter, the average credit score for an FHA borrower fell to 665 in the second quarter. That’s the lowest level since 2008, and is “well below” the FHA lending peak credit score of 703, which happened in 2011.