Forbes, Apr. 19, 2019–Evan GentryThe author, CEO and Founder of M360 Advisors, says there are many reasons why creditworthy borrowers with strong track records and desirable assets turn to nonbank lenders, and collectively they create an attractive fixed-income investment opportunity. (MBA mention)
Category: Top National News
Inside Destiny USA’s Mortgage Emergency: Crisis or Hardball Bargaining?
Syracuse.com (N.Y.), Apr. 19, 2019–Rick MoriartyDestiny USA’s D-Day arrives June 6. On that day, its $430 million in mortgage loans come due in full, and the owner of the giant Syracuse mall is in danger of default.
Lenders Manage Tiny Profits in 2018 Despite Rate Hikes, Inventories
Mortgage News Daily, Apr. 18, 2019–Jann SwansonThe Mortgage Bankers Association said banks responding to its survey made an average profit of $367 on each loan they originated last year, down from $711 per loan in 2017.
NINA Loans Make a Comeback with the 360 Mortgage Pilot Program
National Mortgage News, Apr. 18, 2019–Brad Finkelstein (subscription)360 Mortgage is bringing back the no-income, no-asset loan, but says its $1 billion pilot’s guidelines differ from those of the NINA loans that contributed to the financial crisis.
Kraninger Outlines Her Vision of a Revamped CFPB
National Mortgage News, Apr. 17, 2019–Neil Haggerty (subscription)The Consumer Financial Protection Bureau should be focused on preventing consumer harm rather than merely handing fines against companies, Director Kathy Kraninger said Wednesday.
Debunking the Myth That Small-Dollar Mortgages are Riskier
Urban Institute, Apr. 17, 2019–Alanna McCargo, Sara StrochakThe authors found data show that small-dollar mortgage borrowers have comparable credit profiles to borrowers of midsize mortgages and that the loans perform similarly.
Senior HUD Official Named FHFA Deputy Director
National Mortgage News, Apr. 16, 2019–Hannah Lang (subscription)Adolfo Marzol, a senior official at the Department of Housing and Urban Development, has been named the principal deputy director of the Federal Housing Finance Agency.
Mortgages? Big Banks May Be Throwing in the Towel
MarketWatch, Apr. 16, 2019–Andrea RiquierIn the mortgage market of 2019, borrowers can do just about everything online, never meeting the lender behind the process. And as comments from executives of America’s biggest banks made clear last week, that person–or institution–making the loan is increasingly less likely to be a banker. (MBA mention)
What Retail Recovery? Malls Under Pressure as Stores Close
Wall Street Journal, Apr. 16, 2019–Esther Fung (subscription)Strong retail numbers last year from department stores Macy’s Inc. and Nordstrom Inc. raised hopes that the beleaguered mall industry would finally rebound. But recent developments this year are pointing to more trouble ahead.
Mark Calabria Takes Over as FHFA Director, Begins Push for Housing Finance Reform
HousingWire, Apr. 15, 2019–Ben LaneIn remarks delivered at his swearing-in ceremony at the Federal Housing Finance Agency, Calabria emphasized the pressing need for housing finance reform. “I enter this office with a great sense of urgency. One I hope you share,” he said.